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Property profile & analytics
OFF-MARKET
Estimated value
$690,000
Outlet malls
2016 Thomas Dr Panama City Beach, FL 32408-5812
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US18-0616851
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
3,236 SF
Lot
0.61 ac (26,400 SF)
Zoning code
BC05
APN
30152-110-000
UPID
US18-0616851
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$660k
CAP Approach
CAP
$545k
Comparable Approach
Comparable
$457k
Blend (final)
Blend
$690k
Owner & transaction history
Rpw Properties LLC · 2 yrs held
Rpw Properties LLC
since 2023
Last sale
$700,000
7 recorded transactions
Zoning & alternative use
BC05 · Panama City Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$690,000
+48.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Panama City Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Panama City Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$700,000
ML approach
$660,000
CAP Approach
CAP Return
Estimation
6%
$590,000
6.5%
$545,000
7%
$505,000
Alternative Use
Use
Estimation
RETAIL STORES
$465,000
Current use
OFFICE BUILDING
$690,000
Change: +48% · Conversion: Easy
Blend value · Realmo final
$690k
Range $621k – $759k · ±10% · vs last sale $700k (Sep 14 2023)
Last sale anchor
$700k
Sep 14 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$213 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$4,219
Tax year 2023
Assessed value
$328,851
Assessed 2023
Previous assessed
$286,962
+14.6% YoY
Effective rate
1.28%
On assessed value
Assessed land
$264,000
Assessed improvement
$64,851
Land market value
$264,000
Improvement market value
$64,851
Total market value
$328,851
Applied tax rate
56.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
3
Total area
3,236 SF
Lot
0.61 ac (26,400 SF)
Zoning code
BC05
APN
30152-110-000
UPID
US18-0616851
Jurisdiction
BAY
Zoning & alternative use
BC05 · Panama City Beach, FL
Zoning BC05 · permitted uses
BC05 · Panama City Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Panama City Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$465,000
OFFICE BUILDING
Est. value
$690,000
RETAIL STORES Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
3
Lot
0.61 ac
Current owner
From public records · entity-resolved
Rpw Properties LLC
Entity
Mailing address
110 MCELVEY RD, PHENIX CITY, AL 36869-2910
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 14, 2023
$700,000
Rpw Properties LLC
Toby W Sharpe
Warranty Deed
—
Feb 20, 2018
$325,000
J W Sharpe
Lfa Limited INC
Warranty Deed
—
May 1, 2013
$238,000
Lfa Ltd INC
Corams On Thomas Drive INC
Warranty Deed
—
Mar 17, 2011
—
Corams On Thomas Drive INC
Corams Steak & Cakes INC
Quit Claim Deed
related
—
May 28, 2009
—
Corams On Thomas Drive INC
Corams Steak & Cakes INC
Quit Claim Deed
related
—
May 14, 2009
—
Corams On Thomas Drive INC
Corams Steak & Cakes INC
Quit Claim Deed
related
—
—
—
Corams On Thomas Drive INC
—
Deed Of Trust
related
$55,000 · Trustmark National Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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