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Property profile & analytics
OFF-MARKET
Estimated value
$570,000
Manufacturing properties
2226 Michigan Ave Panama City, FL 32405-1844
Individually Owned
Free & Clear
Property ID
US18-3918360
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1990
Construction
STEEL FRAME
Total area
5,280 SF
Lot
2 ac (87,120 SF)
Zoning code
PC14
APN
28473-010-000
UPID
US18-3918360
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
Current use
Occupant on record · Public records
-
Panama City Utility Department City Government Office Government
-
Panama City Treatment Plant City Government Office
-
St Andrews Wastewater Plant City Government Office
-
Panama City Utilities Underground City Government Office Water Utility Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$535k
Comparable Approach
Comparable
$674k
Blend (final)
Blend
$570k
Owner & transaction history
CITY PANAMA CITY
CITY PANAMA CITY
Zoning & alternative use
PC14 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$815,000
+96.8%
Commercial (general)
$770,000
+85.7%
Medical building
$665,000
+60.8%
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 submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Panama City 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$580,000
6.5%
$535,000
7%
$495,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$415,000
Current use
RETAIL STORES
$815,000
Change: +97% · Conversion: Moderate
COMMERCIAL (GENERAL)
$770,000
Change: +86% · Conversion: Difficult
MEDICAL BUILDING
$665,000
Change: +61% · Conversion: Difficult
WAREHOUSE, STORAGE
$345,000
Change: -17% · Conversion: Easy
Blend value · Realmo final
$570k
Range $513k – $627k · ±10%
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
$108 / 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
Assessed value
$1,138,611
Assessed 2023
Previous assessed
$1,138,611
+0.0% YoY
Assessed land
$500,000
Assessed improvement
$638,611
Land market value
$500,000
Improvement market value
$638,611
Total market value
$1,138,611
Applied tax rate
16.0000
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1990
Construction
STEEL FRAME
Heating
NONE
Cooling
NONE
Buildings
4
Stories
2
Rooms
3
Total area
5,280 SF
Lot
2 ac (87,120 SF)
Zoning code
PC14
APN
28473-010-000
UPID
US18-3918360
Jurisdiction
BAY
Zoning & alternative use
PC14 · Panama City, FL
Zoning PC14 · permitted uses
PC14 · Panama City, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Panama City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$415,000
RETAIL STORES
Est. value
$815,000
COMMERCIAL (GENERAL)
Est. value
$770,000
MEDICAL BUILDING
Est. value
$665,000
WAREHOUSE, STORAGE
Est. value
$345,000
INDUSTRIAL (GENERAL) Current
RETAIL STORES
COMMERCIAL (GENERAL)
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
1990
Construction
STEEL FRAME
Heating
NONE
Cooling
Yes
Stories
2
Buildings
4
Rooms
3
Lot
2 ac
Current owner
From public records · entity-resolved
CITY PANAMA CITY
Individual
Free & Clear · 0 yrs held
Mailing address
501 HARRISON AVE #130, PANAMA CITY, FL 32401-2621
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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