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Property profile & analytics
OFF-MARKET
Estimated value
$1,125,000
Retail space
228 Harrison Ave Panama City, FL 32401-2761
Entity Owned
14-yr Hold
Free & Clear
Property ID
US18-0627460
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1928
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
11,950 SF
Lot
0.11 ac (5,000 SF)
Zoning code
PC10
APN
19651-000-000
UPID
US18-0627460
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
-
Sherman Arcade Tour Operator
-
Millie's Cafe Restaurant
-
Lazer-It Printing & Engraving Printing Service (Bike/Boat/Book/etc) Store
-
Minutes and Miles - Panama City’s Outdoor Outfitter Clothing & Fashion Store (Bike/Boat/Book/etc) Store
-
Salty Marsh Mercantile Clothing Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.30M
Blend (final)
Blend
$1.13M
Owner & transaction history
Drew Station INC · 14 yrs held
Drew Station INC
since 2012
2 recorded transactions
Zoning & alternative use
PC10 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.4M
+35.1%
Commercial (general)
$1.1M
+3.0%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,050,000
Current use
MEDICAL BUILDING
$1,420,000
Change: +35% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,080,000
Change: +3% · Conversion: Easy
INDUSTRIAL (GENERAL)
$940,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$1.13M
Range $1.01M – $1.24M · ±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
$94 / 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
$15,301
Tax year 2023
Assessed value
$818,675
Assessed 2023
Previous assessed
$707,426
+15.7% YoY
Effective rate
1.87%
On assessed value
Assessed land
$131,250
Assessed improvement
$687,425
Land market value
$131,250
Improvement market value
$687,425
Total market value
$818,675
Applied tax rate
31.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1928
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
OTHER
Stories
2
Rooms
14
Total area
11,950 SF
Lot
0.11 ac (5,000 SF)
Zoning code
PC10
APN
19651-000-000
UPID
US18-0627460
Jurisdiction
BAY
Zoning & alternative use
PC10 · Panama City, FL
Zoning PC10 · permitted uses
PC10 · 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
RETAIL STORES Current
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.1M
INDUSTRIAL (GENERAL)
Est. value
$940,000
RETAIL STORES Current
MEDICAL BUILDING
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
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
1928
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
2
Rooms
14
Lot
0.11 ac
Current owner
From public records · entity-resolved
Drew Station INC
Entity
Free & Clear · 14 yrs held
Mailing address
PO BOX 1066, PANAMA CITY, FL 32402-1066
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 18, 2012
$600,000
Drew Station INC
Sherman Arcade LLC
Warranty Deed
—
Oct 31, 2002
$260,000
Sherman Arcade LLC
Pittman Manuel Thompson & Perr
Grant Deed
—
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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