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Property profile & analytics
OFF-MARKET
Estimated value
$1,900,000
Retail space
2296 Martin Luther King Jr Blvd Panama City, FL 32405-5321
Entity Owned
1-yr Hold
Free & Clear
Property ID
US18-6187376
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2004
Construction
WOOD
Total area
5,746 SF
Lot
0.74 ac (32,300 SF)
Zoning code
PC09
APN
14405-015-000
UPID
US18-6187376
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
$1.83M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.19M
Blend (final)
Blend
$1.90M
Owner & transaction history
State Of Florida Department Of Tran · 1 yrs held
State Of Florida Department Of Tran
since 2025
Last sale
$2.0M
2 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.8M
+210.7%
Restaurant
$1.4M
+56.8%
Office building
$1.2M
+38.2%
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
$1,770,000
ML approach
$1,825,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$2,760,000
Change: +211% · Conversion: Difficult
RESTAURANT
$1,390,000
Change: +57% · Conversion: Easy
OFFICE BUILDING
$1,225,000
Change: +38% · Conversion: Easy
Blend value · Realmo final
$1.90M
Range $1.71M – $2.09M · ±10% · vs last sale $2.00M (Apr 7 2025)
Last sale anchor
$2.00M
Apr 7 2025
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
$331 / 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
$17,737
Tax year 2023
Assessed value
$1,179,024
Assessed 2023
Previous assessed
$957,358
+23.2% YoY
Effective rate
1.50%
On assessed value
Assessed land
$807,500
Assessed improvement
$371,524
Land market value
$807,500
Improvement market value
$371,524
Total market value
$1,179,024
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2004
Construction
WOOD
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
7
Total area
5,746 SF
Lot
0.74 ac (32,300 SF)
Zoning code
PC09
APN
14405-015-000
UPID
US18-6187376
Jurisdiction
BAY
Zoning & alternative use
PC09 · Panama City, FL
Zoning PC09 · permitted uses
PC09 · 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
AUTO REPAIR, GARAGE
Est. value
$2.8M
RESTAURANT
Est. value
$1.4M
OFFICE BUILDING
Est. value
$1.2M
AUTO REPAIR, GARAGE
RESTAURANT
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
2004
Construction
WOOD
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
7
Lot
0.74 ac
Current owner
From public records · entity-resolved
State Of Florida Department Of Tran
Entity
Free & Clear · 1 yrs held
Mailing address
3445 PEACHTREE RD NE STE #465, ATLANTA, GA 30326-1234
Ownership since
2025
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
Apr 7, 2025
—
State Of Florida Department Of Tran
Vitamin Shoppe Industries LLC
Quitclaim Deed
related
—
Sep 10, 2013
$2,000,000
Kdi Panama Out Parcel LLC
Shoppes At Panama City LLC
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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