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    2410 23rd St Panama City, FL 32405-2347
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    Property profile & analytics

    2410 23rd St, Panama City, FL 32405-2347

    View on Map
    • Retail space
    • 8,692 SF
    • 0.90 lot acres
    Off-Market
    Property ID
    US18-4411981
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $990,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Pinch A Penny Pool Patio Spa / (Bike/Boat/Book/etc) Store / Hardware & Home Improvement
    • HotSpring® Spas of Panama City / Spa & Massage Center

    Property Details for 2410 23rd St

    Year built
    1999
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.90 lot acres
    Zone code
    PC09
    Property type
    Retail space
    APN
    26718-186-000
    APU
    26718186000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 18, 2025 $612,100 Bluewater Holdings Of Nw Florida Ll David M Legg Quitclaim Deed · related —
    Jan 31, 2019 — David M Legg — Deed · related $102k · Us Small Busn Admn
    Aug 1, 2017 — David M Legg — Deed · related $50k · Suntrust Bank
    Jan 29, 2004 $950,000 David M Legg Cepcot Corp INC Grant Deed $1.3M · Cit Small Business Lending Co
    Jun 26, 1997 $205,000 Cepcot Corporation Bryant,rowlett W Grant Deed —
    — — David M Legg — Deed Of Trust · related $1.2M · Suntrust Bank NA
    — — David M Legg — Deed Of Trust · related $102k · Us Small Busn Admn
    — — David M Legg — Deed Of Trust · related $1.1M · Suntrust Bank NA
    — — David M Legg — Deed Of Trust · related $100k · Suntrust Bank NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,345,000
      Current use
      COMMERCIAL (GENERAL)
      $1,265,000
      Change: -6% Conversion: Easy
      MEDICAL BUILDING
      $1,095,000
      Change: -18% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.6953
    Latitude
    30.1904
    CBSA code
    37460
    CBSA name
    PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $14,697
    $468,000
    $412,816
    $880,816
    -
    $468,000
    $412,816
    $880,816

    Comparable in this City

    • Value Estimation
      $935,000
      9,564 SF

      2337 Hwy 231

      RETAIL STORES (PERSONAL SERVICES)
      2337 Hwy 231, Panama City, FL 32405-5856
      View Details
    • Value Estimation
      $760,000
      6,352 SF

      1924 23rd St

      RETAIL STORES (PERSONAL SERVICES)
      1924 23rd St, Panama City, FL 32405-2919
      View Details
    • Value Estimation
      $4,020,000
      32,920 SF

      1000 23rd St Ste A

      RETAIL STORES (PERSONAL SERVICES)
      1000 23rd St Ste A, Panama City, FL 32405-5322
      View Details
    • Value Estimation
      $935,000
      9,353 SF

      2400 Lisenby Ave

      RETAIL STORES (PERSONAL SERVICES)
      2400 Lisenby Ave, Panama City, FL 32405-3537
      View Details
    • Value Estimation
      $18,265,000
      127,645 SF

      524 Hawkins Ave

      RETAIL STORES (PERSONAL SERVICES)
      524 Hawkins Ave, Panama City, FL 32405-7615
      View Details
    • Value Estimation by Request
      1,350 SF

      2925 Stanford Rd

      RETAIL STORES (PERSONAL SERVICES)
      2925 Stanford Rd, Panama City, FL 32405-3433
      View Details

    Similar Nearby for Sale

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    • $104,999

      Retail Space in Panama City

      Retail space available for sale in Panama City, Florida.
      1000 E 23Rd St, Panama City, FL 32405
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    • Contact for pricing
      3,600 SF

      Highway 77 Retail Property

      2.1-acre property with retail building and highway frontage.
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    • $1,300,000
      3,600 SF

      Highway 77 Retail Property

      2.1-acre property with retail building and highway frontage.
      3407 Highway 77 S, Panama City, FL 32405
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    Similar Nearby for Lease

    • Contact for pricing
      6,645 SF

      Former Gym Available For Lease

      4,400 SF former gym space, divisible into two suites.
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    • Contact for pricing
      3,246 SF

      Former Restaurant Space Available

      Vacant restaurant space near Panama City Mall and Tyndall AFB.
      1020 E 23Rd St, Panama City, FL 32405
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    • $15 SF/Yr
      17,577 SF

      Retail Space in Panama City

      Open span retail space with office, breakroom, and bathrooms.
      401 E 23Rd St, Panama City, FL 32405
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Panama City

      Retail space available in Panama City's major retail node.
      620-676 W 23Rd St, Panama City, FL 32405
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    • Contact for pricing
      29,826 SF

      Comcast Building Retail/Office Space

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    • $18 SF/Yr

      Comcast Building Retail/Office Space

      6245 SF space ideal for office or retail uses.
      4001 W 23Rd St, Panama City, FL 32405
      View Details
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    Panama City, FL 32405-2347
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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