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Property profile & analytics
FOR SALE
Office Spaces
2505 W 15Th St Panama City, FL 32401
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US18-5591110
For Sale
1 / 3
$5,310,000
2505 W 15Th St, Panama City, FL 32401
View Listing →
Property summary
AI-generated overview
This exceptional 27,313-square-foot executive office building, located at 2505 15th Street in Panama City Beach, Florida (zip code 32401), presents a compelling investment opportunity. Currently operating at 100% occupancy, the property boasts a strong and stable tenant roster. The State of Florida's Department of Children and Families has occupied a portion of the building since 2011, and the Department of Education since 2014. National Coating Systems, Inc. joined the tenant mix in 2018, recently exercising a five-year lease renewal extending through June 2028. This long-term tenant history provides significant stability and predictable income streams. The property's financial performance is equally impressive. The net operating income (NOI) for 2021 reached $345,000, with projections for 2022/23 indicating an increase to $354,483. This institutional-quality investment property offers a rare combination of strong occupancy, reliable tenants, and a robust financial outlook, making it an ideal addition to any portfolio. The property is classified as an Executive Office building and is situated in Bay County.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1941
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
27,313 SF
Lot
2.92 ac (127,195 SF)
Zoning code
PC09
APN
29647-000-000
UPID
US18-5591110
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
-
Vocational Rehabilitation State Government Office
-
National Coatings & Supplies Hardware & Home Improvement Building Supply
-
Blind Services Division Social Service Agency Charitable Organization
-
Department of Children & Families Social Service Agency Charitable Organization
-
Vocational Rehabilitation Division Rehabilitation Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.01M
CAP Approach
CAP
$4.26M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.42M
Owner & transaction history
Gasha LLC · 3 yrs held
Gasha LLC
since 2023
Last sale
$4.9M
4 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.6M
+167.7%
Office building
$5.8M
+135.9%
Medical building
$3.2M
+31.2%
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
$4,135,000
ML approach
$4,005,000
CAP Approach
CAP Return
Estimation
6%
$4,610,000
6.5%
$4,255,000
7%
$3,950,000
Alternative Use
Use
Estimation
RESTAURANT
$6,615,000
Change: +168% · Conversion: Difficult
OFFICE BUILDING
$5,830,000
Change: +136% · Conversion: Easy
MEDICAL BUILDING
$3,240,000
Change: +31% · Conversion: Easy
Blend value · Realmo final
$4.42M
Range $3.98M – $4.86M · ±10% · vs last sale $4.85M (Jun 29 2023)
Last sale anchor
$4.85M
Jun 29 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
$162 / 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
$16,257
Tax year 2023
Assessed value
$1,166,887
Assessed 2023
Previous assessed
$1,108,487
+5.3% YoY
Effective rate
1.39%
On assessed value
Assessed land
$584,000
Assessed improvement
$582,887
Land market value
$584,000
Improvement market value
$582,887
Total market value
$1,166,887
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Sale
Year built
1941
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
OTHER
Stories
1
Rooms
77
Total area
27,313 SF
Lot
2.92 ac (127,195 SF)
Zoning code
PC09
APN
29647-000-000
UPID
US18-5591110
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
RESTAURANT
Est. value
$6.6M
OFFICE BUILDING
Est. value
$5.8M
MEDICAL BUILDING
Est. value
$3.2M
RESTAURANT
OFFICE BUILDING
MEDICAL 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
1941
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
77
Lot
2.92 ac
Current owner
From public records · entity-resolved
Gasha LLC
Entity
Mailing address
650 W 20TH ST, HIALEAH, FL 33010-2428
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 29, 2023
$4,850,000
Gasha LLC
Tasiroyd Investments LLC
Warranty Deed
$3,150,000 · Fairwinds Cu
Jun 3, 2019
$3,650,000
Tasiroyd Investments LLC
Swigler,david W
Warranty Deed
—
—
—
David W Swigler
—
Deed Of Trust
related
$1,663,000 · Doral Bank
—
—
David W Swigler
—
Deed Of Trust
related
$1,644,781 · Doral 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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