Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2870 Harrison Ave Panama City, FL 32405-4451

    • Office Properties & Spaces
    • 3,732 SF
    • 9.67 lot acres
    OFF-MARKET
    Value Estimations
    $855,000
    Show details
    Cap Rate Potential
    4.1%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US18-3569995
    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.

    Current Use by Public Records

    • Eagles Landing Apartment Homes / Apartment Building / Apartment Complex

    Property Details for 2870 Harrison Ave

    Year built
    1993
    Construction
    WOOD
    Lot size
    9.67 lot acres
    Property size
    3,732 SF
    Zone code
    PC04
    Property type
    Office Properties & Spaces
    APN
    12855-015-000
    APU
    12855015000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $925,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $630,000
      6.5%
      $580,000
      7%
      $540,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $707,000
      Market price range: $195k - $707k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $545,000
      Current use
      OFFICE BUILDING
      $795,000
      Change: +46% Conversion: Easy
      RETAIL STORES
      $575,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.6561
    Latitude
    30.2
    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
    $272,220
    $967,400
    $21,211,423
    $22,178,823
    -
    $967,400
    $21,211,423
    $22,178,823

    Comparable in this City

    • Value Estimation by Request
      1,296 SF

      1802 Flower Ave

      OFFICE (GENERAL) • 1,296 SF
      1802 Flower Ave, Panama City, FL 32405-3105
      View Details
    • Value Estimation by Request
      1,274 SF

      2524 Ave

      OFFICE (GENERAL) • 1,274 SF
      2524 Ave, Panama City, FL 32405-7075
      View Details
    • Value Estimation
      $655,000
      3,654 SF

      904 Baldwin Rd

      OFFICE (GENERAL) • 3,654 SF
      904 Baldwin Rd, Panama City, FL 32405-5003
      View Details
    • Value Estimation by Request
      1,488 SF

      3250 Hwy 77

      OFFICE (GENERAL) • 1,488 SF
      3250 Hwy 77, Panama City, FL 32405-5008
      View Details
    • Value Estimation
      $885,000
      7,158 SF

      3477 Hwy 77

      OFFICE (GENERAL) • 7,158 SF
      3477 Hwy 77, Panama City, FL 32405-4297
      View Details
    • Value Estimation
      $1,370,000
      8,109 SF

      340 23rd St

      OFFICE (GENERAL) • 8,109 SF
      340 23rd St, Panama City, FL 32405-7600
      View Details

    Similar Nearby for Sale

    • $449,000

      Prime Panama City Office Building

      Historic Bayfront Office Space, $449,000
      1522 Chestnut Ave, Panama City, FL 32405
      View Details
    • $4,000,000
      22,000 SF

      Prime Panama City Office Complex

      22,000 SF Multi-Use Office Building
      2420 Jenks Ave, Panama City, FL 32405
      View Details
    • $295,000
      950 SF

      Renovated Office Space on 23rd

      Fully renovated office space on a busy commercial corridor.
      3707 W 23Rd St, Panama City, FL 32405
      View Details
    • Contact for pricing
      9,219 SF

      Class A Medical/Office Space

      9,219 SF Class A space near HCA Hospital.
      2402 State Ave, Panama City, FL 32405
      View Details
    • Contact for pricing
      30,030 SF

      Office Space in Industrial Park

      Office space in Lynn Haven Industrial Park, ready for customization.
      700 Aberdeen Loop, Panama City, FL 32405
      View Details
    • Contact for pricing
      2,856 SF

      Remodeled Office Building with Tenant

      2,856 SF office building, remodeled in 2019, leased to State.
      1520 Jenks Ave, Panama City, FL 32405
      View Details

    Similar Nearby for Lease

    • $0.10 SF/Yr
      30,030 SF

      Panama City Office Space for Lease

      Modern Office, 1 Suite Available, 2000+ sqft
      700 Aberdeen Loop, Panama City, FL 32405
      View Details
    • $6 SF/Yr
      7,220 SF

      Airport Road Office Suites

      Panama City Office Space Available
      501 Airport Rd, Panama City, FL 32405
      View Details
    • $18 SF/Yr
      38,000 SF

      Gilberg's Plaza: Panama City Retail

      Prime Panama City retail space available.
      2421 Fl-77, Panama City, FL 32405
      View Details
    • $0.01 SF/Yr
      24,000 SF

      Panama City Office Space For Lease

      Prime Office Building, Pre-Leasing Opportunity
      2402 State Ave, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      106,094 SF

      Class A Office Space Available

      Class A office space for lease in Panama City.
      3109 Minnesota Ave #5, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      30,000 SF

      Class A Office Space Available

      Class A office space for lease, suitable for credit tenants.
      3109 Minnesota Ave #30, Panama City, FL 32405
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2870 Harrison Ave
    Panama City, FL 32405-4451
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.