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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    298 Thomas Dr Panama City Beach, FL 32408-4909

    • Commercial land
    • 2.37 lot acres
    OFF-MARKET
    Last Sale
    Sep 30, 2022
    $1,100,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6333011
    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

    • Commercial land

    Property Details for 298 Thomas Dr

    Lot size
    2.37 lot acres
    Zone code
    BC05
    Property type
    Commercial land
    APN
    27916-015-000
    APU
    27916015000

    Description

    This exceptional 2.37-acre commercial land parcel presents a unique investment opportunity in Panama City Beach, Florida. Located at 298 Thomas Drive, this fully entitled site boasts 380 feet of frontage along the major thoroughfare, offering unparalleled visibility and accessibility. The property is zoned General Commercial (C3) and comes with approved development orders, significantly streamlining the development process. Complete due diligence materials are available for review. Detailed plans for a 124-unit extended-stay hotel are already in place, providing a clear path to immediate development. The strategic location offers proximity to numerous amenities, including nearby schools, marinas, and the renowned Emerald Coast beaches. Its advantageous position across from the NSA Panama City/Naval Service Warfare Center and less than three miles from Publix Sports Park, Florida State University-Panama City, and Gulf Coast State College ensures high visibility and strong potential for future growth. This is a rare chance to acquire a fully permitted and planned development site in a prime location, ready for immediate construction. The asking price for this exceptional property is $2,232,000. Don't miss this opportunity to capitalize on the thriving Panama City Beach market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.7614
    Latitude
    30.1844
    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
    $12,891
    $1,031,064
    $0.00
    $1,031,064
    -
    $1,031,064
    $0.00
    $1,031,064

    Comparable in this City

    • Value Estimation by Request
      0.14 Acres

      8010 Thomas Dr

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      8010 Thomas Dr, Panama City, FL 32408-7519
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    • Value Estimation by Request
      0.32 Acres

      Thomas Dr

      VACANT COMMERCIAL LAND • 0.32 Acres
      Thomas Dr, Panama City Beach, FL 32408
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      0.06 Acres

      Thomas Dr

      VACANT COMMERCIAL LAND • 0.06 Acres
      Thomas Dr, Panama City Beach, FL 32408
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      0.12 Acres

      Thomas S Dr

      VACANT COMMERCIAL LAND • 0.12 Acres
      Thomas S Dr, Panama City Beach, FL 32408
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      0.27 Acres

      Thomas Dr

      VACANT COMMERCIAL LAND • 0.27 Acres
      Thomas Dr, Panama City Beach, FL 32408
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    • Value Estimation by Request
      0.16 Acres

      2406 Thomas Dr

      VACANT COMMERCIAL LAND • 0.16 Acres
      2406 Thomas Dr, Panama City Beach, FL 32408-5807
      View Details

    Similar Nearby for Sale

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      Panama City Beach Development Site

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      Prime Commercial Land on Thomas Drive

      3.35 acres of C-3 zoned land with high visibility.
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      High-visibility 1-acre outparcel near NSA Panama City Naval Base.
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    Similar Nearby for Lease

    • $6,000 /Mo

      Prime Panama City Beach Outparcel

      High-visibility 1-acre outparcel near NSA Panama City Naval Base.
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    • $25 SF/Yr
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      Class A Office Space Available

      First floor office space with utilities included, central location.
      2605 Thomas Dr, Panama City, FL 32408
      View Details
    • $3,375 /Mo
      24,852 SF

      Class A Office Space Available

      Class A office space in Thomas Drive commercial district.
      2605 Thomas Dr, Panama City, FL 32408
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    • $1,500 /Mo

      Retail Space in Promenade Mall

      Prime commercial space in Panama City Beach's established shopping destination.
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    • $3,000 /Mo

      Promenade Mall Retail Space

      Prime commercial space in Panama City Beach's established shopping destination.
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    • $30 SF/Yr
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      New Commercial Building on Navy

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    298 Thomas Dr
    Panama City Beach, FL 32408-4909
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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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