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Property profile & analytics
OFF-MARKET
Estimated value
$1,370,000
Office Spaces
340 23rd St Panama City, FL 32405-7600
Entity Owned
18-yr Hold
Free & Clear
Property ID
US18-4984323
Property summary
AI-generated overview
This single-story, 7,500 square foot Class B office building, located at 340 W 23rd Street, Bay County, offers flexible office space ideal for a variety of businesses. Built in 1987 and renovated in 2015, the property features a convenient, central location with easy access to State Ave. The building is zoned Commercial (APN: 13006-010-000) and currently consists of one suite, divisible into units ranging from 1,250 to 2,500 contiguous square feet. The maximum contiguous space available is 2,500 square feet. Each office boasts an 8-foot ceiling height and includes well-appointed features such as built-in office spaces, a reception area, break room, copy room, and two half-bathrooms. While there are no elevators, the single-story design ensures easy accessibility. This is an exceptional opportunity to secure affordable, renovated office space in a high-traffic, centrally located area. Floor plans are available upon request. The lot size is 0 square feet.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1987
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
8,109 SF
Lot
0.66 ac (28,837 SF)
Zoning code
PC09
APN
13006-000-000
UPID
US18-4984323
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
-
Clear Title & Escrow Property Management Company Real Estate Agency
-
Marine Corps Recruiting Panama City Military Recruiting Office
-
Lotus Cannabis Clinic Medical Clinic
-
Katie Bergman Counselor
-
Florida Mind Health Center For Ketamine Therapy Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.27M
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$1.37M
Owner & transaction history
Forest Park Prof Props LLC · 18 yrs held
Forest Park Prof Props LLC
since 2007
1 recorded transaction
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.0M
+66.2%
Office building
$1.7M
+46.4%
Retail stores
$1.3M
+6.0%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,370,000
6.5%
$1,265,000
7%
$1,175,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,180,000
Current use
RESTAURANT
$1,965,000
Change: +66% · Conversion: Difficult
OFFICE BUILDING
$1,730,000
Change: +46% · Conversion: Easy
RETAIL STORES
$1,255,000
Change: +6% · Conversion: Easy
MEDICAL BUILDING
$1,025,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$1.37M
Range $1.23M – $1.51M · ±10%
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
$169 / 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
$14,865
Tax year 2023
Assessed value
$982,758
Assessed 2023
Previous assessed
$797,295
+23.3% YoY
Effective rate
1.51%
On assessed value
Assessed land
$692,081
Assessed improvement
$290,677
Land market value
$692,081
Improvement market value
$290,677
Total market value
$982,758
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
Off-Market
Year built
1987
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
6
Total area
8,109 SF
Lot
0.66 ac (28,837 SF)
Zoning code
PC09
APN
13006-000-000
UPID
US18-4984323
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
COMMERCIAL (GENERAL) Current
Est. value
$1.2M
RESTAURANT
Est. value
$2.0M
OFFICE BUILDING
Est. value
$1.7M
RETAIL STORES
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.0M
COMMERCIAL (GENERAL) Current
RESTAURANT
OFFICE BUILDING
RETAIL STORES
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
1987
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
6
Lot
0.66 ac
Current owner
From public records · entity-resolved
Forest Park Prof Props LLC
Entity
Free & Clear · 18 yrs held
Mailing address
340 W 23RD ST STE A, PANAMA CITY, FL 32405-4541
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 25, 2007
—
Forest Park Prof Props LLC
Forest Park Prof Assn
Quit Claim 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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