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Property profile & analytics
OFF-MARKET
Estimated value
$1,960,000
Office Spaces
340 23rd St Panama City, FL 32405-7600
Entity Owned
18-yr Hold
Free & Clear
Property ID
US18-6022262
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1980
Construction
WOOD
Total area
12,656 SF
Lot
0.89 ac (38,768 SF)
Zoning code
PC09
APN
13006-010-000
UPID
US18-6022262
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 Commercial Real Estate Agency Escrow Service
-
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
$1.97M
Comparable Approach
Comparable
$2.19M
Blend (final)
Blend
$1.96M
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
$3.1M
+66.2%
Office building
$2.7M
+46.4%
Retail stores
$2.0M
+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%
$2,135,000
6.5%
$1,970,000
7%
$1,830,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,845,000
Current use
RESTAURANT
$3,065,000
Change: +66% · Conversion: Difficult
OFFICE BUILDING
$2,700,000
Change: +46% · Conversion: Easy
RETAIL STORES
$1,955,000
Change: +6% · Conversion: Easy
MEDICAL BUILDING
$1,600,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$1.96M
Range $1.76M – $2.16M · ±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
$155 / 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
$18,644
Tax year 2023
Assessed value
$1,347,893
Assessed 2023
Previous assessed
$991,097
+36.0% YoY
Effective rate
1.38%
On assessed value
Assessed land
$969,200
Assessed improvement
$378,693
Land market value
$969,200
Improvement market value
$378,693
Total market value
$1,347,893
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
1980
Construction
WOOD
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
24
Total area
12,656 SF
Lot
0.89 ac (38,768 SF)
Zoning code
PC09
APN
13006-010-000
UPID
US18-6022262
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
$1.8M
RESTAURANT
Est. value
$3.1M
OFFICE BUILDING
Est. value
$2.7M
RETAIL STORES
Est. value
$2.0M
MEDICAL BUILDING
Est. value
$1.6M
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
1980
Construction
WOOD
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
24
Lot
0.89 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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