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    401 E 23Rd St Panama City, FL 32405

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    401 E 23Rd St Panama City, FL 32405

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    • Strip malls
    • 17,577 SF
    • 3.41 lot acres
    For Lease
    $15 SF/Yr
    View Listing →
    Open Span Retail Space For Lease
    $15 SF/Yr
    17,577 SF

    Open Span Retail Space

    Retail space with office, receiving area, and two bathrooms.

    401 E 23rd Street #E & F, Panama City, FL 32405
    View Listing
    Property ID
    US18-1763853
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 401 E 23Rd St

    Year built
    2005
    Construction
    STEEL FRAME
    Lot size
    3.41 lot acres
    Property size
    17,577 SF
    Zone code
    PC09
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    12976-070-000
    APU
    12976070000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,685,000
      6.5%
      $3,400,000
      7%
      $3,160,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $4,315,000
      Market price range: $602k - $4.32M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,570,000
      Current use
      OFFICE BUILDING
      $3,490,000
      Change: +36% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.6559
    Latitude
    30.1912
    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
    $36,736
    $1,195,250
    $993,293
    $2,188,543
    -
    $1,195,250
    $993,293
    $2,188,543

    Comparable in this City

    • Value Estimation
      $3,875,000
      22,350 SF

      2491 Martin Luther King Jr Blvd

      SHOPPING CENTER, STRIP CENTER • 22,350 SF
      2491 Martin Luther King Jr Blvd, Panama City, FL 32405-4405
      View Details
    • Value Estimation
      $1,600,000
      7,295 SF

      103 23rd St

      SHOPPING CENTER, STRIP CENTER • 7,295 SF
      103 23rd St, Panama City, FL 32405-7602
      View Details
    • Value Estimation by Request
      31,540 SF

      500 Hawkins Ave

      Lifestyle centers • 31,540 SF
      500 Hawkins Ave, Panama City, FL 32405
      View Details
    • Value Estimation
      $9,660,000
      130,962 SF

      2300 Martin Luther King Jr Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 130,962 SF
      2300 Martin Luther King Jr Blvd, Panama City, FL 32405
      View Details
    • Value Estimation
      $1,450,000
      18,957 SF

      1310 15th St

      WHOLESALE OUTLET, DISCOUNT STORE • 18,957 SF
      1310 15th St, Panama City, FL 32405
      View Details
    • Value Estimation by Request
      3,520 SF

      3612 23rd St

      WHOLESALE OUTLET, DISCOUNT STORE • 3,520 SF
      3612 23rd St, Panama City, FL 32405-1835
      View Details

    Similar Nearby for Sale

    • $6,493,000

      Panama City Neighborhood Shopping Center

      54,027 SF shopping center on 5.18 acres for sale.
      615 Highway 231 N, Panama City, FL 32405
      View Details
    • $6,493,000
      54,027 SF

      Panama City Shopping Center For Sale

      54,027 SF shopping center with stable income and upside.
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    • Contact for pricing
      96,844 SF

      Retail Center with Growth Potential

      96,844 SF retail center with significant revenue growth opportunity.
      724 W 23Rd St, Panama City, FL 32405
      View Details
    • $6,842,000
      5,000 SF

      Retail Property in Panama City

      Retail property with a new 20-year lease.
      2901 W 23Rd St, Panama City, FL 32405
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      9,629 SF

      Retail Space in Panama Plaza

      Retail space for lease in Panama City's busy thoroughfare.
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      New Panama City Retail Development

      200,000+ SF retail development in Panama City, Florida.
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      1,600 SF

      Retail Space Near Panama City Mall

      Retail space adjacent to Panama City Mall with national tenants.
      1000 E 23Rd St, Panama City, FL 32405
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    • Contact for pricing
      14,000 SF

      Retail Space in Panama City

      Prime retail location in Panama City's busiest retail corridor.
      2329 Florida 77, Panama City, FL 32405
      View Details
    • $30 SF/Yr
      2,725 SF

      Prime Panama City Retail Space

      2,725 SF Retail Space Available
      500 - 516 E 23rd Street, Panama City, FL 32405
      View Details
    • Contact for pricing

      Recently Renovated Shopping Plaza

      Active shopping plaza suitable for retail, medical, or office purposes.
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      View Details
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    Panama City, FL 32405
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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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