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Property profile & analytics
OFF-MARKET
Estimated value
$3,375,000
Warehouses
409 23rd St Panama City, FL 32405-4574
Entity Owned
24-yr Hold
Free & Clear
Property ID
US18-3201063
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1998
Construction
CONCRETE
Total area
154,950 SF
Lot
11.97 ac (521,413 SF)
Zoning code
PC09
APN
12976-000-000
UPID
US18-3201063
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
-
Truck Rental Center at The Home Depot Car Rental Facility
-
Primo Water Exchange Big Box & Wholesale Store
-
Garden Center at The Home Depot Garden Center
-
Pro Desk at The Home Depot Industrial Manufacturer Metal Fabrication Plant
-
Home Services at The Home Depot General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.79M
Blend (final)
Blend
$3.38M
Owner & transaction history
Kimco Panama City LLC · 24 yrs held
Kimco Panama City LLC
since 2002
6 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$3.38M
Range $3.04M – $3.71M · ±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
$22 / 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
$62,949
Tax year 2023
Assessed value
$3,948,473
Assessed 2023
Previous assessed
$3,948,473
+0.0% YoY
Effective rate
1.59%
On assessed value
Assessed land
$2,462,184
Assessed improvement
$1,486,289
Land market value
$2,462,184
Improvement market value
$1,486,289
Total market value
$3,948,473
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1998
Construction
CONCRETE
Heating
FORCED AIR
Cooling
OTHER
Stories
1
Rooms
8
Bathrooms
1
Total area
154,950 SF
Lot
11.97 ac (521,413 SF)
Zoning code
PC09
APN
12976-000-000
UPID
US18-3201063
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.
Building & site characteristics
From public records
Year built
1998
Construction
CONCRETE
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
8
Bathrooms
1
Lot
11.97 ac
Current owner
From public records · entity-resolved
Kimco Panama City LLC
Entity
Free & Clear · 24 yrs held
Mailing address
PO BOX 105842, ATLANTA, GA 30348-5842
Ownership since
2002
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 31, 2002
$1,962,500
Kimco Panama City LLC
Home Depot USA INC
Grant Deed
—
Aug 9, 2000
$750,000
Ocharleys INC
Home Depot USA INC
Grant Deed
—
Mar 17, 1999
$1,105,000
Circuit City Stores INC
Home Depot USA INC
Grant Deed
—
Feb 9, 1999
$475,000
23rd Street Properties LLC
Home Depot USA INC
Grant Deed
—
Feb 18, 1998
$420,000
Home Depot USA INC
Legear,obie
Grant Deed
—
Feb 18, 1998
$1,400,000
Home Depot USA INC
Leagear,obie
Grant 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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