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Property profile & analytics
OFF-MARKET
Estimated value
$2,330,000
Warehouses
427 23rd St Panama City, FL 32405-4574
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-3571054
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1999
Construction
STEEL FRAME
Total area
17,591 SF
Lot
2.62 ac (114,258 SF)
Zoning code
PC09
APN
12976-002-000
UPID
US18-3571054
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
-
West Marine Big Box & Wholesale Store (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.29M
CAP Approach
CAP
$2.05M
Comparable Approach
Comparable
$1.77M
Blend (final)
Blend
$2.33M
Owner & transaction history
Mdc Coast 28 LLC · 3 yrs held
Mdc Coast 28 LLC
since 2023
Last sale
$2.8M
6 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.8M
+227.7%
Retail stores
$2.7M
+137.2%
Commercial (general)
$2.6M
+123.8%
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
$2,350,000
ML approach
$2,290,000
CAP Approach
CAP Return
Estimation
6%
$2,220,000
6.5%
$2,050,000
7%
$1,905,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,755,000
Change: +228% · Conversion: Difficult
RETAIL STORES
$2,720,000
Change: +137% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,565,000
Change: +124% · Conversion: Difficult
MEDICAL BUILDING
$2,220,000
Change: +94% · Conversion: Difficult
Blend value · Realmo final
$2.33M
Range $2.10M – $2.56M · ±10% · vs last sale $2.76M (Mar 30 2023)
Last sale anchor
$2.76M
Mar 30 2023
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
$132 / 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
$21,600
Tax year 2023
Assessed value
$1,314,341
Assessed 2023
Previous assessed
$1,305,310
+0.7% YoY
Effective rate
1.64%
On assessed value
Assessed land
$1,049,200
Assessed improvement
$265,141
Land market value
$1,049,200
Improvement market value
$265,141
Total market value
$1,314,341
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
1999
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
6
Total area
17,591 SF
Lot
2.62 ac (114,258 SF)
Zoning code
PC09
APN
12976-002-000
UPID
US18-3571054
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
OFFICE BUILDING
Est. value
$3.8M
RETAIL STORES
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.6M
MEDICAL BUILDING
Est. value
$2.2M
OFFICE BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
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
1999
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
6
Lot
2.62 ac
Current owner
From public records · entity-resolved
Mdc Coast 28 LLC
Entity
Mailing address
11995 EL CAMINO REAL, SAN DIEGO, CA 92130-2539
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
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
Mar 30, 2023
$2,758,344
Mdc Coast 28 LLC
Arcp We Panama City Fl LLC
Special Warranty Deed
—
Aug 5, 2021
—
Arcp We Panama City Fl LLC
—
Deed
related
$650,000,000 · Jpmorgan Chase Bank NA
Dec 19, 2017
—
Dctn3 509 Panama City Fl LLC
—
Grant Deed
related
$7,020,000 · Keybank USA
Apr 27, 2015
$3,406,200
Arcp We Panama City Fl LLC
Panama City Fl LLC
Grant Deed
—
Jun 2, 2014
—
West Marine Products INC
Panama City Fl 427 23rd LLC
Grant Deed
related
—
Apr 15, 2014
$1,100,000
Panama City Fl 427 23rd LLC
Pearlman J H & F Trust
Warranty 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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