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Property profile & analytics
OFF-MARKET
Estimated value
$570,000
Warehouses
505 15th St Panama City, FL 32401-2235
Entity Owned
Free & Clear
Property ID
US18-3092489
Property summary
AI-generated overview
This commercial property encompasses approximately 0.88 acres and includes a 3,000 square foot metal warehouse building. The warehouse features three garage doors and is designed to be divisible into three distinct bays, with plumbing installed for bathrooms. A 576 square foot detached garage is also present. The property is fenced along its perimeter and fronts 14th Street. It represents the residual portion of a larger parcel that previously fronted 15th Street. The property is located in Panama City, Florida.
Property profile
Verified
Property type
Warehouses
Use group
OFFICE (GENERAL)
Year built
1973
Construction
STEEL FRAME
Total area
3,636 SF
Lot
1.16 ac (50,399 SF)
Zoning code
PC09
APN
18040-000-000
UPID
US18-3092489
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
-
Panama Business Machines Inc Computer & Electronic Repair
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$549k
Blend (final)
Blend
$570k
Owner & transaction history
State Of Florida Department Of Tran
State Of Florida Department Of Tran
since 2025
Last sale
$1,344
7 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$775,000
+135.9%
Medical building
$430,000
+31.2%
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
Alternative Use
Use
Estimation
OFFICE BUILDING
$775,000
Change: +136% · Conversion: Easy
MEDICAL BUILDING
$430,000
Change: +31% · Conversion: Easy
Blend value · Realmo final
$570k
Range $513k – $627k · ±10% · vs last sale $1k (Dec 19 2024)
Last sale anchor
$1k
Dec 19 2024
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
$157 / 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
$6,058
Tax year 2023
Assessed value
$355,006
Assessed 2023
Previous assessed
$331,637
+7.0% YoY
Effective rate
1.71%
On assessed value
Assessed land
$231,400
Assessed improvement
$123,606
Land market value
$231,400
Improvement market value
$123,606
Total market value
$355,006
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
OFFICE (GENERAL)
Status
Off-Market
Year built
1973
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
1
Rooms
6
Total area
3,636 SF
Lot
1.16 ac (50,399 SF)
Zoning code
PC09
APN
18040-000-000
UPID
US18-3092489
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
$775,000
MEDICAL BUILDING
Est. value
$430,000
OFFICE BUILDING
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
1973
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Rooms
6
Lot
1.16 ac
Current owner
From public records · entity-resolved
State Of Florida Department Of Tran
Entity
Free & Clear · 0 yrs held
Mailing address
505 W 15TH ST, PANAMA CITY, FL 32401-2235
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 6, 2025
—
State Of Florida Department Of Tran
Dolgen Of Crawfordville LLC
Warranty Deed
—
Aug 27, 2025
—
State Of Florida Department Of Tran
Sara Louise Woods Trust
Warranty Deed
—
Aug 1, 2025
$400,000
413 Property Holdings LLC
Pbm Rentals LLC
Warranty Deed
—
Dec 19, 2024
—
State Of Florida
Panama Business Machines INC
Quitclaim Deed
related
—
Oct 14, 2020
$1,344
Pbm Rentals LLC
Panama Business Machines Incor
Warranty Deed
—
Jun 22, 2020
—
Panama Business Machines INC
—
Deed Of Trust
related
$60,000 · Ameris Bk
Nov 6, 1996
$200,000
Panama Business Machines INC
Vanoverloop,robert R
Grant Deed
$160,000 · Seller
—
—
Panama Business Machines INC
—
Deed Of Trust
related
$160,000 · Individual
—
—
Panama Business Machines INC
—
Deed Of Trust
related
$265,000 · Prosperity Bank
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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