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Property profile & analytics
OFF-MARKET
Estimated value
$11,890,000
Retail space
525 23rd St Panama City, FL 32405-3920
Entity Owned
2-yr Hold
Free & Clear
Property ID
US19-0460213
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1987
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
122,251 SF
Lot
23.6 ac (1,028,016 SF)
Zoning code
PC09
APN
14168-100-000
UPID
US19-0460213
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
-
Walmart Deli Food Market Restaurant
-
HomeGoods Department Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$11.89M
Owner & transaction history
Rare Hospitality International INC · 2 yrs held
Rare Hospitality International INC
since 2024
5 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
Alternative Use
Use
Estimation
RETAIL STORES
$18,890,000
Current use
COMMERCIAL (GENERAL)
$17,820,000
Change: -6% · Conversion: Easy
MEDICAL BUILDING
$15,430,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$11.89M
Range $10.70M – $13.08M · ±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
$97 / 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
$168,094
Tax year 2023
Assessed value
$10,065,044
Assessed 2023
Previous assessed
$10,065,044
+0.0% YoY
Effective rate
1.67%
On assessed value
Assessed land
$5,509,422
Assessed improvement
$4,555,622
Land market value
$5,509,422
Improvement market value
$4,555,622
Total market value
$10,065,044
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1987
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
OTHER
Buildings
3
Stories
1
Rooms
20
Total area
122,251 SF
Lot
23.6 ac (1,028,016 SF)
Zoning code
PC09
APN
14168-100-000
UPID
US19-0460213
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
RETAIL STORES Current
Est. value
$18.9M
COMMERCIAL (GENERAL)
Est. value
$17.8M
MEDICAL BUILDING
Est. value
$15.4M
RETAIL STORES Current
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
1987
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
3
Rooms
20
Lot
23.6 ac
Current owner
From public records · entity-resolved
Rare Hospitality International INC
Entity
Free & Clear · 2 yrs held
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 2, 2024
—
Rare Hospitality International INC
Brixmor Ga Panama City LLC
Assignment Of Lease (leasehold Sale)
—
Aug 26, 2005
—
Galileo Panama City LLC
New Plan Of Panama LLC
Special Warranty Deed
$208,000,000 · Merrill Lynch Mortgage Lending INC
Jun 27, 2003
—
New Plan Of Panama LLC
Panama City Square LP
Quit Claim Deed
related
—
Aug 7, 1998
$550,000
Roadhouse Grill INC
Sikes,hubert L
Grant Deed
—
Aug 21, 1997
$14,100,000
Panama City Square LP
Southeast Centers Ass
Grant Deed
$11,280,000 · Southtrust Bank Florida NA
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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