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    Property profile & analytics

    551 Harrison Ave Panama City, FL 32401

    • Retail space
    • 31,875 SF
    • 0.24 lot acres
    For Sale
    View listing
    $1,800,000
    Last Sale
    Dec 27, 2021
    $950,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3442863
    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.

    Current Use by Public Records

    • Elegant Endeavors Antique Emporium / Antique Store

    Property Details for 551 Harrison Ave

    Year built
    1959
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.24 lot acres
    Property size
    31,875 SF
    Zone code
    PC10
    Property type
    Retail space
    APN
    19721-000-000
    APU
    19721000000

    Description

    This exceptional 30,000-square-foot retail space is ideally situated in Panama City's historic downtown district at 551 Harrison Avenue, conveniently located on Business HWY 98/Harrison Avenue and accessible from Grace Avenue. The single-tenant building boasts a versatile open floor plan spread across three levels, constructed with durable materials. Two entrances provide convenient access for customers, one directly on Harrison Avenue and another off Grace Avenue. Ample parking is available for patrons, with public parking on Harrison Avenue and additional spaces located at the rear of the property. The building is zoned DTD (Downtown District) within Bay County, Florida (APN: 19721-000-000). Facilitating efficient operations, the property includes a freight elevator and convenient dock-height loading access from the rear alley. This unique offering presents a significant opportunity for businesses seeking a prominent location in a thriving downtown area. The building's solid construction and desirable features make it an attractive option for a variety of retail uses. The property is located in Bay County, Florida, zip code 32401. One elevator is available for use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $685,000
      ML approach
      $765,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $948,000
      Market price range: $878k - $2.92M

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.6607
    Latitude
    30.158
    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
    $17,492
    $275,625
    $623,532
    $899,157
    -
    $275,625
    $623,532
    $899,157

    Comparable in this City

    • Value Estimation
      $330,000
      11,950 SF

      228 Harrison Ave

      RETAIL STORES (PERSONAL SERVICES) • 11,950 SF
      228 Harrison Ave, Panama City, FL 32401-2761
      View Details
    • Value Estimation
      $365,000
      28,368 SF

      524 Harrison Ave

      RETAIL STORES (PERSONAL SERVICES) • 28,368 SF
      524 Harrison Ave, Panama City, FL 32401-2622
      View Details
    • Value Estimation
      $225,000
      6,498 SF

      542 Harrison Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,498 SF
      542 Harrison Ave, Panama City, FL 32401-2622
      View Details
    • Value Estimation
      $1,850,000
      12,655 SF

      1347 15th St

      RETAIL STORES (PERSONAL SERVICES) • 12,655 SF
      1347 15th St, Panama City, FL 32401-2048
      View Details
    • Value Estimation
      $55,000
      1,434 SF

      2113 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 1,434 SF
      2113 3rd St, Panama City, FL 32401-4831
      View Details
    • Value Estimation
      $270,000
      1,200 SF

      2701 5th St

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      2701 5th St, Panama City, FL 32401-5205
      View Details

    Similar Nearby for Sale

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      Centrally located property with high visibility and versatile potential.
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    Similar Nearby for Lease

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      Renovated Commercial Space in Panama

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    • Contact for pricing
      30,000 SF

      Downtown Panama City Retail Space

      Prime Retail Location, 30,000 SF
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      View Details
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      Panama City Warehouse and Office

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      View Details
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      Downtown St Andrews Retail/Office Space

      3200 sq ft retail/office space in the heart of St Andrews.
      1107 Beck Ave, Panama City, FL 32401
      View Details
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    551 Harrison Ave
    Panama City, FL 32401
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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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