Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    602 Harrison Ave Panama City, FL 32401-2652

    • Office properties & Spaces
    • 8,376 SF
    • 0.47 lot acres
    OFF-MARKET
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3357659
    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

    • Brian Barnes, Attorney At Law / Law Firm
    • Sale Jr Thomas / Law Firm
    • Thrivent Financial / Financial Advisor
    • United Way of Northwest Florida / Charitable Organization / Social Service Agency
    • The Rage Cage / Arcade & Gaming Center / Family Recreation Center

    Property Details for 602 Harrison Ave

    Year built
    1940
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.47 lot acres
    Property size
    8,376 SF
    Zone code
    PC10
    Property type
    Office properties & Spaces
    APN
    19831-000-000
    APU
    19831000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $686,000
      Market price range: $367k - $1.30M
      AI Estimate
      $764,000
      Market price range: $415k - $1.35M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $760,000
      Current use
      MEDICAL BUILDING
      $995,000
      Change: +31% Conversion: Easy
      RETAIL STORES
      $735,000
      Change: -3% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $660,000
      Change: -13% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.66
    Latitude
    30.1593
    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
    $748
    $123,750
    $319,920
    $443,670
    -
    $123,750
    $319,920
    $443,670

    Comparable in this City

    • Value Estimation by Request

      5102 Bay Dr

      Office Units
      5102 Bay Dr, Panama City, FL 32401
      View Details
    • Value Estimation by Request
      2,628 SF

      1313 Balboa Ave

      OFFICE (GENERAL) • 2,628 SF
      1313 Balboa Ave, Panama City, FL 32401-2080
      View Details
    • Value Estimation
      $1,065,000
      6,723 SF

      1 Everitt Ave

      OFFICE (GENERAL) • 6,723 SF
      1 Everitt Ave, Panama City, FL 32401-6900
      View Details
    • Value Estimation by Request
      5,528 SF

      626 Luverne Ave

      OFFICE (GENERAL) • 5,528 SF
      626 Luverne Ave, Panama City, FL 32401-3050
      View Details
    • Value Estimation
      $875,000
      5,560 SF

      314 Magnolia Ave

      OFFICE (GENERAL) • 5,560 SF
      314 Magnolia Ave, Panama City, FL 32401-3125
      View Details
    • Value Estimation
      $560,000
      3,550 SF

      109 Harrison Ave

      OFFICE (GENERAL) • 3,550 SF
      109 Harrison Ave, Panama City, FL 32401-2725
      View Details

    Similar Nearby for Sale

    • $325,000

      High-Visibility Commercial Property For Sale

      Prime location with high traffic, ideal for retail or office.
      2805 W 15Th St, Panama City, FL 32401
      View Details
    • $1,400,000
      5,247 SF

      Prime Panama City Medical Office

      Profitable medical office building near Ascension Sacred Heart.
      609 6Th Ct, Panama City, FL 32401
      View Details
    • $2,900,000
      24,924 SF

      Prime Panama City Office Building

      24,924 SF Executive Office Space
      533 11Th St, Panama City, FL 32401
      View Details
    • $849,000
      4,162 SF

      Contractor Site with Office, Shop

      1.5 acre site with office, shop, and lay-down yard.
      1219 Transmitter Rd, Panama City, FL 32401
      View Details
    • $400,000
      1,868 SF

      Panama City Office Building

      Income-producing office, prime location
      1148 Jenks Ave, Panama City, FL 32401
      View Details
    • $420,000
      3,360 SF

      Well-Maintained Office Space For Sale

      Office space in high-traffic area with excellent visibility.
      1012 W 11Th St, Panama City, FL 32401
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      1,272 SF

      Prime Panama City Office Space

      1,272 sq ft Single-Tenant Office
      1147 Grace Ave, Panama City, FL 32401
      View Details
    • $9 SF/Yr
      1,750 SF

      Prime Panama City Office Space

      1750 sq ft, Single Tenant Office
      3712 3Rd St, Panama City, FL 32401
      View Details
    • $4,400 /Mo
      3,200 SF

      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
    • $15 SF/Yr
      2,784 SF

      Downtown Panama City Commercial Space

      Versatile 2700 SF Office/Retail Space
      416 Jenks Ave, Panama City, FL 32401
      View Details
    • $12,714 /Mo
      5,868 SF

      Unique Office Space Near Campus

      Privately held office building near FSU/GCSC campus for lease.
      5102 Northbay Dr, Panama City, FL 32401
      View Details
    • Contact for pricing
      5,000 SF

      Versatile Multi-Tenant Building For Lease

      Multi-tenant building with flexible space options and strategic location.
      501 West 11Th St, Panama City, FL 32401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    602 Harrison Ave
    Panama City, FL 32401-2652
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!