Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    602 Harrison Ave, Unit B Panama City, FL 32401

    • Office Properties & Spaces
    • 8,376 SF
    • 0.47 lot acres
    For Lease
    View listing
    $4,000 /Mo
    Value Estimations
    $265,000
    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 / Legal Services
    • Sale Jr Thomas / Lawyer
    • Thrivent Financial / Financial Planner
    • United Way of Northwest Florida / Social Services Organization / Non-Profit Organization
    • The Rage Cage / Amusement 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

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    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
      $215,000
      1,288 SF

      319 Magnolia Ave

      OFFICE (GENERAL) • 1,288 SF
      319 Magnolia Ave, Panama City, FL 32401-3124
      View Details
    • Value Estimation
      $540,000
      3,479 SF

      1001 Sherman Ave

      OFFICE (GENERAL) • 3,479 SF
      1001 Sherman Ave, Panama City, FL 32401-7004
      View Details
    • Value Estimation
      $195,000
      3,120 SF

      205 4th St

      OFFICE (GENERAL) • 3,120 SF
      205 4th St, Panama City, FL 32401-3110
      View Details
    • Value Estimation
      $190,000
      1,036 SF

      210 11th St

      OFFICE (GENERAL) • 1,036 SF
      210 11th St, Panama City, FL 32401-2455
      View Details
    • Value Estimation
      $385,000
      15,132 SF

      914 Harrison Ave

      OFFICE (GENERAL) • 15,132 SF
      914 Harrison Ave, Panama City, FL 32401-2528
      View Details
    • Value Estimation
      $240,000
      400 SF

      801 Cv Blvd

      OFFICE (GENERAL) • 400 SF
      801 Cv Blvd, Panama City, FL 32401-3505
      View Details

    Similar Nearby for Sale

    • $400,000
      1,868 SF

      Panama City Office Building

      Income-producing office, prime location
      1148 Jenks Ave, Panama City, FL 32401
      View Details
    • $250,000
      0.21 Acres

      Charming Cottage in Historic St. Andrews

      Renovated 2BR/2BA cottage near Gulf access, ideal for living/rental.
      1709 Cincinnati Ave, Panama City, FL 32401
      View Details
    • $895,000
      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
    • New
      $209,900
      0.19 Acres

      Vintage Charm, Multi-Use Potential

      Restored property with residential and light commercial possibilities.
      1011 Grace Ave, 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

    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
    • $1,950 /Mo
      931 SF

      Remodeled St. Andrews Property

      Versatile remodeled property in the heart of St. Andrews.
      2812 W 11Th St, Panama City, FL 32401
      View Details
    • $312 /Mo
      5,868 SF

      Prime Panama City Office Space

      FSU Campus location, office/retail space.
      5102 Bay Dr, Panama City, FL 32401
      View Details
    • $8 SF/Yr
      4,000 SF

      Panama City Warehouse and Office

      Warehouse and office space available for lease in Panama City.
      1220 Transmitter Rd, Panama City, FL 32401
      View Details
    • $10,000 /Mo
      10,000 SF

      Panama City Beach Retail/Office Space

      Large 10,000 SF space suitable for office or retail.
      703 W 15Th 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, Unit B
    Panama City, FL 32401
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.