Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    612 Mckenzie Ave Panama City, FL 32401
    Back to Search
    Property profile & analytics

    612 Mckenzie Ave, Panama City, FL 32401

    View on Map
    • Commercial land
    For Sale
    $459,000
    View Listing →
    Downtown Panama City Commercial Land For Sale
    $459,000
    0.70 Acres

    Downtown Panama City Commercial Land

    Large commercial investment property in downtown Panama City's revitalization area.

    612 McKenzie Avenue, Panama City, FL 32401
    View Listing
    Property ID
    US18-9987654
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 612 Mckenzie Ave

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    PRICE REDUCTION on this beautiful piece of property near downtown Panama City! 612 McKenzie Ave is a large valuable commercial investment property located inside the downtown district of Panama City. Zoned commercial DTD, which aligns with the vision of redevelopment and vitality in the downtown area and allows for many different commercial or residential uses. Per planning and zoning, but verify with Leslie, DTD zoning allows for a maximum density of 30 units per acre. The property appraiser website shows that the acreage is 0.701. This would allow for a maximum of 21 units. If you are an investor looking to invest in the growth of the downtown district this property can be developed and used as single or multi-family structures, bars and restaurants, professional offices, open air retail space, cafes and lounges, and specialty food stores to name a few of the choices that encourage and promote economic growth in the City. This property is also located in an 'Opportunity Zone- which allows for favorable federal tax capital gains treatment.' Location is the key for this oversized lot as it is perfectly situated close to the hub of Panama City. This .70-acre piece of property is strategically situated near the corner of 6th Street and McKenzie Ave. The revitalization that is currently taking place around this land makes it most desirable. Current growth within the proximity of 612 McKenzie Blvd includes some very favorable developments. Invest in the future of Downtown Panama City by acquiring this property as a commodity to be converted into cash flows and future wealth for your business. Check out this valuable piece of property and invest in the future growth of Panama City!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.6579317
    Latitude
    30.1595123

    Comparable in this City

    • Contact for pricing

      Panama City Bayfront Commercial Land

      1.67 acres with 132 feet on St. Andrew's Bay.
      4423 Highway 98 W, Panama City, FL 32401
      View Details
    • Contact for pricing

      Commercial Vacant Lot For Sale

      Vacant commercial lot in central Panama City, Florida.
      913 Mlk Blvd, Panama City, FL 32401
      View Details
    • $80,000

      Vacant Land Panama City, FL

      Vacant land with multiple uses near schools and Tyndall AFB.
      000 Sheffield Ave, Panama City, FL 32401
      View Details
    • $889,000
      1,985 SF

      Commercial Land in St. Andrews

      20,580 sq. ft. lot with existing structures.
      1323 Beck Ave, Panama City, FL 32401
      View Details
    • Contact for pricing

      Downtown Panama City Vacant Parcel

      Vacant parcel in revitalizing Downtown Panama City, Florida.
      622 Harmon Ave, Panama City, FL 32401
      View Details
    • $4,900,000

      Waterfront Commercial Land For Sale

      Prime commercial land in Panama City with high traffic exposure.
      Xxx Hwy 98 W, Panama City, FL 32401
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Panama City Bayfront Commercial Land

      1.67 acres with 132 feet on St. Andrew's Bay.
      4423 Highway 98 W, Panama City, FL 32401
      View Details
    • Contact for pricing

      Commercial Vacant Lot For Sale

      Vacant commercial lot in central Panama City, Florida.
      913 Mlk Blvd, Panama City, FL 32401
      View Details
    • $80,000

      Vacant Land Panama City, FL

      Vacant land with multiple uses near schools and Tyndall AFB.
      000 Sheffield Ave, Panama City, FL 32401
      View Details
    • $889,000
      1,985 SF

      Commercial Land in St. Andrews

      20,580 sq. ft. lot with existing structures.
      1323 Beck Ave, Panama City, FL 32401
      View Details
    • Contact for pricing

      Downtown Panama City Vacant Parcel

      Vacant parcel in revitalizing Downtown Panama City, Florida.
      622 Harmon Ave, Panama City, FL 32401
      View Details
    • $4,900,000

      Waterfront Commercial Land For Sale

      Prime commercial land in Panama City with high traffic exposure.
      Xxx Hwy 98 W, Panama City, FL 32401
      View Details

    Similar Nearby for Lease

    • $4,500 /Mo
      1,985 SF

      Commercial Land on Beck Avenue

      Commercial land for lease with existing structures and frontage.
      1323 Beck Ave Ave, Panama City, FL 32401
      View Details
    • $500 /Mo

      Panama City Commercial Land Lease

      1.44 acre commercial land for lease in Panama City.
      3014 E 1St Ct, Panama City, FL 32401
      View Details
    • $1.00 SF/Yr
      7,200 SF

      Prime Panama City Commercial Land

      1.14 acre commercial land with development order in place.
      2303 E 5Th St, Panama City, FL 32401
      View Details
    • $2,000 /Mo
      2,814 SF

      Downtown Panama City Flex Space

      Flex space in historic downtown Panama City with warehouse space.
      200 E 6Th St, Panama City, FL 32401
      View Details
    • $10,000 /Mo

      Panama City Beach Commercial Space

      Commercial space for rent on 15th Street, Panama City.
      703 W 15Th St, Panama City, FL 32401
      View Details
    View Listing
    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.
    612 Mckenzie Ave
    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

    Thank You for Inquiry
    612 Mckenzie Ave, Panama City, FL, 32401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!