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Property profile & analytics
FOR SALE
Retail residential properties
615 Highway 231 N Panama City, FL 32405
Individually Owned
Absentee Owner
Free & Clear
Property ID
US18-9326104
For Sale
1 / 18
$6,493,000
615 Highway 231 N, Panama City, FL 32405
View Listing →
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
65,955 SF
Lot
5.18 ac (225,641 SF)
Zoning code
PC09
APN
14456-000-000
UPID
US18-9326104
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.53M
Blend (final)
Blend
$5.21M
Owner & transaction history
State Of Florida
State Of Florida
since 2025
7 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
MEDICAL BUILDING
$8,325,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$5.21M
Range $4.69M – $5.73M · ±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
$79 / 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
$47,567
Tax year 2023
Assessed value
$3,398,567
Assessed 2023
Previous assessed
$3,166,443
+7.3% YoY
Effective rate
1.40%
On assessed value
Assessed land
$1,036,000
Assessed improvement
$2,362,567
Land market value
$1,036,000
Improvement market value
$2,362,567
Total market value
$3,398,567
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 residential properties
Use group
STORES & APARTMENTS
Status
For Sale
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
OTHER
Stories
1
Rooms
15
Total area
65,955 SF
Lot
5.18 ac (225,641 SF)
Zoning code
PC09
APN
14456-000-000
UPID
US18-9326104
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
MEDICAL BUILDING
Est. value
$8.3M
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
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
15
Lot
5.18 ac
Current owner
From public records · entity-resolved
State Of Florida
Individual
Free & Clear · 0 yrs held
Mailing address
2510 BETTON WOODS DR, TALLAHASSEE, FL 32308-0942
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 31, 2025
—
State Of Florida
Cindys INC
Quitclaim Deed
related
—
Nov 2, 2016
—
J W Mariner Corp
—
Deed
related
$3,600,000 · Capital City Bank
Sep 24, 2008
$5,825,000
J W Mariner Corp
Tarragon Mariner Plaza INC
Grant Deed
—
Dec 17, 1998
$1,200,000
Tarragon Mariner Plaza INC
Tarragon Realty Investors INC
Grant Deed
related
$1,725,000 · Gmac Commercial Mortgage Corp
Jan 20, 1998
—
National Income Realty Trust
—
Deed Of Trust
related
$1,200,000 · Gmac Commercial Mortgage Corp
Sep 23, 1997
$1,500,000
National Income Realty Trust
Pcd Realty Corp
Grant Deed
—
—
—
Tarragon Mariner Plaza INC
—
Deed Of Trust
related
$3,047,005 · J P Morgan Chase Bank
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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