Individually Owned 
For Lease
1 / 23
$12 SF/Yr
615 Highway 231, Panama City, FL 32405
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Property summary
AI-generated overview
This neighborhood shopping center totals approximately 54,027 square feet and is situated on 5.18 acres along Highway 231 in Panama City, Florida. The site provides multiple access points to major roadways, including Highway 231, Highway 77, and a separate lighted intersection at 19th Street. The center is configured to serve nearby daily retail and service demand, with proximity to Bay County healthcare and employment destinations. The property contains a mix of retail and office space, with approximately 9,114 square feet of office space available. Parking is provided at a ratio of 4.37 spaces per 1,000 square feet. The property had a roof and HVAC system installed in 2019. Financial information and occupancy details are available via the rent roll and related documentation.
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
Location
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
since 2025
7 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$5.21M
Value range
$4.69M – $5.73M
±10% around blend
Estimated value / SF
$79 / SF
Confidence
Property data
100
Market benchmarks
100
Comparable evidence
60
Income certainty
100
$4.69M
blend $5.21M
$5.73M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
65,955 SF
Lot area
5.18 ac
Year built
1968
Stories
1
APN
14456-000-000
Zoning
PC09
Assessed value
$3,398,567
Annual tax
$47,567
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$47,567
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$5.53M
Range $4.41M – $21.25M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$5.21M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 81 sales
$146
-46%
Submarket 387 sales
$149
-47%
County 424 sales
$149
-47%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $79/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$11.87M
Move the market yield to see immediate price impact.
Value / SF
$180
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$748k
$14.96M
$10.68M
$8.31M
$831k
$16.62M
$11.87M
$9.23M
$914k
$18.28M
$13.06M
$10.16M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
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
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Status
For Lease
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, FLZoning PC09 · permitted uses
PC09 · Panama City, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · 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
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
PC09
Jurisdiction
Panama City, FL
Recorded code
PC09
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for PC09 in Panama City, FL.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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