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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6707 Cherry St Panama City, FL 32404-8068

    • Grocery and convenience stores
    • 2,760 SF
    • 0.63 lot acres
    OFF-MARKET
    Last Sale
    Jan 13, 2020
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8852391
    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

    • Callaway Food Mart / Convenience Store

    Property Details for 6707 Cherry St

    Year built
    1971
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.63 lot acres
    Property size
    2,760 SF
    Zone code
    CLWY04
    Property type
    Grocery and convenience stores
    APN
    06041-010-000
    APU
    6041010000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $373,000
      Market price range: $211k - $677k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $325,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.5752
    Latitude
    30.1457
    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
    $2,209
    $76,774
    $90,261
    $167,035
    -
    $76,774
    $90,261
    $167,035

    Comparable in this City

    • Value Estimation
      $225,000
      2,880 SF

      5820 Boat Race Rd

      CONVENIENCE STORE • 2,880 SF
      5820 Boat Race Rd, Panama City, FL 32404-8201
      View Details
    • Value Estimation
      $465,000
      9,802 SF

      8012 Hwy 2301

      GROCERY, SUPERMARKET • 9,802 SF
      8012 Hwy 2301, Panama City, FL 32404-4432
      View Details
    • Value Estimation
      $4,135,000
      56,770 SF

      3621 Hwy 231

      GROCERY, SUPERMARKET • 56,770 SF
      3621 Hwy 231, Panama City, FL 32404-9743
      View Details
    • Value Estimation
      $445,000
      16,945 SF

      4402 Hwy 98

      CONVENIENCE STORE • 16,945 SF
      4402 Hwy 98, Panama City, FL 32404
      View Details
    • Value Estimation
      $495,000
      6,360 SF

      2813 Transmitter Rd

      CONVENIENCE STORE • 6,360 SF
      2813 Transmitter Rd, Panama City, FL 32404-3163
      View Details
    • Value Estimation
      $220,000
      4,474 SF

      822 Hwy 22nd A A

      CONVENIENCE STORE • 4,474 SF
      822 Hwy 22nd A A, Panama City, FL 32404-6829
      View Details

    Similar Nearby for Sale

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      Panama City Commercial Land Available

      2.46 acres of commercial land in Panama City, Florida.
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      Panama City Commercial Land Available

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    • $169,900
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      Versatile Commercial Property For Sale

      Centrally located commercial property with office and storage space.
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    • $645,000
      3,430 SF

      Established Furniture Store with Real Estate

      Operating furniture store, home decor, gifts, jewelry, and real estate.
      5022 Callaway Dr, Panama City, FL 32404
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    • $180,000
      3,430 SF

      Established Furniture Store Business

      Operating furniture and home decor business for sale in Callaway.
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    • $460,000
      3,430 SF

      Renovated Retail Building with Charm

      Charming, renovated retail building with multiple entrances and parking.
      5022 Callaway Dr, Panama City, FL 32404
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    Similar Nearby for Lease

    • $2,500 /Mo
      1,552 SF

      Callaway Office/Retail Space For Rent

      Well-appointed commercial space on Tyndall Parkway, Callaway, FL.
      717 S Tyndall Pkwy, Panama City, FL 32404
      View Details
    • $19 SF/Yr
      2,500 SF

      Retail Space with Drive-Thru

      Retail space with drive-thru, high visibility, and improvement allowance.
      133 S Tyndall Pkwy, Panama City, FL 32404
      View Details
    • $35 SF/Yr
      1,677 SF

      Callaway Retail Space - 1677 SF

      High-visibility retail space, prime location.
      734 - 740 N Tyndall Pkwy, Callaway, FL 32404
      View Details
    • $10 SF/Yr
      3,000 SF

      Versatile Commercial Space For Lease

      3,000 SF commercial space ideal for various business uses.
      5907 Highway 22 E, Panama City, FL 32404
      View Details
    • $16 SF/Yr

      Warehouse and Office Space Available

      Warehouse and office space for lease in Panama City, FL.
      1220 Transmitter Rd, Panama City, FL 32404
      View Details
    • $3,500 /Mo

      Versatile Commercial Space Near Highway

      Flexible leasing options ideal for various business needs.
      6804 Bayou George Dr, Panama City, FL 32404
      View Details
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    6707 Cherry St
    Panama City, FL 32404-8068
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    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
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