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Property profile & analytics
OFF-MARKET
Estimated value
$520,000
Warehouses
7622 Mcelvey Rd Panama City Beach, FL 32408-4931
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US18-6062460
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2001
Construction
STEEL FRAME
Total area
4,960 SF
Lot
0.3 ac (12,878 SF)
Zoning code
BC07
APN
27883-710-000
UPID
US18-6062460
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
$580k
Comparable Approach
Comparable
$443k
Blend (final)
Blend
$520k
Owner & transaction history
7622 Mcelvey LLC · 1 yrs held
7622 Mcelvey LLC
since 2025
Last sale
$615,000
7 recorded transactions
Zoning & alternative use
BC07 · Panama City Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$715,000
+99.8%
Medical building
$590,000
+64.9%
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 Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Panama City Beach 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%
$625,000
6.5%
$580,000
7%
$535,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$355,000
Current use
RETAIL STORES
$715,000
Change: +100% · Conversion: Moderate
MEDICAL BUILDING
$590,000
Change: +65% · Conversion: Difficult
Blend value · Realmo final
$520k
Range $468k – $572k · ±10% · vs last sale $615k (Feb 22 2025)
Last sale anchor
$615k
Feb 22 2025
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
$105 / 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
$5,749
Tax year 2023
Assessed value
$469,291
Assessed 2023
Previous assessed
$475,006
-1.2% YoY
Effective rate
1.23%
On assessed value
Assessed land
$100,000
Assessed improvement
$369,291
Land market value
$100,000
Improvement market value
$369,291
Total market value
$469,291
Applied tax rate
56.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2001
Construction
STEEL FRAME
Heating
NONE
Cooling
NONE
Buildings
2
Stories
1
Units
1
Rooms
2
Bathrooms
2
Total area
4,960 SF
Lot
0.3 ac (12,878 SF)
Zoning code
BC07
APN
27883-710-000
UPID
US18-6062460
Jurisdiction
BAY
Zoning & alternative use
BC07 · Panama City Beach, FL
Zoning BC07 · permitted uses
BC07 · Panama City Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Panama City Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$355,000
RETAIL STORES
Est. value
$715,000
MEDICAL BUILDING
Est. value
$590,000
WAREHOUSE, STORAGE Current
RETAIL STORES
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
2001
Construction
STEEL FRAME
Heating
NONE
Cooling
Yes
Stories
1
Buildings
2
Units
1
Rooms
2
Bathrooms
2
Lot
0.3 ac
Current owner
From public records · entity-resolved
7622 Mcelvey LLC
Entity
Mailing address
7622 MCELVEY RD, PANAMA CITY BEACH, FL 32408-4931
Mailing matches property
Yes
Owner-occupied
Yes
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
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 22, 2025
$615,000
7622 Mcelvey LLC
Gary Wakstein And Associates LLC
Warranty Deed
—
Oct 21, 2016
—
Gary Wakstein Associates LLC
—
Deed
related
$203,605 · Midsouth Bank
Oct 11, 2016
—
Gary Wakstein & Associates LLC
—
Deed
related
—
Sep 11, 2007
$345,000
Gary Wakstein & Associates INC
Cheshire,cristen B Coc
Trustees Deed
related
—
Dec 27, 2005
$169,900
Melvin Giles
Meints,michael H
Warranty Deed
—
Dec 27, 2005
$400,000
Cristen B Cheshire
Giles,melvin
Warranty Deed
$320,000 · Trustmark National Bank
—
—
Gary Wakstein & Associates LLC
—
Deed Of Trust
related
—
—
—
Gary Wakstein & Associates LLC
—
Loan Modification
related
—
—
—
Gary Wakstein & Associates LLC
—
Loan Modification
related
—
—
—
Gary Wakstein & Associates LLC
—
Loan Modification
related
—
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.
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