Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    9905 Hwy 231 Panama City, FL 32404-5464
    Back to Search
    Property profile & analytics

    9905 Hwy 231, Panama City, FL 32404-5464

    View on Map
    • Grocery and convenience stores
    • 1,200 SF
    • 0.51 lot acres
    Off-Market
    Last Sale May 13, 2022
    $357,300
    Property ID
    US18-0212650
    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

    • Grocery and convenience stores

    Property Details for 9905 Hwy 231

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.51 lot acres
    Zone code
    BC05
    Property type
    Grocery and convenience stores
    APN
    03833-010-000
    APU
    3833010000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 13, 2022 — Pamela Andrews Andrews Gordon Intrafamily Transfer · related —
    Aug 31, 2020 — Gordon Andrews Andrews Gordon Quit Claim Deed · related —
    Jul 8, 2020 $85,000 Andrews Gordon Stop Southern Express In First Warranty Deed · related $70k · First Stop Sthrn Express INC
    Apr 11, 2005 $357,300 Repdb LLC Gagnon,dennis P Warranty Deed $357k · Destin Bank
    Jul 16, 2002 $275,000 Dennis P Gagnon Express Lane INC Grant Deed $275k · Destin Bank
    Apr 25, 2002 $497,500 Express Lane INC Quickway Stores INC Grant Deed $240k · Regions Bank

    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
    Bay
    State
    Florida
    Longitude
    -85.4734
    Latitude
    30.3087
    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
    $907
    $5,588
    $50,881
    $56,469
    -
    $5,588
    $50,881
    $56,469

    Comparable in this City

    • Value Estimation
      $1,010,000
      7,261 SF

      280 Tyndall Pkwy

      CONVENIENCE STORE
      280 Tyndall Pkwy, Panama City, FL 32404-6432
      View Details
    • Value Estimation by Request
      6,768 SF

      5939 Hwy 2311

      CONVENIENCE STORE
      5939 Hwy 2311, Panama City, FL 32404-5263
      View Details
    • Value Estimation by Request
      2,880 SF

      5820 Boat Race Rd

      CONVENIENCE STORE
      5820 Boat Race Rd, Panama City, FL 32404-8201
      View Details
    • Value Estimation
      $560,000
      6,360 SF

      2813 Transmitter Rd

      CONVENIENCE STORE
      2813 Transmitter Rd, Panama City, FL 32404-3163
      View Details
    • Value Estimation
      $610,000
      9,802 SF

      8012 Hwy 2301

      GROCERY, SUPERMARKET
      8012 Hwy 2301, Panama City, FL 32404-4432
      View Details
    • Value Estimation
      $4,665,000
      56,770 SF

      3621 Hwy 231

      GROCERY, SUPERMARKET
      3621 Hwy 231, Panama City, FL 32404-9743
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,956 SF

      Circle K NNN Ground Lease

      New 15-year NNN ground lease with rental increases.
      4645 Lindsey Xing, Panama City, FL 32404
      View Details
    • Contact for pricing
      975 SF

      Commercial Parcel on Busy Highway

      Two buildings on a commercial parcel located on Highway 22.
      4838 Highway 22, Callaway, FL 32404
      View Details
    • $520,000
      3,430 SF

      Established Furniture Store with Real Estate

      Operating furniture store, home decor, gifts, jewelry, and real estate.
      5022 Highway 22, Callaway, FL 32404
      View Details
    • $125,000
      3,430 SF

      Established Furniture Store Business

      Operating furniture and home decor business for sale in Callaway.
      5022 Highway 22, Callaway, FL 32404
      View Details
    • $398,000
      3,430 SF

      Renovated Retail Building with Charm

      Charming, renovated retail building with multiple entrances and parking.
      5022 Highway 22, Callaway, FL 32404
      View Details
    • Contact for pricing

      Retail Space with Dunkin' Co-Tenant

      Retail space available for lease with high traffic location.
      710 North Tyndall Pkwy, Panama City, FL 32404
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      51,876 SF

      Retail Center in Panama City

      52,000 SF retail center, opening Spring 2027.
      133 S Tyndall Pkwy, Panama City, FL 32404
      View Details
    • Contact for pricing
      1,677 SF

      Callaway Retail Space For Lease

      Prime retail space in a thriving Callaway, FL location.
      734-740 N Tyndall Pkwy, Callaway, FL 32404
      View Details
    • $22 SF/Yr
      51,896 SF

      Retail Center in Panama City

      Retail spaces available in Panama City, FL, opening Spring 2027.
      133 S Tyndall Pkwy, Panama City, FL 32404
      View Details
    • Contact for pricing
      21,184 SF

      Renovated Mixed-Use Panama City Property

      21,184 sq ft mixed-use property for rent in Panama City.
      5420 Hickory St, Panama City, FL 32404
      View Details
    • $24 SF/Yr
      51,876 SF

      Retail Space in Panama City

      Retail space available for lease in Panama City, Florida.
      133 S Tyndall Pkwy, Panama City, FL 32404
      View Details
    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.
    9905 Hwy 231
    Panama City, FL 32404-5464
    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
    9905 Hwy 231, Panama City, FL, 32404
    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!