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621-633 N Highway 231
Panama City, FL 32405
Retail Property For Sale
Investment Highlights
- Currently 83.13% occupied with stable in-place income.
- Located near major intersections with traffic counts of ±45,500 AADT (Hwy 231/Hwy 77) and ±56,500 AADT (23rd St/Hwy 77).
- +/-54,027 SF Neighborhood Shopping Center on +/-5.18 Acres
- New roof and HVAC systems installed in 2019.
- Surrounded by national retailers, healthcare facilities, and residential developments.
Executive Summary
+/-54,027 SF neighborhood shopping center situated on 5.18 acres on Hwy 231 in Panama City. This property benefits from access points on major arteries, Hwy 231 & Hwy 77 along with a separate lighted intersection at 19th St.
The property is well positioned to meet the daily retail and service needs of nearby neighborhoods while benefiting from proximity to Bay County’s healthcare and employment hubs. Currently 83.13% occupied, the center provides stable in-place income with additional upside through +/-9,114 SF of available office space.
Panama City benefits from a diversified economic base supported by healthcare, tourism, retail, and military presence. Major employers such as HCA Florida Gulf Coast Hospital, Ascension Sacred Heart, and Tyndall Air Force Base provide a stable employment foundation that supports consistent consumer activity.
The property is well positioned to meet the daily retail and service needs of nearby neighborhoods while benefiting from proximity to Bay County’s healthcare and employment hubs. Currently 83.13% occupied, the center provides stable in-place income with additional upside through +/-9,114 SF of available office space.
Panama City benefits from a diversified economic base supported by healthcare, tourism, retail, and military presence. Major employers such as HCA Florida Gulf Coast Hospital, Ascension Sacred Heart, and Tyndall Air Force Base provide a stable employment foundation that supports consistent consumer activity.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
54,027 SF
Building Class
B
Year Built
1977
Price
$9,036,308 CAD
Price Per SF
$167.26 CAD
Cap Rate
7.50%
NOI
$677,686 CAD
Percent Leased
83%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.21
Lot Size
5.93 AC
Opportunity Zone
Yes
Zoning
GC 1 - General commercial
Parking
250 Spaces (4.63 Spaces per 1,000 SF Leased)
Frontage
465’ on N Highway 231
Amenities
- Corner Lot
- Dedicated Turn Lane
- Pylon Sign
Property Taxes
| Parcel Number | 14456-000-000 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $4,018,929 CAD |
Property Taxes
Parcel Number
14456-000-000
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$4,018,929 CAD
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