621-633 N Highway 231 - Freestanding FOR SALE


Panama City, FL 32405
$6,493,000 USD
850-814-4490
621-633 N Highway 231, Panama City, FL for Sale
$6,493,000 USD
Freestanding - FOR SALE
1/13
null | 7.5% Cap Rate

621-633 N Highway 231
Panama City, FL 32405


HIGHLIGHTS

  • Currently 83.13% occupied with stable in-place income.
  • New roof and HVAC systems installed in 2019.
  • Located near major intersections with traffic counts of ±45,500 AADT (Hwy 231/Hwy 77) and ±56,500 AADT (23rd St/Hwy 77).
  • Surrounded by national retailers, healthcare facilities, and residential developments.
  • +/-54,027 SF Neighborhood Shopping Center on +/-5.18 Acres

OVERVIEW

+/-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.

FOR SALE DETAILS

PRICE

$6,493,000 USD

PRICE/SF

$120 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

250

LAND DETAILS

LAND ACRES

5.93 AC

LAND SF

258,311 SF

ZONING

GC 1

APN/PARCEL ID

14456-000-000

ASK ABOUT THIS PROPERTY

Brent FaisonNAI TALCORMore Info
850-814-4490

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Brent FaisonNAI TALCORMore Info
850-814-4490

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.