2150 Martin Luther King Jr BlvdPanama City, FL 32405

Property Details for 2150 Martin Luther King Jr Blvd

Year built

1976

Construction

CONCRETE

Lot size

24.39 AC

Property size (Sq ft)

326,879 SF

Zone code

PC09

Property type

Retail properties

Property subtype

Super regional malls

APN

14405-020-000

APU

14405020000

Description

This exceptional 54.15-acre site presents a unique mixed-use redevelopment opportunity in the heart of Panama City, Florida. The property encompasses a substantial 600,000 square feet of vacant commercial space, ripe for revitalization following Hurricane Michael in 2018. This expansive footprint allows for a diverse range of development possibilities, including a large-scale commercial project, with ample space for retail establishments, restaurants, and entertainment venues. The significant acreage also offers the potential for the addition of residential components, such as apartments or a hotel, creating a vibrant and self-contained community. The availability of outparcels provides further flexibility for development and strategic partnerships. This is a rare chance to shape the future of a key location in Panama City, capitalizing on the significant demand for new commercial and residential spaces in a rapidly recovering market. The scale of this project offers substantial returns for a developer with a vision for a dynamic and thriving mixed-use development. The sheer size and potential of this property make it an unparalleled investment opportunity in a desirable Florida location. All 600,000 square feet is currently vacant, providing a blank canvas for a transformative project. The extensive acreage allows for ample parking and expansive landscaping, enhancing the overall appeal and functionality of the development.

• CAP approach

  CAP return

  Valuation

  6%

  $87,915,376

  6.5%

  $81,152,648

  7%

  $75,356,032

• Comparable approach

  Method

  Valuation

  Relative Method

  $58,559,328

  Geo Method

  $58,559,328

• Alternative Use

  Use

  Valuation

  Residential

  $68,455,296

  Hospitality

  $62,704,684

  Educational

  $52,169,560

  Medical

  $53,963,752

  Retail

  $81,152,648

Location Insight

City

Panama City

County

Bay

State

Florida

Latitude

30.1873

Longitude

-85.6475

CBSA code

37460

CBSA name

PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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