Flex Building with Office
For Sale
$799,000
1509 Hickory Avenue, Panama City, FL 32405
CommercialSale, Panama City, FL
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$185.81
Days on Market182
Property Features for 1509 Hickory Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Industrial
Subdivision
No Named Subdivision
Elementary school
Lucille Moore
Middle school
Jinks
High school
Bay
Directions
Hwy 98 to Hickory. Turn on Hickory and the building(Innovative Glass) will be on the left
Standard status
Active
APN
29525-000-000
Size
4,300 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
36 3S 15W SE1/4 LOT 7 BLK 27 ORB 2844 P 979 ORB 2928 P 1137
Legal Description
36 3S 15W SE1/4 LOT 7 BLK 27 ORB 2844 P 979 ORB 2928 P 1137
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
2007
Flooring type
Concrete
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
SunCoast Home Group
(850) 319-4596
Added: Mar 5
Changed: Aug 26
Last Checked: Sep 3 at 4:06PM
MLS# 786311
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,300-square-foot flex building, constructed in 2007, combines a warehouse with substantial office improvements. The warehouse measures 24 by 70 feet and includes a separate 20-by-20-foot room, with interior height reaching 25 feet at the peak. Ground-level office areas include a 19-by-16-foot lobby, private office, break room and kitchen, plus separate men’s and women’s bathrooms. A 20-by-70-foot heated and cooled office area occupies the upper level and has 9-foot ceilings. The property is currently used for glass manufacturing, and office furniture is included in the sale. Building systems include central air, metal roofing, concrete flooring, and public sewer service. Fifty roof-mounted solar panels are installed, with UV cleaners on both A/C units. A well is present onsite and requires a pump.
Key Highlights
- 4,300‑square‑foot flex building on 0.21 acres
- Warehouse measures 24 by 70 feet with a separate 20‑by‑20‑foot room
- 25‑foot peak warehouse height
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,180
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,083,600
$1.1M
Cap Rate 7%
$774,000
$774.0K
Cap Rate 9%
$602,000
$602.0K
Market Conditions
NOI Build-Up for 4,300 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$90.3K $21.00/SF
− Vacancy
−$18.1K −$4.20/SF
EGI
$72.2K $16.80/SF
− OpEx
−$18.1K −$4.20/SF
NOI
$54.2K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,083,600
Cap Rate 7%
$774,000
Cap Rate 9%
$602,000
Alternative Uses
Best Use
Office B
$774.0K
$677.3K – $903.0K
NOI $54,180 @ 7.0% cap · market cap 6.78%
Second Best
Flex RnD
$573.1K
$501.4K – $668.6K
NOI $40,114 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$1.08M
$946.2K – $1.26M
NOI $75,697 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Loaded — 2215 W 9th St, Panama City, FL 32401
- The Shrimp Boat — 1201 Beck Ave, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building with warehouse, office, manufacturing, and potential multi-occupant functionality.
Where is this flex space located?
The property is located at 1509 Hickory Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 4,300‑square‑foot flex building on 0.21 acres; Warehouse measures 24 by 70 feet with a separate 20‑by‑20‑foot room; 25‑foot peak warehouse height
