Insulated Warehouse with Pole
New
For Sale
$599,000
S Bear Creek Road, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size3,996 SF
Lot Size6.61 Acres
Price / SF$149.90
Days on Market5
Property Features for S Bear Creek Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Agriculture, Resid Single Family
Subdivision
[No Recorded Subdiv]
Lot features
Cleared
Elementary school
Waller
Middle school
Merritt Brown
High school
Rutherford
Directions
Head North on Hwy 231. Turn right onto S Bear Creek Road. Property is next to the last before N Bear Creek Road, property on the left.
Standard status
Active
APN
03726-020-010
Size
3,996 SF
Lot size
6.61 Acres
Taxes and HOA fees
Tax Description
9 2S 12W 6.61AC -1.2A- COM AT THE INT OF SLY R/W LINE OF NORTH BEAR CREEK RD & NLY R/W LINE OF SOUTH BEAR CREEK RD TH RUN SWLY ALONG NLY R/W LINE 232.39' FOR POB TH CONT SWLY ALONG SAID R/W LINE FOR 285.46' TH N32 DEG W 336.55' TH W 747.92' M/L TO C/L OF BEAR CREEK TH RUN NELY ALONG SAID C/L 1140.33' M/L TO A POINT N33 DEG W FROM POB TH RUN S33 DEG E 637.04' TO POB ORB 4493 P 1479
Legal Description
9 2S 12W 6.61AC -1.2A- COM AT THE INT OF SLY R/W LINE OF NORTH BEAR CREEK RD & NLY R/W LINE OF SOUTH BEAR CREEK RD TH RUN SWLY ALONG NLY R/W LINE 232.39' FOR POB TH CONT SWLY ALONG SAID R/W LINE FOR 285.46' TH N32 DEG W 336.55' TH W 747.92' M/L TO C/L OF BEAR CREEK TH RUN NELY ALONG SAID C/L 1140.33' M/L TO A POINT N33 DEG W FROM POB TH RUN S33 DEG E 637.04' TO POB ORB 4493 P 1479
Utilities
Water front features
Creek
Water front
1
Building Details
Year built
2019
Building materials
MetalSiding
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
Matt W Wright · License #sl3475720
(850) 227-8276
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 11:06PM
MLS# 795757
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.
The 3,996-square-foot metal warehouse, built in 2019, measures 74 feet by 54 feet and is fully insulated. Four roll-up doors provide building access, and power, water, and septic are in place. A separate 70-by-40-foot pole barn adds covered space for storage or work. The property is enclosed by a 6-foot fence with rolling gates.
Located on S Bear Creek Road in Panama City, the property sits just off the Hwy 231 corridor in Bay County. Creek waterfront is also listed among the property features.
Located on S Bear Creek Road in Panama City, the property sits just off the Hwy 231 corridor in Bay County. Creek waterfront is also listed among the property features.
Key Highlights
- 3,996‑square‑foot insulated metal warehouse built in 2019
- Main building measures 74' x 54' and has four roll‑up doors
- 70' x 40' pole barn provides additional covered area
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
$34,571
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
5.77%
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%
$691,420
$691.4K
Cap Rate 7%
$493,871
$493.9K
Cap Rate 9%
$384,122
$384.1K
Market Conditions
NOI Build-Up for 3,996 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
$56.1K $14.04/SF
− Vacancy
−$2.9K −$0.73/SF
EGI
$53.2K $13.31/SF
− OpEx
−$18.6K −$4.66/SF
NOI
$34.6K $8.65/SF
Area
Bay County, FL
Vacancy
5.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$691,420
Cap Rate 7%
$493,871
Cap Rate 9%
$384,122
Alternative Uses
Best Use
Flex RnD
$493.9K
$432.1K – $576.2K
NOI $34,571 @ 7.0% cap · market cap 5.77%
Second Best
Warehouse
$432.4K
$378.4K – $504.5K
NOI $30,268 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,501 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Four roll-up doors and on-site utilities support access for equipment and materials.
Where is this warehouse located?
The property is located at S Bear Creek Road Panama City, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,996‑square‑foot insulated metal warehouse built in 2019; Main building measures 74' x 54' and has four roll‑up doors; 70' x 40' pole barn provides additional covered area
