Warehouse with Exceptional Clear
For Sale
Contact for pricing
109 Estes Pl, Panama City Beach, FL 32413
Owner-occupied warehouse within Beach Commerce Park featuring clear-span steel-frame space and multiple overhead roll-up doors.
Property Size28,010 SF
Price / SF$213.32
Days on Market39
Property Features for 109 Estes Pl
General Information
Standard status
Active
Size
28,010 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
48 ft
Clear Span
Yes
Additional Details
Asking Price
$6,590,000
Building Details
Construction
steel frame
Listing Agency:
Emerald Coast Realty Group
(850) 866-1999
Listed By:
Donald Janovyak
(850) 866-1999
Source:
Moodyscre
Added: Jul 3
Changed: Jul 29
Last Checked: Aug 9 at 11:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Emerald Coast Realty Group
Investment Insights
Based on property information with market context.
This owner-occupied warehouse offers a large clear-span layout with steel-frame construction, a concrete slab foundation, and a metal panel exterior. Clear height is approximately 48 feet at the center of the building and approximately 41 feet at the lowest point, supported by multiple overhead roll-up doors designed for logistics, distribution, storage, or light industrial use. The total property size is 28,010 square feet.
The property is located within Beach Commerce Park and is positioned for established industrial access and circulation. The seller notes the height is substantially higher than typical warehouse clear heights in the surrounding market.
The building can be vacated at closing, which may appeal to an owner-user or investor looking for a distinctive industrial facility. Buyer to verify all dimensions and specifications.
The property is located within Beach Commerce Park and is positioned for established industrial access and circulation. The seller notes the height is substantially higher than typical warehouse clear heights in the surrounding market.
The building can be vacated at closing, which may appeal to an owner-user or investor looking for a distinctive industrial facility. Buyer to verify all dimensions and specifications.
Key Highlights
- Approximately 48 feet clear height at the center of the building
- Approximately 41 feet clear height at the lowest point
- Large clear‑span layout with steel‑frame construction
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
$212,162
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
3.55%
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%
$4,243,240
$4.2M
Cap Rate 7%
$3,030,886
$3.0M
Cap Rate 9%
$2,357,356
$2.4M
Market Conditions
NOI Build-Up for 28,010 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
$265.5K $9.48/SF
− Vacancy
−$15.9K −$0.57/SF
EGI
$249.6K $8.91/SF
− OpEx
−$37.4K −$1.34/SF
NOI
$212.2K $7.57/SF
Area
Bay County, FL
Vacancy
6.00%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$4,243,240
Cap Rate 7%
$3,030,886
Cap Rate 9%
$2,357,356
Alternative Uses
Best Use
Warehouse
$3.03M
$2.65M – $3.54M
NOI $212,162 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.16M
$7.14M – $9.52M
NOI $571,280 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
48 ft
Clear height
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Owner-occupied warehouse within Beach Commerce Park featuring clear-span steel-frame space and multiple overhead roll-up doors.
Where is this warehouse located?
The property is located at 109 Estes Pl Panama City Beach, FL.
What is the asking price?
The asking price for this property is $5,975,000.
What are key features of this property?
This property features: Approximately 48 feet clear height at the center of the building; Approximately 41 feet clear height at the lowest point; Large clear‑span layout with steel‑frame construction
