Clear-Span Warehouse with High
For Sale
$5,975,000
109 Estes Place, Panama City Beach, FL 32413
COMMERCIAL - Panama City Beach, FL
Property Size28,010 SF
Lot Size2.05 Acres
Price / SF$213.32
Days on Market240
Property Features for 109 Estes Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Exterior features
RainGutters
Subdivision
Beach Commerce Park
Elementary school
West Bay
Middle school
Surfside
High school
Arnold
Directions
From US Highway 98 in Panama City Beach, turn north onto Ashley Drive. Continue on Ashley Drive, then turn right onto Estes Road. Property is located at 109 Estes, within Beach Commerce Park.
Standard status
Active
APN
38324-605-000
Size
28,010 SF
Lot size
2.05 Acres
Taxes and HOA fees
Tax Description
BEACH COMMERCE PARK PH 1-B LOT 5 SUBJ TO STRM WAT DRNG ESMT ORB 4342 P 2072
HOA Fee
$690 Annually
Legal Description
BEACH COMMERCE PARK PH 1-B LOT 5 SUBJ TO STRM WAT DRNG ESMT ORB 4342 P 2072
Building Details
Year built
2024
Floors in Building
1
Flooring type
Concrete
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Emerald Coast Realty Group
(850) 235-2551
Listed By:
DJ T Janovyak · License #BK0599600
(850) 235-2551
Added: Dec 17, 2025
Changed: Aug 4
Last Checked: Aug 14 at 4:06AM
MLS# 782836
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 warehouse features a large clear-span layout with steel-frame construction and a concrete slab foundation. The exterior is metal panel, and the building includes multiple overhead roll-up doors designed to support warehousing, logistics, distribution, and light industrial use. Clear height is approximately 48 feet at the center of the building and approximately 41 feet at the lowest point. The property is owner-occupied and offered with the ability to be vacated at closing, pending buyer confirmation.
The facility is located at 109 Estes Place in Panama City Beach, Florida, within Beach Commerce Park in Bay County. The site offers established industrial park surroundings with access and circulation intended for warehouse users.
The offering includes approximately 2.05 acres and a building size of 28,010 square feet. Buyer is responsible for verifying all dimensions and specifications.
The facility is located at 109 Estes Place in Panama City Beach, Florida, within Beach Commerce Park in Bay County. The site offers established industrial park surroundings with access and circulation intended for warehouse users.
The offering includes approximately 2.05 acres and a building size of 28,010 square feet. Buyer is responsible for verifying all dimensions and specifications.
Key Highlights
- Owner‑occupied industrial warehouse in Beach Commerce Park; can be vacated at closing for owner‑user or investor use
- Clear height approx. 48 ft at center and 41 ft at the lowest point
- Large clear‑span steel‑frame layout with concrete slab foundation
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
Industrial
$2.64M
$2.31M – $3.08M
NOI $184,545 @ 7.0% cap · market cap 3.09%
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
Property Profile
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 - Large clear-span warehouse with approx. 48-foot center clear height and multiple overhead roll-up doors.
Where is this warehouse located?
The property is located at 109 Estes Place 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: Owner‑occupied industrial warehouse in Beach Commerce Park; can be vacated at closing for owner‑user or investor use; Clear height approx. 48 ft at center and 41 ft at the lowest point; Large clear‑span steel‑frame layout with concrete slab foundation
