High-Clear
For Sale
$5,975,000
109 Estes Place, Panama City Beach, FL 32413
CommercialSale, Panama City Beach, FL
Property Size28,010 SF
Lot Size2.05 Acres
Price / SF$213.32
Days on Market253
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 26
Last Checked: Aug 27 at 6:06PM
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.
Completed in 2024, this 28,010-square-foot warehouse occupies 2.05 acres within Beach Commerce Park in Panama City Beach. The building uses steel-frame construction, a concrete slab foundation, metal siding, and a metal roof. Its clear-span interior reaches approximately 48 feet at the center and approximately 41 feet at the lowest point, providing substantial vertical storage capacity. Multiple overhead roll-up doors support material movement and warehouse operations.
The property is located at 109 Estes Place in an established industrial park with access and internal circulation suited to logistics, distribution, storage, and light industrial activities. The facility is currently owner-occupied and may be vacated at closing, allowing continued occupancy by the purchaser or a new operating user.
The property is located at 109 Estes Place in an established industrial park with access and internal circulation suited to logistics, distribution, storage, and light industrial activities. The facility is currently owner-occupied and may be vacated at closing, allowing continued occupancy by the purchaser or a new operating user.
Key Highlights
- 28,010‑square‑foot warehouse on 2.05 acres
- Approximately 48 feet of clear height at the building center
- Approximately 41 feet of clear height at the lowest point
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 - Recently built warehouse with expansive vertical capacity, clear-span space, 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: 28,010‑square‑foot warehouse on 2.05 acres; Approximately 48 feet of clear height at the building center; Approximately 41 feet of clear height at the lowest point
