Flex Space With Warehouse
For Sale
$499,000
12114 Krocus Street, Fountain, FL 32438
CommercialSale, Fountain, FL
Property Size5,324 SF
Lot Size1.37 Acres
Price / SF$93.73
Days on Market189
Property Features for 12114 Krocus Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Subdivision
Green Hills
Elementary school
Waller
Middle school
Merritt Brown
High school
Deane Bozeman
Directions
From HWY 231- Turn West on Krocus. Property is on the NW corner of Krocus St and Laxy Ln.
Standard status
Active
APN
01574-000-000
Size
5,324 SF
Lot size
1.37 Acres
Taxes and HOA fees
Tax Description
GREEN HILLS SUBD LOTS 13,14,15,16 BLK 10 ORB 4378 P 657
Legal Description
GREEN HILLS SUBD LOTS 13,14,15,16 BLK 10 ORB 4378 P 657
Building Details
Year built
1979
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Dennis Nelson · License #BK3379289
(850) 348-8262
Added: Feb 27
Changed: Sep 4
Last Checked: Sep 4 at 10:06PM
MLS# 786176
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 flex property includes two primary warehouses with a combined 3,200 square feet, concrete floors, overhead doors, and lighting. A separate 1,500-square-foot storage structure adds capacity for inventory or equipment. The updated main office provides space for several workstations, along with a restroom and storage room. Detached living quarters contain two separate units: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom; both include kitchens.
The property spans 1.37 acres and is located just off Highway 231, with access toward Panama City, Hwy 20, and Interstate 10 corridors. Three parcels carry Commercial C-3 zoning. Three 4-foot-deep wells serve the property, while the acreage also provides room for parking and outdoor storage. The property is currently occupied, and tours must be accompanied by the owner, an employee, or the listing agent.
The property spans 1.37 acres and is located just off Highway 231, with access toward Panama City, Hwy 20, and Interstate 10 corridors. Three parcels carry Commercial C-3 zoning. Three 4-foot-deep wells serve the property, while the acreage also provides room for parking and outdoor storage. The property is currently occupied, and tours must be accompanied by the owner, an employee, or the listing agent.
Key Highlights
- Two main warehouses totaling 3,200 square feet with concrete floors, overhead doors, and lighting
- Separate 1,500‑square‑foot storage structure
- 1.37‑acre property with room for parking and outdoor storage
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
$40,327
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
8.08%
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%
$806,540
$806.5K
Cap Rate 7%
$576,100
$576.1K
Cap Rate 9%
$448,078
$448.1K
Market Conditions
NOI Build-Up for 5,324 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
$50.5K $9.48/SF
− Vacancy
−$3.0K −$0.57/SF
EGI
$47.4K $8.91/SF
− OpEx
−$7.1K −$1.34/SF
NOI
$40.3K $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%
$806,540
Cap Rate 7%
$576,100
Cap Rate 9%
$448,078
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,519 @ 7.0% cap · market cap 17.94%
Second Best
Flex RnD
$658.0K
$575.8K – $767.7K
NOI $46,060 @ 7.0% cap · market cap 9.23%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,586 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32438, FL
4,363
Population
2,232
Households
2
Avg Household Size
42
Median Age
12%
College-Educated
80%
High-School Grad
56.8 sq mi
ZIP Area
77
Density / Sq Mi
$42,417
Median Household Income
$28,701
Median Earnings
$725
Median Rent
$127,900
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.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combines warehouse, office, storage, and two detached living units across three C-3-zoned parcels.
Where is this flex space located?
The property is located at 12114 Krocus Street Fountain, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two main warehouses totaling 3,200 square feet with concrete floors, overhead doors, and lighting; Separate 1,500‑square‑foot storage structure; 1.37‑acre property with room for parking and outdoor storage
