Industrial Flex Space with
For Sale
$2,500,000
1331 Harrison Avenue, Panama City, FL 32401
COMMERCIAL - Panama City, FL
Property Size11,171 SF
Lot Size0.66 Acres
Price / SF$223.79
Days on Market93
Property Features for 1331 Harrison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Subdivision
Washington Heights
Elementary school
Northside
Middle school
Jinks
High school
Bay
Directions
Head south on FL-77 / Martin Luther King Jr Blvd. Continue straight toward downtown Panama City. Turn left onto 15th Street. Turn right onto Harrison Avenue. Continue south through downtown. 1331 Harrison Ave will be on your right.
Standard status
Active
APN
18353-000-000
Size
11,171 SF
Lot size
0.66 Acres
Taxes and HOA fees
Tax Description
WASHINGTON HEIGHTS LOTS 7,8,9 & 10 E1/2 BLK 8 ORB 4052 P 111
Legal Description
WASHINGTON HEIGHTS LOTS 7,8,9 & 10 E1/2 BLK 8 ORB 4052 P 111
Utilities
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s)
Building Details
Year built
2021
Flooring type
Concrete
Building materials
Concrete, VinylSiding
Roof type
Metal
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
The Sanchez Group
(850) 890-6262
Added: May 22
Changed: Aug 4
Last Checked: Aug 22 at 6:06PM
MLS# 790265
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 11,171-square-foot flex property at 1331 Harrison Avenue combines a 7,134-square-foot warehouse, 1,391-square-foot mezzanine, and 1,153-square-foot showroom with additional reception, private office, filing, vacuum, and restroom areas. The warehouse offers ceilings approaching 21 feet, open-span space, sealed concrete flooring, and capacity for equipment, shelving, racking, or fabrication operations. The showroom includes stained and sealed concrete floors, acoustic drop ceilings, and LED pendant lighting.
Building infrastructure includes a 600-amp, 240/120V 3-phase electrical service with roughly 70% spare capacity. The property also provides ADA-accessible parking, on-street parking, professional landscaping, concrete drives, a metal roof, concrete and vinyl siding construction, and public sewer service. Built in 2021, the property is located in Panama City, Florida, along Harrison Avenue.
Building infrastructure includes a 600-amp, 240/120V 3-phase electrical service with roughly 70% spare capacity. The property also provides ADA-accessible parking, on-street parking, professional landscaping, concrete drives, a metal roof, concrete and vinyl siding construction, and public sewer service. Built in 2021, the property is located in Panama City, Florida, along Harrison Avenue.
Key Highlights
- 11,171 SF flex property with warehouse, showroom, office, and mezzanine areas
- 7,134 SF warehouse with ceilings approaching 21 feet
- 1,391 SF mezzanine for storage or workspace expansion
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
$140,755
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
5.63%
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%
$2,815,100
$2.8M
Cap Rate 7%
$2,010,786
$2.0M
Cap Rate 9%
$1,563,944
$1.6M
Market Conditions
NOI Build-Up for 11,171 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
$234.6K $21.00/SF
− Vacancy
−$46.9K −$4.20/SF
EGI
$187.7K $16.80/SF
− OpEx
−$46.9K −$4.20/SF
NOI
$140.8K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,815,100
Cap Rate 7%
$2,010,786
Cap Rate 9%
$1,563,944
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.35M
NOI $140,755 @ 7.0% cap · market cap 5.63%
Second Best
Retail
$1.84M
$1.61M – $2.15M
NOI $128,790 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,654 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building combines customer-facing areas, warehouse capacity, mezzanine storage, and dedicated offices.
Where is this flex space located?
The property is located at 1331 Harrison Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 11,171 SF flex property with warehouse, showroom, office, and mezzanine areas; 7,134 SF warehouse with ceilings approaching 21 feet; 1,391 SF mezzanine for storage or workspace expansion
