Flex Space with
For Sale
$2,500,000
1331 Harrison Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size11,171 SF
Lot Size0.66 Acres
Price / SF$223.79
Days on Market140
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)
Amenities
showroom
warehouse
mezzanine storage
office
reception
filing area
vacuum room
ADA-compliant restrooms
600-amp 3-phase electrical service
sealed concrete floors
acoustic drop ceilings
LED pendant lighting
professional landscaping
concrete drives
Kingspan insulated metal panel envelope
hurricane-rated structural design
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: Sep 5
Last Checked: Oct 8 at 7:06AM
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.
Completed in 2021, this 11,171-square-foot flex property combines warehouse, showroom, mezzanine, office, and reception areas within a single commercial facility. The warehouse measures 7,134 square feet and offers ceiling heights approaching 21 feet, open-span configuration, sealed concrete flooring, and equipment-ready infrastructure. A 1,391-square-foot mezzanine provides additional storage or workspace, while the 1,153-square-foot showroom includes finished concrete floors, acoustic drop ceilings, and LED pendant lighting. Supporting areas include a private office, filing area, vacuum room, reception space, and ADA-compliant restrooms.
The 0.66-acre property at 1331 Harrison Avenue in Panama City includes ADA-accessible parking, on-street parking, landscaping, and concrete drives. Building systems include a 600-amp, 240/120V, 3-phase electrical service with approximately 70% spare capacity. The structure uses concrete and vinyl siding construction, a metal roof, public sewer, and hurricane-rated design compliant with current Florida Building Code.
The 0.66-acre property at 1331 Harrison Avenue in Panama City includes ADA-accessible parking, on-street parking, landscaping, and concrete drives. Building systems include a 600-amp, 240/120V, 3-phase electrical service with approximately 70% spare capacity. The structure uses concrete and vinyl siding construction, a metal roof, public sewer, and hurricane-rated design compliant with current Florida Building Code.
Key Highlights
- 11,171 SF flex property completed in 2021
- 7,134 SF warehouse with ceiling heights approaching 21 feet
- 1,391 SF mezzanine for additional storage or workspace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$187,832
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,756,640
$3.8M
Cap Rate 7%
$2,683,314
$2.7M
Cap Rate 9%
$2,087,022
$2.1M
Market Conditions
NOI Build-Up for 11,171 SF
Gross rent
$315.0K $28.20/SF
− Vacancy
−$64.6K −$5.78/SF
EGI
$250.4K $22.42/SF
− OpEx
−$62.6K −$5.60/SF
NOI
$187.8K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,756,640
Cap Rate 7%
$2,683,314
Cap Rate 9%
$2,087,022
Alternative Uses
Best Use
Office B
$2.68M
$2.35M – $3.13M
NOI $187,832 @ 7.0% cap · market cap 7.51%
Second Best
Retail
$1.75M
$1.53M – $2.04M
NOI $122,321 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$3.25M
$2.85M – $3.80M
NOI $227,839 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
21 ft
Clear height
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Newer commercial facility combining customer-facing space, warehouse capacity, mezzanine storage, and dedicated office areas.
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 completed in 2021; 7,134 SF warehouse with ceiling heights approaching 21 feet; 1,391 SF mezzanine for additional storage or workspace
