Versatile Warehouse with Rental
For Sale
$799,000
1509 Hickory Avenue, Panama City, FL 32405
4,300 SF warehouse with rental opportunity in Panama City.
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$185.81
Days on Market163
Property Features for 1509 Hickory Avenue
General Information
Standard status
Active
Size
4,300 SF
Lot size
0.21 Acres
Property subtype
Commercial
Amenities
Metal Roof
Concrete Flooring
Paved
Building Details
Year Built
2007
Listing Agency:
RE/MAX SELECT PARTNERS
(850) 806-2288
Listed By:
MARIO GOBEL · License #0647660
Source:
Corcoran
Added: Mar 5
Changed: Aug 15
Last Checked: Aug 15 at 6:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX SELECT PARTNERS
Investment Insights
Based on property information with market context.
This 4,300 square foot warehouse building presents rental opportunities. Currently used as a glass manufacturing business, the downstairs office includes a 19x16 lobby area, a 7x14 office, a 10x14 break room/kitchen, and men's and women's bathrooms. The warehouse measures 24x70 overall, with a separate 20x20 room. The warehouse has a peak height of 25 feet. An upstairs office space runs the full length of the building, measuring 20x70. This heated and cooled space with 9-foot ceilings can be used as a rental for a separate business. All of the upstairs office furniture remains, along with two of the downstairs office desks. The property features a new upstairs A/C unit and a new thermostat downstairs, with both A/C units equipped with UV cleaners. It also includes 50 roof solar panels, resulting in an average monthly bill of $32 when there are no upstairs renters. A well is located onsite, requiring a pump. The property is located in Panama City, Florida.
Key Highlights
- 4,300 sq ft warehouse with rental income potential
- Separate 20x70 upstairs office space with HVAC for rental
- 50 roof solar panels resulting in low monthly electric bill ($32 average)
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
$36,976
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
4.63%
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%
$739,520
$739.5K
Cap Rate 7%
$528,229
$528.2K
Cap Rate 9%
$410,844
$410.8K
Market Conditions
NOI Build-Up for 4,300 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
$45.4K $10.56/SF
− Vacancy
−$1.9K −$0.44/SF
EGI
$43.5K $10.12/SF
− OpEx
−$6.5K −$1.52/SF
NOI
$37.0K $8.60/SF
Area
Walton County, FL
Vacancy
4.20%
Lease Rate
$10.56 /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%
$739,520
Cap Rate 7%
$528,229
Cap Rate 9%
$410,844
Alternative Uses
Best Use
Warehouse
$528.2K
$462.2K – $616.3K
NOI $36,976 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$946.2K – $1.26M
NOI $75,697 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- A & B Storage — 1403 Foster Ave, Panama City, FL 32401
- Pilcher Contractors Inc — 1717 Frankford Ave, Panama City, FL 32405
- Onward Storage of St. Andrews — 1403 Foster Ave, Panama City, FL 32401
- Cubesmart Self Storage — 1329 15th St W, Panama City, FL 32401
- Your Storage Units Panama City — 1329 15th St, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Warehouse - 4,300 SF warehouse with rental opportunity in Panama City.
Where is this warehouse located?
The property is located at 1509 Hickory Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 4,300 sq ft warehouse with rental income potential; Separate 20x70 upstairs office space with HVAC for rental; 50 roof solar panels resulting in low monthly electric bill ($32 average)
