Back to Search

Versatile Warehouse with Rental Income

1509 Hickory Avenue, Panama City, FL 32405

View on Map

For Sale

$799,000

4,300 SF warehouse with rental opportunity in Panama City.

Property size:

4,300 SF

Lot size:

0.21 Acres

Price / SF:

$185/SF

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)
Warehouse with 25‑foot peak height and separate 20x20 room
Downstairs office with lobby, office, break room/kitchen, and bathrooms
Included office furniture (upstairs and 2 downstairs desks)

We can help!

Contact an agent

MARIO GOBEL

For Sale

$799,000

4,300 SF warehouse with rental opportunity in Panama City.

Property size:

4,300 SF

Lot size:

0.21 Acres

Price / SF:

$185/SF

Added:: Mar 5, 2026
Days on Market:: 116
Last Refresh:: Mar 16 at 11:02 am

Property Features for 1509 Hickory Avenue

General Information

Standard status: Active
Size: 4,300 SF
Lot size: 0.21 Acres

Building Details

Year Built: 2007

We can help!

Contact an agent

MARIO GOBEL

Listing office RE/MAX SELECT PARTNERS

Listing date Mar 5, 2026

Source Corcoran

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

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)
Warehouse with 25‑foot peak height and separate 20x20 room
Downstairs office with lobby, office, break room/kitchen, and bathrooms
Included office furniture (upstairs and 2 downstairs desks)

Overview

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.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$90.3k	$21.00
− Vacancy	−$18.1k	−$4.20
EGI	$72.2k	$16.80
− OpEx	−$18.1k	−$4.20
NOI	$54.2k	$12.60

4,300 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$774.0K

$677.3K – $903.0K (±1% cap)

NOI $54,180 @ 7.0% cap · market cap 6.78%

Second Best

Warehouse

$528.2K

$462.2K – $616.3K (±1% cap)

NOI $36,976 @ 7.0% cap · market cap 4.63%

Theoretical Best

Office A

$1.08M

$946.2K – $1.26M (±1% cap)

NOI $75,697 @ 7.0% cap · market cap 9.47%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Innovative Glass LLC Hardware & Home Improvement

Suggested Use

Similar Places 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

Location Insight

Map
Local Demand

City: Panama City
County: Walton
State: Florida
Longitude: -85.6976837
Latitude: 30.1759092

Nearby Similar for Sale

$2,500,000

11,171 SF

Versatile Commercial Property in Panama City

Showroom, warehouse, and office space in a strategic location.

1331 Harrison Avenue, Panama City, FL 32401

View Details
$1,500,000

9,050 SF

Three-Building Flex and Industrial Campus

A 9,000+ SF heated, multi-office flex campus with gated storage, abundant parking, and room to scale for growing operations.

2901 W 17th Street, Panama City, FL 32405

View Details
$775,000

1,708 SF

Historic Panama City Mixed-Use Property

Custom property on a large lot, suitable for multiple commercial uses.

854 Magnolia Avenue, Panama City, FL 32401

View Details
$724,000

5,222 SF

Six-Unit Income Producing Property

Turnkey six-unit rental portfolio on a corner lot with recently remodeled interiors and newer roof improvements.

119 College Avenue, Panama City, FL 32401

View Details
$959,900

5,026 SF

Panama City Commercial Corner Parcel

Large commercial parcel on a main corridor to the beaches.

1040 W 15th Street, Panama City, FL 32401

View Details
$724,000

5,222 SF

Income-Producing Multi-Family Panama City

Six rental units generating over $82,000 in gross annual income.

119 College Avenue, Panama City, FL 32401

View Details
$595,000

3,375 SF

Auto Shop with Service Bays

Move-in ready auto shop with service bays, office space, and substantial frontage for everyday commercial visibility.

1900 N East Avenue, Panama City, FL 32405

View Details
$1,175,000

7,574 SF

Remodeled Office Space with Land

Centrally located office space with remodeled interiors and vacant land.

1108 School Avenue, Panama City, FL 32401

View Details
$395,000

1,674 SF

Turnkey Commercial Space, High-Visibility Location

Move-in-ready commercial space in a high-traffic area near downtown.

316 W 11th Street, Panama City, FL 32401

View Details
$1,185,000

2,720 SF

Waterfront Multifamily Property with Boat Slips

Updated waterfront multifamily property in Panama City with income potential.

6722 S Lagoon Drive, Panama City, FL 32408

View Details
$650,000

3,100 SF

Versatile Commercial Building Near Downtown

Spacious commercial building near downtown with 10 bedrooms and 8 baths.

722 N Martin Luther King Junior Boulevard, Panama City, FL 32401

View Details
$2,230,000

5,156 SF

Turnkey Vacation Rental Duplex

Brand-new duplex designed for vacation rentals, with private pools and furnishings ready for short- or long-term operations.

5237 Thomas Drive, Panama City, FL 32408

View Details

For sale
Warehouses
FL
Panama City
32405
1509 Hickory Avenue

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)