Flex Space with Office
For Sale
$799,000
1509 Hickory Ave, Panama City, FL 32405
Warehouse and office components support manufacturing, business operations, or separate office occupancy.
Property Size4,300 SF
Price / SF$185.81
Days on Market29
Property Features for 1509 Hickory Ave
General Information
Standard status
Active
Size
4,300 SF
Property Condition
Severity
Repairs Needed
Evidence
well onsite that would need a pump
Additional Details
Furnished
Yes
Office Build-Out
1,942 SF
Building Details
Year Built
2007
Buildings
1
Stories
2
Building Size
4,300 SF
Listing Agency:
RE/MAX SELECT Partners
(850) 527-5878
Listed By:
Mario Gobel · License #0647660
Source:
Bemajorteam
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 3:31PM
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 flex property combines a warehouse with substantial office improvements and is currently used for glass manufacturing. The warehouse measures 24 by 70 feet, includes a separate 20-by-20-foot room, and reaches 25 feet at its peak. A second-level office spans 20 by 70 feet, with heating and cooling and 9-foot ceilings. The ground-floor office area includes a 19-by-16-foot lobby, a 7-by-14-foot office, a 10-by-14-foot break room and kitchen, plus men's and women's bathrooms.
Located at 1509 Hickory Ave in Panama City, the building was constructed in 2007. Improvements include a new upstairs A/C unit, a new downstairs thermostat, and UV cleaners on both A/C units. Fifty roof solar panels are installed, and upstairs office furniture remains with the property, along with two downstairs office desks. An onsite well is present and requires a pump.
Located at 1509 Hickory Ave in Panama City, the building was constructed in 2007. Improvements include a new upstairs A/C unit, a new downstairs thermostat, and UV cleaners on both A/C units. Fifty roof solar panels are installed, and upstairs office furniture remains with the property, along with two downstairs office desks. An onsite well is present and requires a pump.
Key Highlights
- 4,300‑square‑foot flex building constructed in 2007
- Warehouse measures 24 by 70 feet with a separate 20‑by‑20‑foot room
- Warehouse reaches 25 feet at peak
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
$54,180
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
6.78%
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%
$1,083,600
$1.1M
Cap Rate 7%
$774,000
$774.0K
Cap Rate 9%
$602,000
$602.0K
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
$90.3K $21.00/SF
− Vacancy
−$18.1K −$4.20/SF
EGI
$72.2K $16.80/SF
− OpEx
−$18.1K −$4.20/SF
NOI
$54.2K $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%
$1,083,600
Cap Rate 7%
$774,000
Cap Rate 9%
$602,000
Alternative Uses
Best Use
Office B
$774.0K
$677.3K – $903.0K
NOI $54,180 @ 7.0% cap · market cap 6.78%
Second Best
Flex RnD
$573.1K
$501.4K – $668.6K
NOI $40,114 @ 7.0% cap · market cap 5.02%
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
Under-served
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office components support manufacturing, business operations, or separate office occupancy.
Where is this flex space located?
The property is located at 1509 Hickory Ave 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‑square‑foot flex building constructed in 2007; Warehouse measures 24 by 70 feet with a separate 20‑by‑20‑foot room; Warehouse reaches 25 feet at peak
