Flex Building with
For Sale
$949,900
1509 Hickory Avenue, Panama City, FL 32405
CommercialSale, Panama City, FL
Property Size4,300 SF
Lot Size0.42 Acres
Price / SF$220.91
Days on Market246
Property Features for 1509 Hickory Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
City, Industrial
Subdivision
No Named Subdivision
Elementary school
Lucille Moore
Middle school
Jinks
High school
Bay
Directions
Hwy 98 to Hickory Avenue. Turn north on Hickory, and the building (Innovative Glass) will be on the left.
Standard status
Active
APN
29525-000-000
Size
4,300 SF
Lot size
0.42 Acres
Additional Details
Currently Operating
Yes
Property Use
Manufacturing
Taxes and HOA fees
Tax Description
36 3S 15W SE1/4 LOT 7 BLK 27 ORB 2844 P 979 ORB 2928 P 1137
Legal Description
36 3S 15W SE1/4 LOT 7 BLK 27 ORB 2844 P 979 ORB 2928 P 1137
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
2007
Flooring type
Carpet, Concrete
Building materials
SteelFrame
Roof type
Metal
Additional Structures
Workshop
Buildings
1
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
SunCoast Home Group
(850) 319-4596
Added: Mar 5
Changed: Nov 5
Last Checked: Nov 5 at 9:06PM
MLS# 786311
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.
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Investment Insights
Based on property information with market context.
This 4,300-square-foot flex building combines warehouse, office, and mezzanine space. The warehouse measures 24 by 70 feet, includes a separate 20-by-20-foot room, and reaches 25 feet at the center and 21 feet at the eaves. A 14-by-16-foot front grade-level door and an approximately 10-by-12-foot rear door serve the warehouse. The ground floor includes a lobby, private office, break room with kitchen, and men’s and women’s restrooms. Upstairs, a heated and cooled 20-by-50-foot mezzanine has 9-foot ceilings. The building has central air, a metal roof, and a steel-frame structure.
The sale also includes a cleared 66-by-140-foot lot behind the building. The property is within Panama City limits, is zoned Neighborhood General (NG), and lies within the Gateway Overlay. Fifty solar panels are installed on the roof. The building was constructed in 2007.
The sale also includes a cleared 66-by-140-foot lot behind the building. The property is within Panama City limits, is zoned Neighborhood General (NG), and lies within the Gateway Overlay. Fifty solar panels are installed on the roof. The building was constructed in 2007.
Key Highlights
- 4,300‑square‑foot flex building with 20' x 50' heated and cooled mezzanine
- Warehouse measures 24' x 70', with a separate 20' x 20' room
- Warehouse height is 25 feet at center and 21' at the eaves
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,201
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$744,020
$744.0K
Cap Rate 7%
$531,443
$531.4K
Cap Rate 9%
$413,344
$413.3K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$60.4K $14.04/SF
− Vacancy
−$3.1K −$0.73/SF
EGI
$57.2K $13.31/SF
− OpEx
−$20.0K −$4.66/SF
NOI
$37.2K $8.65/SF
Area
Bay County, FL
Vacancy
5.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$744,020
Cap Rate 7%
$531,443
Cap Rate 9%
$413,344
Alternative Uses
Best Use
Flex RnD
$531.4K
$465.0K – $620.0K
NOI $37,201 @ 7.0% cap · market cap 3.92%
Second Best
Warehouse
$465.3K
$407.1K – $542.8K
NOI $32,570 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,701 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Current Use
Lease Details
25 ft
Clear height
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Under-served
Demand for This Use
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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
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Market
Vacancy Rate% for Industrial in South region
Similar Off Market Nearby
- Loaded — 2215 W 9th St, Panama City, FL 32401
- The Shrimp Boat — 1201 Beck Ave, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Flex space - A heated and cooled upper-level office area complements the warehouse and ground-floor office layout.
Where is this flex space located?
The property is located at 1509 Hickory Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: 4,300‑square‑foot flex building with 20' x 50' heated and cooled mezzanine; Warehouse measures 24' x 70', with a separate 20' x 20' room; Warehouse height is 25 feet at center and 21' at the eaves
