Flex Building with
For Sale
$799,000
1509 Hickory Avenue, Panama City, FL 32405
Commercial for Sale, Panama City, FL
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$185.81
Days on Market218
Property Features for 1509 Hickory Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Hwy 98 to Hickory Avenue. Turn north on Hickory, and the building (Innovative Glass) will be on the left.
Subdivision
27 - Bay County
Standard status
Active
APN
29525-000-000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
36 3S 15W Se1/4Lot 7 Blk 27Orb 2844 P 979
Legal Description
36 3S 15W Se1/4Lot 7 Blk 27Orb 2844 P 979
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Christopher S McCall · License #666647
(850) 814-9889
Added: Mar 5
Changed: Oct 6
Last Checked: Oct 9 at 8:06AM
MLS# 1013465
Copyright © 2026 Emerald Coast 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.
This 4,300-square-foot flex building combines warehouse space with offices, a break room and kitchen, and men’s and women’s restrooms. The warehouse measures 24' x 70' and includes a separate 20' x 20' room. A heated and cooled second-floor mezzanine measures 20' x 50' and has 9-foot ceilings. Grade-level access is provided by doors at the front and rear of the building.
The property is at 1509 Hickory Avenue in Panama City. Its equipment includes 50 roof-mounted solar panels. The upstairs office furniture and two downstairs desks are included. The upstairs A/C is new, and the downstairs thermostat has been replaced; both A/C units have UV cleaners. An onsite well is present, but requires a pump.
The property is at 1509 Hickory Avenue in Panama City. Its equipment includes 50 roof-mounted solar panels. The upstairs office furniture and two downstairs desks are included. The upstairs A/C is new, and the downstairs thermostat has been replaced; both A/C units have UV cleaners. An onsite well is present, but requires a pump.
Key Highlights
- 4,300‑square‑foot flex building with warehouse and office areas
- Warehouse measures 24' x 70' and includes a separate 20' x 20' room
- Heated and cooled 20' x 50' mezzanine with 9‑foot ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,201
Cap Rate
4.66%
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 4.66%
Second Best
Warehouse
$465.3K
$407.1K – $542.8K
NOI $32,570 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,701 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
25 ft
Clear height
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,471
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Office, workroom, and climate-controlled upper-level space complement the warehouse area.
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 $799,000.
What are key features of this property?
This property features: 4,300‑square‑foot flex building with warehouse and office areas; Warehouse measures 24' x 70' and includes a separate 20' x 20' room; Heated and cooled 20' x 50' mezzanine with 9‑foot ceilings
