Versatile Warehouse with Rental
1509 Hickory Avenue Panama City, FL 32405
1509 Hickory Avenue, Panama City, FL, 32405
$799,000
For Sale
$799,000
4,300 SF warehouse with rental opportunity in Panama City.
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$185.81
Days on Market138
Property Features for 1509 Hickory Avenue
General Information
- Standard status
- Active
- Size
- 4,300 SF
- Lot size
- 0.21 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 2007
Listing Agency
RE/MAX SELECT PARTNERS
(850) 806-2288
Listed by
MARIO GOBEL · License #647660
Source
Corcoran
Added: Mar 5 Updated: Jul 10 at 3:51 pm Checked: Jul 19 at 4:40 am
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)
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| 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
NOI $54,180 @ 7.0% cap · market cap 6.78%
Second Best
Warehouse
$528.2K
$462.2K – $616.3K
NOI $36,976 @ 7.0% cap · market cap 4.63%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Innovative Glass LLC
Hardware & Home Improvement
Similar For Sale Nearby
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
FAQs
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)
