Flex Building with Office
For Sale
$799,000
1509 Hickory Avenue, Panama City, FL 32405
SINGLE_FAMILY - Panama City, FL
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$185.81
Days on Market152
Property Features for 1509 Hickory Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning description
Industrial
Subdivision
No Named Subdivision
Elementary school
Lucille Moore
Middle school
Jinks
High school
Bay
Directions
Hwy 98 to Hickory. Turn 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
0.21 Acres
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
Building Details
Year built
2007
Flooring type
Concrete
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Mario Gobel · License #0647660
(850) 527-5878
Added: Mar 5
Changed: Aug 4
Last Checked: Aug 4 at 2:06PM
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.
Investment Insights
Based on property information with market context.
This 4,300-square-foot flex building, constructed in 2007, combines a warehouse with office and manufacturing-related space. The warehouse measures 24 by 70 feet, includes a separate 20-by-20-foot room, and reaches 25 feet at peak. Downstairs improvements include a 19-by-16-foot lobby, 7-by-14-foot office, 10-by-14-foot break room and kitchen, plus men's and women's bathrooms. A 20-by-70-foot heated and cooled office area occupies the upper level and has 9-foot ceilings. Concrete flooring and a metal roof are in place throughout the building.
The property is located at 1509 Hickory Avenue in Panama City, Florida, on a 0.21-acre site with public sewer service. Fifty roof-mounted solar panels are installed. The upstairs air-conditioning system is new, the downstairs thermostat is new, and both HVAC units have UV cleaners. Office furniture on the upper level and two downstairs office desks remain with the property. An onsite well is present and would require a pump.
The property is located at 1509 Hickory Avenue in Panama City, Florida, on a 0.21-acre site with public sewer service. Fifty roof-mounted solar panels are installed. The upstairs air-conditioning system is new, the downstairs thermostat is new, and both HVAC units have UV cleaners. Office furniture on the upper level and two downstairs office desks remain with the property. An onsite well is present and would require a pump.
Key Highlights
- 4,300‑square‑foot flex building on a 0.21‑acre site
- 24‑by‑70‑foot warehouse with a separate 20‑by‑20‑foot room
- 20‑by‑70‑foot heated and cooled upper‑level office with 9‑foot ceilings
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
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
Properties on Market for Flex space in Bay County
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Shrimp Boat — 1201 Beck Ave, Panama City, FL 32401
- Loaded — 2215 W 9th St, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial layout combines warehouse, office, and manufacturing areas with upgraded mechanical and solar features.
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 on a 0.21‑acre site; 24‑by‑70‑foot warehouse with a separate 20‑by‑20‑foot room; 20‑by‑70‑foot heated and cooled upper‑level office with 9‑foot ceilings
