Flex Office Warehouse with Lay-Down
For Sale
$4,950,000
17687 Ashley Drive, Panama City Beach, FL 32413
Office, warehouse, and an approximate 1.9-acre lay-down yard on a 3.9-acre flex industrial site with direct heavy-equipment access.
Property Size31,220 SF
Lot Size3.90 Acres
Price / SF$158.55
Days on Market416
Property Features for 17687 Ashley Drive
General Information
Standard status
Active
Size
31,220 SF
Lot size
3.90 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Building Details
Year Built
2006
Listing Agency:
EXP Realty LLC
Listed By:
Justin Cater LLC
(850) 230-4514
Source:
Cthomeseekers
Added: Jul 20, 2025
Changed: Sep 7
Last Checked: Sep 7 at 11:14AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This flex commercial property combines professional office space, warehouse space, and outdoor lay-down area on a 3.9± acre site. The improvements include 6,820 sq. ft. of office and 24,400 sq. ft. of warehouse, supported by an approximate 1.9-acre yard designed for equipment staging and outdoor operations.
The property offers ample parking and direct access for 18-wheelers and heavy equipment. It is located in Beach Commerce Park on the West End of Panama City Beach, just off Panama City Beach Parkway (U.S. Hwy 98) and approximately one mile west of Highway 79. The site is positioned for east-west connectivity along the Parkway, with quick access north to Interstate 10 and Northwest Florida Beaches International Airport.
Owner financing is available, and the development is described as fully serviced, with public underground utilities and recorded covenants and design standards.
The property offers ample parking and direct access for 18-wheelers and heavy equipment. It is located in Beach Commerce Park on the West End of Panama City Beach, just off Panama City Beach Parkway (U.S. Hwy 98) and approximately one mile west of Highway 79. The site is positioned for east-west connectivity along the Parkway, with quick access north to Interstate 10 and Northwest Florida Beaches International Airport.
Owner financing is available, and the development is described as fully serviced, with public underground utilities and recorded covenants and design standards.
Key Highlights
- 2006‑built flex commercial/industrial property on 3.9± acres in Beach Commerce Park
- Includes 6,820 SF office space plus a 24,400 SF warehouse
- Approx. 1.9‑acre lay‑down yard for equipment staging, materials, or outdoor operations
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
$270,098
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
5.46%
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%
$5,401,960
$5.4M
Cap Rate 7%
$3,858,543
$3.9M
Cap Rate 9%
$3,001,089
$3.0M
Market Conditions
NOI Build-Up for 31,220 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
$438.3K $14.04/SF
− Vacancy
−$22.8K −$0.73/SF
EGI
$415.5K $13.31/SF
− OpEx
−$145.4K −$4.66/SF
NOI
$270.1K $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 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%
$5,401,960
Cap Rate 7%
$3,858,543
Cap Rate 9%
$3,001,089
Alternative Uses
Best Use
Office B
$7.50M
$6.56M – $8.75M
NOI $524,941 @ 7.0% cap · market cap 10.60%
Second Best
Flex RnD
$3.86M
$3.38M – $4.50M
NOI $270,098 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$9.10M
$7.96M – $10.61M
NOI $636,750 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
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 - Office, warehouse, and an approximate 1.9-acre lay-down yard on a 3.9-acre flex industrial site with direct heavy-equipment access.
Where is this flex space located?
The property is located at 17687 Ashley Drive Panama City Beach, FL.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 2006‑built flex commercial/industrial property on 3.9± acres in Beach Commerce Park; Includes 6,820 SF office space plus a 24,400 SF warehouse; Approx. 1.9‑acre lay‑down yard for equipment staging, materials, or outdoor operations
