Flex Space with Lay-Down
For Sale
$4,950,000
17687 Ashley Drive, Panama City Beach, FL 32413
COMMERCIAL - Panama City Beach, FL
Property Size31,220 SF
Lot Size3.90 Acres
Price / SF$158.55
Days on Market373
Property Features for 17687 Ashley Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Subdivision
Beach Commerce Park
Elementary school
West Bay
Middle school
Surfside
High school
Arnold
Directions
West on Highway 98 pass 79 about a mile take a right onto Griffen BLVD and the first right onto Ashely Drive down on your right.
Standard status
Active
APN
38320-005-120
Size
31,220 SF
Lot size
3.90 Acres
Taxes and HOA fees
Tax Description
12 3S 17W -1.05N- 20 COM AT INTERSECT OF NELY R/W SR 30-A & W LINE OF SEC SELY 2842.84' E 702.10' FOR POB TH N 439.26' SELY 303.76' E 95.25 S 395' W 394.72' TO POB SUBJ TO GP ESMT ORB 3402 P 481 ORB 2275 P 2103 ORB 2830 P 1071
Legal Description
12 3S 17W -1.05N- 20 COM AT INTERSECT OF NELY R/W SR 30-A & W LINE OF SEC SELY 2842.84' E 702.10' FOR POB TH N 439.26' SELY 303.76' E 95.25 S 395' W 394.72' TO POB SUBJ TO GP ESMT ORB 3402 P 481 ORB 2275 P 2103 ORB 2830 P 1071
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Building Details
Year built
2006
Flooring type
Concrete
Building materials
Brick, Block, SteelFrame, Stone
Roof type
Metal
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Justin Cater LLC · License #3337543
(850) 819-7445
Added: Aug 22, 2025
Changed: Aug 4
Last Checked: Aug 29 at 8:06PM
MLS# 778078
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.
Flex space at Beach Commerce Park featuring a mix of office, warehouse, and outdoor storage for day-to-day operations and logistics. The property includes 6,820 sq. ft. of professional office space and a 24,400 sq. ft. warehouse, supported by a concrete flooring system and central electric heating. An approximate 1.9-acre lay-down yard is available for equipment staging, materials, or other outdoor uses. The site is built for heavy operations with ample parking and direct access for 18-wheelers and heavy equipment. Construction is brick, block, steel frame, and stone with a metal roof. Public sewer service is provided, and owner financing is available.
The property sits on 3.9+/- acres 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 location provides east/west connectivity along the Parkway and quick access north to Interstate 10 and Northwest Florida Beaches International Airport.
This combination of office support, warehouse area, and yard space is intended for businesses needing flexible interior and outdoor footprint within a planned industrial setting.
The property sits on 3.9+/- acres 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 location provides east/west connectivity along the Parkway and quick access north to Interstate 10 and Northwest Florida Beaches International Airport.
This combination of office support, warehouse area, and yard space is intended for businesses needing flexible interior and outdoor footprint within a planned industrial setting.
Key Highlights
- 3.9+/- acre flex space property in Beach Commerce Park on the West End of Panama City Beach
- 6,820 sq. ft. professional office space plus 24,400 sq. ft. warehouse
- Approximate 1.9‑acre lay‑down yard for equipment staging and 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
Flex RnD
$3.86M
$3.38M – $4.50M
NOI $270,098 @ 7.0% cap · market cap 5.46%
Second Best
Warehouse
$3.38M
$2.96M – $3.94M
NOI $236,477 @ 7.0% cap · market cap 4.78%
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex space combining office, warehouse, and outdoor lay-down yard space with direct access for 18-wheelers.
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: 3.9+/- acre flex space property in Beach Commerce Park on the West End of Panama City Beach; 6,820 sq. ft. professional office space plus 24,400 sq. ft. warehouse; Approximate 1.9‑acre lay‑down yard for equipment staging and outdoor operations
