Flex Space with Warehouse and
For Sale
$4,950,000
17687 Ashley Drive, Panama City Beach, FL 32413
CommercialSale, Panama City Beach, FL
Property Size31,220 SF
Lot Size3.90 Acres
Price / SF$158.55
Days on Market416
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
Central, Electric (Heating)
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: Sep 12
Last Checked: Oct 11 at 11:06PM
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.
This flex property combines 6,820 square feet of office space with a 24,400-square-foot warehouse on a 3.9-acre site. The improvements were built in 2006 and feature brick, block, steel frame, and stone construction, concrete flooring, central and electric heating, a metal roof, and public sewer service. Approximately 1.9 acres are configured as a lay-down yard, while the property also provides parking and access for 18-wheelers and heavy equipment.
The site is within 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. Public underground utilities, recorded covenants, and design standards serve the development. The location also provides access along the Parkway, with connections north to Interstate 10 and Northwest Florida Beaches International Airport.
The site is within 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. Public underground utilities, recorded covenants, and design standards serve the development. The location also provides access along the Parkway, with connections north to Interstate 10 and Northwest Florida Beaches International Airport.
Key Highlights
- 3.9+/- acres with 31,220 square feet of combined improvements
- 6,820 square feet of professional office space
- 24,400‑square‑foot warehouse
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$270,098
Cap Rate
5.46%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Combined office, warehouse, and outdoor storage improvements support varied commercial operations.
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+/- acres with 31,220 square feet of combined improvements; 6,820 square feet of professional office space; 24,400‑square‑foot warehouse
