Flex Warehouse
For Sale
Contact for pricing
202 West 6th Street, Panama City, FL 32401
Large warehouse layout with connected sewer, city water, and electric service.
Property Size8,970 SF
Lot Size0.48 Acres
Price / SF$153.85
Days on Market18
Property Features for 202 West 6th Street
General Information
Standard status
Active
Size
8,970 SF
Lot size
0.48 Acres
Property subtype
Industrial
Zoning
DTD
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1959
Buildings
1
Tenancy
Single
Building Size
8,970 SF
Listing Agency:
ACRE Expert LLC
Listed By:
Drew Attias · License #Florida
Source:
Crexi
Added: Jul 23
Changed: Aug 5
Last Checked: Aug 8 at 12:39PM
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 ACRE Expert LLC
Investment Insights
Based on property information with market context.
This flex-space property includes an 8,970 sqft warehouse building on 0.48 acre. The building dates to 1959 and features a large warehouse layout suited to industrial or storage-oriented operations. Sewer, city water, and electric service are connected, with road access serving the site.
Located at 202 West 6th Street in Panama City, the property carries DTD zoning. The parcel is identified as outside a flood zone and contains no wetlands. It is also designated as an opportunity zone, adding a documented land-use and site characteristic for evaluation.
Located at 202 West 6th Street in Panama City, the property carries DTD zoning. The parcel is identified as outside a flood zone and contains no wetlands. It is also designated as an opportunity zone, adding a documented land-use and site characteristic for evaluation.
Key Highlights
- 8,970 sqft flex warehouse building
- 0.48 acre site at 202 West 6th Street
- DTD zoning
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
$83,679
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
6.06%
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%
$1,673,580
$1.7M
Cap Rate 7%
$1,195,414
$1.2M
Cap Rate 9%
$929,767
$929.8K
Market Conditions
NOI Build-Up for 8,970 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
$139.9K $15.60/SF
− Vacancy
−$11.2K −$1.25/SF
EGI
$128.7K $14.35/SF
− OpEx
−$45.1K −$5.02/SF
NOI
$83.7K $9.33/SF
Area
Walton County, FL
Vacancy
8.00%
Lease Rate
$15.60 /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%
$1,673,580
Cap Rate 7%
$1,195,414
Cap Rate 9%
$929,767
Alternative Uses
Best Use
Flex RnD
$1.20M
$1.05M – $1.39M
NOI $83,679 @ 7.0% cap · market cap 6.06%
Second Best
Warehouse
$1.10M
$964.2K – $1.29M
NOI $77,133 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,908 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,514
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
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 - Large warehouse layout with connected sewer, city water, and electric service.
Where is this flex space located?
The property is located at 202 West 6th Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: 8,970 sqft flex warehouse building; 0.48 acre site at 202 West 6th Street; DTD zoning
