High-Spec Flex Industrial
For Sale
$2,500,000
2532 Joan Avenue, Panama City, FL 32408
9,000 SF flex industrial complex with vertical expansion potential.
Property Size9,000 SF
Lot Size1.00 Acres
Price / SF$277.78
Days on Market215
Property Features for 2532 Joan Avenue
General Information
Standard status
Active
Size
9,000 SF
Lot size
1.00 Acres
Property subtype
Commercial
Building Details
Year Built
2022
Listing Agency:
CENTURY 21 Ryan Realty Inc
Listed By:
Trena Kendrick
(850) 233-7926
Source:
Cthomeseekers
Added: Jan 31
Changed: Sep 2
Last Checked: Sep 1 at 9:06PM
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 CENTURY 21 Ryan Realty Inc
Investment Insights
Based on property information with market context.
This 9,000 SF commercial complex, built in 2022, is situated on a 0.998-acre lot on Joan Avenue. The property features 100 feet of street frontage and a 435-foot lot depth. Constructed to withstand 140 MPH winds, the facility has a 100-foot height allowance, allowing for future vertical expansion. The building is configured as a 6-unit investment opportunity, optimized for flex use. The layout includes two executive offices, a conference room, and a public bathroom in the first section. The property can be easily converted into a 6-unit complex with the addition of two walls and four bathrooms. Plumbing stubs are already in place for the remaining bathrooms. Loading is facilitated by six 12 x 14 grade-level roll-up doors, and the property is designed to accommodate a 53-foot trailer. The facility has an 8% office to 92% warehouse space ratio, with interior clear heights ranging from 13'7'' to 16'11''. It is equipped with a 6-gang electrical meter bank and 600 Amp single-phase power, providing dedicated service points for each unit. The front office has 200 amp service. Located in Unincorporated Bay County, the property benefits from lower property tax rates. Standard county setbacks apply, offering buildable flexibility. The finished floor elevation is set at 12.75', providing 1 foot 9 inches of clearance above the base flood elevation of 11.0'.
Key Highlights
- High‑growth location in a prime commercial corridor, neighboring property sale at $15.4M.
- Significant vertical expansion potential with a rare 100‑foot height allowance.
- Turnkey 6‑unit investment configuration with a low‑cost path to completion (estimated $10,000-$12,000 investment).
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
$83,959
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
3.36%
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%
$1,679,180
$1.7M
Cap Rate 7%
$1,199,414
$1.2M
Cap Rate 9%
$932,878
$932.9K
Market Conditions
NOI Build-Up for 9,000 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
$140.4K $15.60/SF
− Vacancy
−$11.2K −$1.25/SF
EGI
$129.2K $14.35/SF
− OpEx
−$45.2K −$5.02/SF
NOI
$84.0K $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%
$1,679,180
Cap Rate 7%
$1,199,414
Cap Rate 9%
$932,878
Alternative Uses
Best Use
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $83,959 @ 7.0% cap · market cap 3.36%
Second Best
Industrial
$876.7K
$767.1K – $1.02M
NOI $61,368 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,436 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32408, FL
17,479
Population
17,018
Households
1
Avg Household Size
48
Median Age
39%
College-Educated
96%
High-School Grad
8.6 sq mi
ZIP Area
2,032
Density / Sq Mi
$72,322
Median Household Income
$42,749
Median Earnings
$1,453
Median Rent
$352,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 9,000 SF flex industrial complex with vertical expansion potential.
Where is this flex space located?
The property is located at 2532 Joan Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: High‑growth location in a prime commercial corridor, neighboring property sale at $15.4M.; Significant vertical expansion potential with a rare 100‑foot height allowance.; Turnkey 6‑unit investment configuration with a low‑cost path to completion (estimated $10,000-$12,000 investment).
