High-Spec Flex Industrial
2532 Joan Avenue Panama City, FL 32408
For Sale
$2,500,000
9,000 SF flex industrial complex with vertical expansion potential.
Property Size9,000 SF
Lot Size1.00 Acre
Price / SF$277.78
Days on Market281
Property Features for 2532 Joan Avenue
General Information
Standard status
Active
Size
9,000 SF
Lot size
1.00 Acre
Property subtype
Commercial
Building Details
Year Built
2022
Listing Agency:
CENTURY 21 RYAN REALTY INC
(850) 233-7926
Listed By:
TRENA KENDRICK
Source:
Corcoran
Added: Oct 22, 2025
Changed: Jul 10
Last Checked: Jul 29 at 10:51AM
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $189.0k | $21.00 |
| − Vacancy | −$37.8k | −$4.20 |
| EGI | $151.2k | $16.80 |
| − OpEx | −$37.8k | −$4.20 |
| NOI | $113.4k | $12.60 |
9,000 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.62M
$1.42M – $1.89M
NOI $113,400 @ 7.0% cap · market cap 4.54%
Second Best
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $83,959 @ 7.0% cap · market cap 3.36%
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
Location Intelligence
Current Use
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).
