Distribution Center with Dock
New
For Sale
$9,980,769
2550 Sherman Avenue, Panama City, FL 32405
A NNN lease begins at closing, with landlord duties limited to the roof and foundation.
Property Size60,000 SF
Days on Market2
Property Features for 2550 Sherman Avenue
General Information
Standard status
Active
Size
60,000 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Building Details
Building Size
60,000 SF
Listed By:
Patrick Jones, SIOR
(850) 814-5878
Source:
Naiglobal
Added: Oct 16
Last Checked: Oct 16 at 1:59PM
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 Patrick Jones, SIOR
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This distribution center includes a renovated office area and warehouse improvements, including an upgraded dock leveler platform, truck cushions, dock fixtures, and revised air circulation. The roof was replaced in 2019. An additional 10,000-square-foot warehouse facility is also part of the property. A NNN lease is set to begin when the purchase closes, with landlord responsibilities limited to the roof and foundation. The property is in Panama City, adjacent to Hwy 231, and has access to Interstate 10.
Key Highlights
- Additional 10,000 SF warehouse facility
- NNN lease begins upon closing; landlord responsibilities are limited to the roof and foundation
- Roof installed in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$454,471
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,089,420
$9.1M
Cap Rate 7%
$6,492,443
$6.5M
Cap Rate 9%
$5,049,678
$5.0M
Market Conditions
NOI Build-Up for 60,000 SF
Gross rent
$568.8K $9.48/SF
− Vacancy
−$34.1K −$0.57/SF
EGI
$534.7K $8.91/SF
− OpEx
−$80.2K −$1.34/SF
NOI
$454.5K $7.57/SF
Area
Bay County, FL
Vacancy
6.00%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,089,420
Cap Rate 7%
$6,492,443
Cap Rate 9%
$5,049,678
Alternative Uses
Best Use
Warehouse
$6.49M
$5.68M – $7.57M
NOI $454,471 @ 7.0% cap · market cap 4.55%
Second Best
Industrial
$5.65M
$4.94M – $6.59M
NOI $395,312 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$17.48M
$15.30M – $20.40M
NOI $1,223,735 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Distribution center - A NNN lease begins at closing, with landlord duties limited to the roof and foundation.
Where is this distribution center located?
The property is located at 2550 Sherman Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $9,980,769.
What are key features of this property?
This property features: Additional 10,000 SF warehouse facility; NNN lease begins upon closing; landlord responsibilities are limited to the roof and foundation; Roof installed in 2019
