Insulated Warehouse with Pole
New
For Sale
$599,000
S Bear Creek Road, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size3,996 SF
Lot Size6.61 Acres
Price / SF$149.90
Days on Market3
Property Features for S Bear Creek Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Agriculture, Resid Single Family
Subdivision
[No Recorded Subdiv]
Lot features
Cleared
Elementary school
Waller
Middle school
Merritt Brown
High school
Rutherford
Directions
Head North on Hwy 231. Turn right onto S Bear Creek Road. Property is next to the last before N Bear Creek Road, property on the left.
Standard status
Active
APN
03726-020-010
Size
3,996 SF
Lot size
6.61 Acres
Taxes and HOA fees
Tax Description
9 2S 12W 6.61AC -1.2A- COM AT THE INT OF SLY R/W LINE OF NORTH BEAR CREEK RD & NLY R/W LINE OF SOUTH BEAR CREEK RD TH RUN SWLY ALONG NLY R/W LINE 232.39' FOR POB TH CONT SWLY ALONG SAID R/W LINE FOR 285.46' TH N32 DEG W 336.55' TH W 747.92' M/L TO C/L OF BEAR CREEK TH RUN NELY ALONG SAID C/L 1140.33' M/L TO A POINT N33 DEG W FROM POB TH RUN S33 DEG E 637.04' TO POB ORB 4493 P 1479
Legal Description
9 2S 12W 6.61AC -1.2A- COM AT THE INT OF SLY R/W LINE OF NORTH BEAR CREEK RD & NLY R/W LINE OF SOUTH BEAR CREEK RD TH RUN SWLY ALONG NLY R/W LINE 232.39' FOR POB TH CONT SWLY ALONG SAID R/W LINE FOR 285.46' TH N32 DEG W 336.55' TH W 747.92' M/L TO C/L OF BEAR CREEK TH RUN NELY ALONG SAID C/L 1140.33' M/L TO A POINT N33 DEG W FROM POB TH RUN S33 DEG E 637.04' TO POB ORB 4493 P 1479
Utilities
Water front features
Creek
Water front
1
Building Details
Year built
2019
Building materials
MetalSiding
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
Matt W Wright · License #sl3475720
(850) 227-8276
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 3:06AM
MLS# 795757
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 3,996-square-foot warehouse property includes a fully insulated metal building completed in 2019, with power, water, and septic in place. Four large roll-up doors support movement of trucks, equipment, materials, and machinery. A separate 70' x 40' pole barn adds covered storage or work area, while an 8-foot fence and rolling gates provide controlled access for larger vehicles and equipment.
The property is situated on S Bear Creek Road in Panama City, just off the Hwy 231 corridor. Its setting includes creek waterfront features and provides access to the surrounding Bay County commercial area. The improvements offer an adaptable base for warehouse, storage, contractor, or other industrial operations, subject to applicable approvals.
The property is situated on S Bear Creek Road in Panama City, just off the Hwy 231 corridor. Its setting includes creek waterfront features and provides access to the surrounding Bay County commercial area. The improvements offer an adaptable base for warehouse, storage, contractor, or other industrial operations, subject to applicable approvals.
Key Highlights
- 3,996‑square‑foot insulated metal warehouse
- 74' x 54' building with four large roll‑up doors
- 70' x 40' pole barn provides additional covered area
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
$37,278
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
6.22%
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%
$745,560
$745.6K
Cap Rate 7%
$532,543
$532.5K
Cap Rate 9%
$414,200
$414.2K
Market Conditions
NOI Build-Up for 3,996 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
$62.3K $15.60/SF
− Vacancy
−$5.0K −$1.25/SF
EGI
$57.4K $14.35/SF
− OpEx
−$20.1K −$5.02/SF
NOI
$37.3K $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%
$745,560
Cap Rate 7%
$532,543
Cap Rate 9%
$414,200
Alternative Uses
Best Use
Flex RnD
$532.5K
$466.0K – $621.3K
NOI $37,278 @ 7.0% cap · market cap 6.22%
Second Best
Warehouse
$490.9K
$429.5K – $572.7K
NOI $34,362 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$1.00M
$879.3K – $1.17M
NOI $70,346 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property with multiple roll-up doors, secured truck access, and utilities already serving the site.
Where is this warehouse located?
The property is located at S Bear Creek Road Panama City, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,996‑square‑foot insulated metal warehouse; 74' x 54' building with four large roll‑up doors; 70' x 40' pole barn provides additional covered area
