9721 Thomas Dr, Panama City Beach, FL 32408
11,760 SF Specialty Building Offered at $4,500,000 at a 8% Cap Rate in Panama City Beach, FL 32408
For Sale
Active
Asking Price $4,500,000
- Property Type
-
Specialty
- Square Feet
- 11,760 SF
- Price / Square Foot
- $383
Listing Contacts
Brian Wine
Property Overview
We are pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, freestanding, Recovery Bay Center investment property located in Panama City, Florida. The Tenant, Recovery Bay LLC, has over 9 years remaining in their initial term with 5 (1 year) options to extend. The lease features flat rent that is increased by $500 per month for each option period. The lease is a triple net with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor.
Recovery Bay Center is strategically located on Thomas Drive. The site benefits from superior visibility via significant street frontage and a monument sign situated along Thomas Drive. It shares this busy Panama City area with businesses like Walmart, Walgreens, McDonalds and Dollar Tree. The location benefits from the frequent street traffic of Thomas Drive, which sees 17,256 vehicles daily. The 5-mile trade area is supported by a population of 36,026 and 20,443 daytime employees with an average household income of $118,083.
Recovery Bay Center is strategically located on Thomas Drive. The site benefits from superior visibility via significant street frontage and a monument sign situated along Thomas Drive. It shares this busy Panama City area with businesses like Walmart, Walgreens, McDonalds and Dollar Tree. The location benefits from the frequent street traffic of Thomas Drive, which sees 17,256 vehicles daily. The 5-mile trade area is supported by a population of 36,026 and 20,443 daytime employees with an average household income of $118,083.
Property Details
- Class
- C
- Year Built
- 1970
- Stories
- 1
- Property Subtype
- Religious Facility
- Lot Size (sq. ft)
- 75,359 SF
Highlights
- MORE THAN 9 YEARS REMAINING | ANNUAL RENTAL INCREASES | REPUTABLE OPERATOR
- EXCELLENT VISIBILITY | LOCATED OFF THOMAS DRIVE | LOCATED ALONG MAJOR THOROUGHFARE
- STRONG DEMOGRAPHICS IN 5-MILE TRADE AREA | HIGH BARRIERS TO ENTRY SUBMARKET
- ZERO LANDLORD RESPONSIBILITIES | CORPORATE GUARANTEE | MANAGEMENT-FREE
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