1114-1120 Thomas Dr, Panama City Beach, FL 32408
7,487 SF | 100% Leased | Retail Building | Panama City Beach, FL 32408 | $2,400,000 ($321/SF) | 6.23% Cap Rate
For Sale
Active
Asking Price $2,400,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 7,487 SF
- Price / Square Foot
- $321
Listing Contacts
Ken Varnes
Property Overview
The structure is a Class A, Retail/Office, 6,901 square feet building. It is constructed of concrete poured block and steel beam supported ceilings. The roof is tile and one-piece member of rubber. It is equipped with a complete fire sprinkler system and is monitored on a 24/7 basis. The complex also has ample parking and excellent signage on Thomas Drive. The exterior was recently sealed and painted. The building consists of 2 units with one at 4985 square feet and the other at 1916 square feet. Taylor's Restaurant (previously Egg & I Restaurant) currently occupies the 4985 square feet unit. They are currently in their 3rd 5-year lease term. Realty One Group of the Emerald Coast occupies the remaining 1916 square feet of the building. They have a 2-year lease which started Sept 2023. Annual rental income for the property is approximately $200,000 which includes CAM. Expenses are approximately $50,000. NOI is approximately $150,000 which is a 6.25 Cap Rate. This Class A Structure is located on Thomas Drive directly across from the Naval Support System. Thomas Drive is the main tourist artery that serves the beaches. Other retail in the area includes Dunkin Donuts, Burger King, Rose's Nails, Cool Vapors, Nephrology Associates, and Fatty Patty Restaurant and Bakery. Also included is the LaQuinta Hotel. SELLER IS OFFERING FINANCING WITH 25% DOWN, 6% INTEREST, AND PAYMENTS BASED ON A 30 YEAR TERM WITH A 10 YEAR CALL.
Property Details
- Class
- B
- Year Built
- 2008
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 23,087 SF
Highlights
- Stable Tenants and Great Location/Visibility
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