1114-1120 Thomas Dr - Restaurant FOR SALE


Panama City Beach, FL 32408
$2,200,000 USD
850-896-0910
1114-1120 Thomas Dr, Panama City Beach, FL for Sale
$2,200,000 USD
Restaurant - FOR SALE
1/6
null | 4.2% Cap Rate

1114-1120 Thomas Dr
Panama City Beach, FL 32408


HIGHLIGHTS

  • Stable Tenants and Great Location/Visibility

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 ends Sept 2025. Annual rental income for the property is approximately $141,808 which includes CAM. Expenses are approximately $50,000. NOI is approximately $91,808 which is a 4.2 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, 5.5% INTEREST, AND PAYMENTS BASED ON A 30 YEAR TERM WITH A 10 YEAR CALL.

FOR SALE DETAILS

PRICE

$2,200,000 USD

PRICE/SF

$294 USD /SF

CAP RATE

4.2%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

44

LAND DETAILS

LAND ACRES

0.53 AC

LAND SF

23,087 SF

ZONING

C-3

APN/PARCEL ID

30159-400-114

ASK ABOUT THIS PROPERTY

Ken VarnesRainier PropertiesMore Info
850-896-0910

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Ken VarnesRainier PropertiesMore Info
850-896-0910

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.