1114-1120 Thomas DrPanama City Beach, FL 32408

Property Details for 1114-1120 Thomas Dr

Year built

2008

Property type

Other commercial real estate

Property subtype

Other specialty properties

Description

This exceptional Class A, 6,901 square foot retail/office building in Panama City Beach, Florida, presents a compelling investment opportunity. Built in 2008, the concrete block and steel-beam structure features a tile roof and a comprehensive fire sprinkler system with 24/7 monitoring. The property boasts ample parking and prominent signage on high-traffic Thomas Drive, directly across from the Naval Support System. The building comprises two units: a 4,985 square foot space currently leased to Taylor's Restaurant (previously Egg & I) under a long-term lease, and a 1,916 square foot unit occupied by Realty One Group of the Emerald Coast on a lease expiring September 2025. The property generates substantial annual rental income of approximately $141,808, including CAM charges, with expenses estimated at $50,000, resulting in a Net Operating Income (NOI) of approximately $91,808 and a 4.2% cap rate. The exterior has recently undergone sealing and painting. The property sits on a 43,560 square foot lot in a vibrant commercial area, surrounded by established businesses including Dunkin' Donuts, Burger King, and a La Quinta Inn. The seller is offering attractive financing terms: 25% down payment, 5.5% interest, and a 30-year amortization schedule with a 10-year call provision. This presents a rare chance to acquire a well-maintained, income-producing asset in a prime location with significant upside potential.

Location Insight

City

Panama City Beach

County

Bay

State

Florida

Latitude

30.1742

Longitude

-85.7605

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