$2,200,000
Panama City Beach, FL 32408
MLS# 666940
7487 sqft
1 / 5
Property Description
The structure is a Class A, Retail/Office, 6,901 square feet building with tremendous upside. 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 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.
Details
Maps
Contract Info
List Date: 2018-01-17
List Price: $2,200,000
List Price/SqFt: 293.84
Current Price: $2,200,000
Sub-Type: Other
Location
Area: 03 - Bay County - Beach
Street #: 1114-1120
Street Name: THOMAS
Street Suffix: Drive
State: FL
Zip Code: 32408
County: Bay
Sub Area: 0319 - Beach - East
Subdivision: Coastal Palms Commercial
Community/Resort: None
Waterfront: No
Parcel ID: 30159-400-114
Elementary School: Patronis
Middle School: Surfside
High School: Arnold
Directions: FROM HATHAWAY BRIDGE, SOUTH ON THOMAS DRIVE, PROPERTY LOCATED ACROSS FROM NAVAL COASTAL SYSTEMS CENTER ENTRY GATE.
Legal Description: COASTAL PALMS COMMERCIAL LOT 7 ORB 3126 P 287
General Property Info
List Class: Bar/Restaurant
Construction Status: Construction Complete
Acreage: 1
SqFt Tot Bldg: 7487
Year Built: 2008
Status Change Info
Status: Active
Property Features
Financing: Cash; Conventional; Seller Financing
Supplements
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. Th exterior was recently sealed and painted. 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.
Listing Office: Varnes Realty
Last Updated: December - 16 - 2024
Information deemed reliable but not guaranteed.