$7,000,000
6010 Thomas Drive
Panama City Beach, FL 32408
MLS# 730389
13569 sqft


6010 Thomas Drive, Panama City Beach, FL 32408
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Property Description
Opportunity knocks! Rare chance to buy two (2) renovated and fully functioning boutique motels located on the World's Most Beautiful Beaches-one of the strongest vacation rental markets in the country. The Sea Foam Motel (6010 Thomas Drive) and the Bahama Breeze (618 Evergreen Street) are two strategically positioned assets that provide an excellent guest experience and stay booked solid. Both assets have under gone significant capex improvement recently with a strong management team in place. Current ownership is offering to continue managing which will include current bookings, a General Manager, Assistant Manager, maintenance man, 6 cleaners, and a supporting team of 1099's and vendors integrated in. Truly a turn key package and excellent opportunity for the next investor.

Details
Maps
Contract Info
List Date: 2022-08-04
List Price: $7,000,000
List Price/SqFt: 515.88
Current Price: $7,000,000
Sub-Type: Hotel/Motel
Location
Area: 03 - Bay County - Beach
Street #: 6010
Street Name: Thomas
Street Suffix: Drive
State: FL
Zip Code: 32408
County: Bay
Sub Area: 0319 - Beach - East
Subdivision: No Named Subdivision
Community/Resort: None
Waterfront: No
Parcel ID: 30888-000-000
Elementary School: Patronis
Middle School: Surfside
High School: Arnold
Directions: From Hathaway bridge turn left on Thomas Drive. Follow Thomas Drive through North Lagoon area. Property is on the right.
Legal Description: CRESCENT BEACH UNIT 1 LOTS 8, 9, 10, 24 & 25 BLK 16 ORB 4452 P 750 MAP 58D2
General Property Info
List Class: Motel/Hotel
Construction Status: Construction Complete
Acreage: 1.35
Frontage Ft: 250
SqFt Tot Bldg: 13569
Year Built: 1955
Listing Info, Tax and Legal
HOA Fee: No
Status Change Info
Status: Active
Business Only
Actual Gross Income: 1360880
Expenses: 685351
Cap Rate: 9.7
Net Operating Income: 675529
Property Features
Floors in Unit/Home: One
Financing: Cash; Conventional

Listing Office: CENTURY 21 Commander Realty

Last Updated: August - 06 - 2022

Information deemed reliable but not guaranteed.