For Sale
$4,000,000

2265 Martin Luther King Jr BlvdPanama City, FL 32405

High-yield Starbucks NNN lease, Florida.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 2,500 square foot Starbucks located at 2265 Martin Luther King Jr Blvd, Panama City, Florida 32405. The property is a single-tenant, absolute NNN net lease with a corporate guarantee from a publicly traded company boasting an investment-grade credit rating (BBB+/stable). The lease commenced August 1st, 2024, and features a 15-year term expiring July 31st, 2039, with a substantial remaining term of approximately 14.7 years. Rent commences July 11th, 2024, and includes a 10% rent increase every five years, ensuring consistent growth in return. The property sits on a 0.85-acre lot and is an outparcel to a Class-A retail power center, benefiting from high visibility and traffic volume (23,500 vehicles per day on N. Cove Blvd). The densely populated market boasts over 84,000 residents within a 5-mile radius. The asking price is $4,000,000, representing a 5.25% cap rate and a net operating income (NOI) of $210,000. This is a rare relocation store, having moved from across the street, indicating strong brand confidence in the location. The building was constructed in 2024 and enjoys 100% occupancy. This is an ideal investment for those seeking a secure, high-performing asset with significant long-term growth potential.

Highlights

  • $4,000,000 asking price for a 2,500 SF retail property.
  • 15-year absolute NNN lease with Starbucks, a corporate-guaranteed tenant.
  • 10% rent increases every five years.
  • Relocated Starbucks from across the street to a new outparcel in a Class-A retail power center.
  • High-traffic location with 23,500 vehicles per day.
  • Densely populated area with over 84,000 residents within a 5-mile radius.

Property Details for 2265 Martin Luther King Jr Blvd

Property type
Retail properties
Square Feet
2,500 SF
Year Built
2024
Lot Size (sq. ft)
37,026 SF

Location Insight

City
Panama City
County
Bay
State
Florida
Latitude
30.188341
Longitude
-85.650588
2265 Martin Luther King Jr Blvd, Panama City, Florida

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2265 Martin Luther King Jr Blvd
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