8700 Thomas DrPanama City Beach, FL 32408

Property Details for 8700 Thomas Dr

Year built

1980

Property size (Sq ft)

2,482 SF

Property type

Specialty properties

Property subtype

Retail properties

Description

This exceptional mixed-use commercial property, located at 8700 S Thomas Dr, Panama City Beach, FL 32408, presents a compelling investment opportunity. The 2,482 square foot space, built in 1980 and renovated in 2008, is currently 100% occupied under a triple-net (NNN) lease with a franchisee tenant. The lease commenced December 1, 2022, and expires November 30, 2025, with one year remaining. The annual net operating income (NOI) is $50,132, yielding a 7.97% cap rate. The asking price is $629,000, translating to $253.42 per square foot. The property features ample parking with 83 spaces and benefits from high visibility due to its end-unit location within a plaza containing diverse businesses, including a restaurant, liquor store, coffee shop, dentist office, hair studio, and grocery store. The interior boasts a large front desk, waiting area (easily partitioned into an additional office), four extra-large offices, a spacious conference room, laundry room with washer and dryer, storage closet, additional storage space (potentially another office), kitchen/breakroom, and bathrooms. The property is zoned COMM and offers three lease options. The lease includes annual rent bumps of 3.5%. This versatile space is suitable for various uses, including medical, office, or retail. The building is single-story.

Location Insight

City

Panama City Beach

County

Bay

State

Florida

Latitude

30.1714

Longitude

-85.7963

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