1114-1120 THOMAS DR Active Save Request In-Person Tour Request Virtual Tour
Panama City Beach,FL 32408
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision Coastal Palms Commercial
MLS Listing ID 666940
HOA Y/N No
Year Built 2008
Lot Size 1.000 Acres
Acres 1.0
Property Sub-Type Other
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. 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.
Location
State FL
County Bay
Area 03 - Bay County - Beach
Interior
Fireplace No
Schools
Elementary Schools Patronis
Middle Schools Surfside
High Schools Arnold
Others
Tax ID 30159-400-114
Acceptable Financing Cash
Listing Terms Cash
Financing Conventional,Seller Financing