Retail/Office Building on Thomas
1114-1120 Thomas Drive Panama City Beach, FL 32408
1114-1120 Thomas Drive, Panama City Beach, FL, 32408
$2,200,000
For Sale
$2,200,000
Class A building with two units and ample parking.
Property Size7,487 SF
Lot Size1.00 Acre
Price / SF$293.84
Days on Market197
Property Features for 1114-1120 Thomas Drive
General Information
- Standard status
- Active
- Size
- 7,487 SF
- Lot size
- 1.00 Acre
- Property subtype
- Commercial
Building Details
- Year Built
- 2008
Listing Agency
VARNES REALTY
(850) 896-0910
Listed by
KEN J VARNES · License #BK603891
Source
Corcoran
Added: Jan 4 Updated: Jul 10 at 3:47 pm Checked: Jul 19 at 3:40 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of VARNES REALTY
Investment Insights
Based on property information with market context.
This Class A retail/office building offers 6,901 square feet of space and presents significant potential. Constructed with concrete poured block and steel beam-supported ceilings, the building features a tile roof with a one-piece rubber membrane. A complete fire sprinkler system is in place and monitored 24/7. The property includes ample parking and prominent signage on Thomas Drive. The building is divided into two units: one unit comprises 4,985 square feet, and the other contains 1,916 square feet. Taylor's Restaurant, formerly known as Egg I Restaurant, currently occupies the larger unit and is in its third 5-year lease term. Realty One Group of the Emerald Coast occupies the remaining space under a 2-year lease that expires in September 2025. The property is situated on a 7,487 square foot lot.
Key Highlights
- High‑quality Class A building with retail/office space.
- Fully leased with established tenants: Taylor's Restaurant and Realty One Group.
- Strong income potential with existing leases in place.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $211.1k | $28.20 |
| − Vacancy | −$43.3k | −$5.78 |
| EGI | $167.9k | $22.42 |
| − OpEx | −$42.0k | −$5.60 |
| NOI | $125.9k | $16.81 |
7,487 SF · lease $28.20/SF/yr · vacancy 20.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.10M
NOI $125,888 @ 7.0% cap · market cap 5.72%
Second Best
Retail
$1.17M
$1.02M – $1.37M
NOI $81,982 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$2.18M
$1.91M – $2.55M
NOI $152,702 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Class A building with two units and ample parking.
Where is this retail space located?
The property is located at 1114-1120 Thomas Drive Panama City Beach, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: High‑quality Class A building with retail/office space.; Fully leased with established tenants: **Taylor's Restaurant and Realty One Group.**; **Strong income potential** with existing leases in place.
