309 E 23Rd St Panama City, FL 32405

This offering features a Planet 13 net-leased asset situated in the 23rd St. commercial corridor of Panama City, Florida. The property includes the real estate secured by a 10-year Triple Net (NNN) lease to Planet 13, a state-licensed cannabis operator. The site features a 1,500-square-foot free-standing building renovated in 2024 by the tenant. The lease provides for 2.5% annual rent increases throughout the initial term and renewal options, generating an 8.24% blended cap rate over the initial lease term. The location is an out-parcel to Home Depot and is situated across 23rd St. from the Shops at Bay City Point, ranked in the Top 1% of shopping centers in Florida for annual visits. The property benefits from accessibility for both East and Westbound traffic on 23rd St., along with visibility and monument signage. The surrounding trade area is densely populated, with a population of 84,000+ within a 5-mile radius. Panama City MSA is the #2 Fastest Growing MSA by Percent Growth in 2024. The property is located in the heart of Panama City's main retail corridor, offering visibility with traffic counts of 28,000 vehicles per day.