Restaurant and Drinks Bar with Outdoor
For Sale
$299,900
2117 E 3rd Street, Panama City, FL 32401
Historic mixed-use property currently operating as a restaurant and drinks bar with an outdoor gathering space.
Days on Market54
Property Features for 2117 E 3rd Street
General Information
Standard status
Active
Property subtype
Commercial
Additional Details
Patio
Yes
Building Details
Building Size
1,918 SF
Year Built
1925
Listing Agency:
Keller Williams Success Realty
(850) 624-5819
Listed By:
Jimmy Dean · License #SL3531681
(850) 624-5819
Source:
Fullsailnwfl
Added: Jun 9
Changed: Jul 29
Last Checked: Jul 31 at 1:41PM
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 Keller Williams Success Realty
Investment Insights
Based on property information with market context.
Located at 2117 E 3rd Street in Panama City, this historic mixed-use commercial property was originally built in 1925. The building is currently operating as a restaurant and drinks bar and offers a highly functional interior layout with ample indoor seating and a commercial-style service area.
A key feature of the property is its outdoor gathering space, designed for entertainment, fellowship, and social events. The remarks describe this as a one-of-a-kind space intended to support uses such as live music, game nights, and private events, and it may also support expanded customer seating.
With its historic character, established commercial presence, and mixed-use zoning, the building’s size and footprint are presented as flexible for a range of business concepts beyond the current restaurant and bar operations.
A key feature of the property is its outdoor gathering space, designed for entertainment, fellowship, and social events. The remarks describe this as a one-of-a-kind space intended to support uses such as live music, game nights, and private events, and it may also support expanded customer seating.
With its historic character, established commercial presence, and mixed-use zoning, the building’s size and footprint are presented as flexible for a range of business concepts beyond the current restaurant and bar operations.
Key Highlights
- Built in 1925 historic commercial property at 2117 E 3rd Street, Panama City, FL 32401
- Currently operating as a restaurant and drinks bar
- Mixed‑use zoned property
Financial Insights For Retail
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 | $34.5k | $18.00 |
| − Vacancy | −$2.9k | −$1.53 |
| EGI | $31.6k | $16.47 |
| − OpEx | −$9.5k | −$4.94 |
| NOI | $22.1k | $11.53 |
1,918 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$417.2K
$365.1K – $486.8K
NOI $29,207 @ 7.0% cap · market cap 9.74%
Second Best
Retail
$315.9K
$276.4K – $368.6K
NOI $22,113 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$482.3K
$422.1K – $562.7K
NOI $33,764 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
5k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,953 visits/mo
0.3 miles
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic mixed-use property currently operating as a restaurant and drinks bar with an outdoor gathering space.
Where is this conventional restaurant located?
The property is located at 2117 E 3rd Street Panama City, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Built in 1925 historic commercial property at 2117 E 3rd Street, Panama City, FL 32401; Currently operating as a restaurant and drinks bar; Mixed‑use zoned property
