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.
Property Size1,918 SF
Days on Market63
Property Features for 2117 E 3rd Street
General Information
Standard status
Active
Size
1,918 SF
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: Aug 8
Last Checked: Aug 10 at 11:28AM
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
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,113
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$442,260
$442.3K
Cap Rate 7%
$315,900
$315.9K
Cap Rate 9%
$245,700
$245.7K
Market Conditions
NOI Build-Up for 1,918 SF
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.
Gross rent
$34.5K $18.00/SF
− Vacancy
−$2.9K −$1.53/SF
EGI
$31.6K $16.47/SF
− OpEx
−$9.5K −$4.94/SF
NOI
$22.1K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$442,260
Cap Rate 7%
$315,900
Cap Rate 9%
$245,700
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
Property Profile
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
