Turnkey 52-Seat
For Sale
$449,900
301 Cherry Street, Panama City, FL 32401
Turnkey 52-seat restaurant sale includes furnishings, fixtures, equipment, and kitchen inventory with wine and beer license.
Property Size2,096 SF
Price / SF$214.65
Days on Market192
Property Features for 301 Cherry Street
General Information
Standard status
Active
Size
2,096 SF
Property subtype
General Commercial
Additional Details
Furnished
Yes
Business Included
Yes
Liquor License
Yes
Amenities
3
Building Details
Year Built
1964
Listing Agency:
CENTURY 21 Commander Realty
(850) 596-0303
Listed By:
Cari Henry · License #SL3468501
(850) 596-0303
Source:
Xome
Added: Feb 16
Changed: Aug 25
Last Checked: Aug 26 at 7:13AM
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 CENTURY 21 Commander Realty
Investment Insights
Based on property information with market context.
This turnkey restaurant property offers a 52-seat dining capacity and comes fully equipped for immediate operations. The sale includes the real property along with interior furnishings, fixtures, equipment, and kitchen inventory, providing a complete setup for a new owner.
The restaurant is currently operating as a Thai restaurant. Its flexible layout and existing wine and beer license add operational versatility for a range of restaurant concepts.
Located in the Downtown Cove area at 301 Cherry Street, the property is offered as a single, ready-to-operate restaurant opportunity.
The restaurant is currently operating as a Thai restaurant. Its flexible layout and existing wine and beer license add operational versatility for a range of restaurant concepts.
Located in the Downtown Cove area at 301 Cherry Street, the property is offered as a single, ready-to-operate restaurant opportunity.
Key Highlights
- 52‑seat restaurant in the Downtown Cove area
- Sale includes real property plus all interior furnishings, fixtures, equipment, and kitchen inventory
- Currently operating as a Thai restaurant
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
$31,918
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
7.09%
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%
$638,360
$638.4K
Cap Rate 7%
$455,971
$456.0K
Cap Rate 9%
$354,644
$354.6K
Market Conditions
NOI Build-Up for 2,096 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
$45.3K $21.60/SF
− Vacancy
−$2.7K −$1.30/SF
EGI
$42.6K $20.30/SF
− OpEx
−$10.6K −$5.08/SF
NOI
$31.9K $15.23/SF
Area
Walton County, FL
Vacancy
6.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$638,360
Cap Rate 7%
$455,971
Cap Rate 9%
$354,644
Alternative Uses
Best Use
Specialty Retail
$456.0K
$399.0K – $532.0K
NOI $31,918 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$527.1K
$461.2K – $615.0K
NOI $36,898 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey 52-seat restaurant sale includes furnishings, fixtures, equipment, and kitchen inventory with wine and beer license.
Where is this conventional restaurant located?
The property is located at 301 Cherry Street Panama City, FL.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 52‑seat restaurant in the Downtown Cove area; Sale includes real property plus all interior furnishings, fixtures, equipment, and kitchen inventory; Currently operating as a Thai restaurant
