309 E 23rd St, Panama City, FL

Listing office Stirling | Pensacola j***@ymail.com Show Phone

Listing date Nov 25, 2025

Source Moodyscre

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Overview

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.

Suggested Use

Auto Parts Store HVAC Service Storage Facility Kitchen & Bath Showroom Grocery & Convenience Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store

Zoning and permitted uses should be independently verified with local authorities.

Similar Places Nearby

• Family Floral Designs and Events — 1030 E 26th St, Panama City, FL 32405
• Flowers by Pam — 2003 Wilson Ave, Panama City, FL 32405
• Designs By Carmen — 301 W 23rd Pl, Panama City, FL 32405

Location Insight

• Map
• Local Demand

City

Panama City

County

Walton

State

Florida

Longitude

-85.6552

Latitude

30.1899

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FAQs

What type of property is this?

Storefront property - High-performing Planet 13 net-leased asset in Panama City, Florida.

Where is this storefront property located?

The property is located at 309 E 23rd St Panama City, FL.

What are key features of this property?

This property features: High‑performing Planet 13 Net‑Leased asset with a 10‑year Triple Net (NNN) lease to a nationally recognized cannabis operator.; Attractive 8.24% blended Cap Rate over the initial lease term.; Located in the #2 Fastest Growing MSA by Percent Growth in 2024.