Rooftop Restaurant Development
For Sale
$1,100,000
436 Harrison Avenue, Panama City, FL 32401
Rooftop development area with utility connections, vertical access, and room for a custom restaurant concept.
Property Size6,000 SF
Price / SF$183.33
Days on Market30
Property Features for 436 Harrison Avenue
General Information
Standard status
Active
Size
6,000 SF
Property subtype
General Commercial
Additional Details
Utilities to Site
Yes
Amenities
two staircases
one elevator
3
Building Details
Construction
poured concrete
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Christopher McCall · License #666647
(850) 814-9889
Source:
Xome
Added: Aug 4
Changed: Sep 2
Last Checked: Sep 1 at 5:16PM
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 Counts Real Estate Group Inc
Investment Insights
Based on property information with market context.
The available rooftop offers approximately 6,000 square feet for a restaurant, bar, or related commercial concept. Access is provided by two staircases and an elevator. The Mashburn Building uses poured-concrete construction throughout, with additional steel reinforcement incorporated into the structure. The rooftop is designed to support multiple stories, subject to final architectural and structural engineering plans.
Major utilities have been stubbed to the roof for connection to restaurant, bar, or residential improvements. The project does not require stormwater facilities or dedicated parking, and shared downtown parking is available for the property and its customers. Elevated views extend across Panama City toward the Hathaway Bridge, Saint Andrews, downtown, Thomas Drive, Front Beach Road, Tyndall Air Force Base, and Callaway. Preliminary rooftop restaurant and bar concept plans have also been developed.
Major utilities have been stubbed to the roof for connection to restaurant, bar, or residential improvements. The project does not require stormwater facilities or dedicated parking, and shared downtown parking is available for the property and its customers. Elevated views extend across Panama City toward the Hathaway Bridge, Saint Andrews, downtown, Thomas Drive, Front Beach Road, Tyndall Air Force Base, and Callaway. Preliminary rooftop restaurant and bar concept plans have also been developed.
Key Highlights
- Approximately +/-6,000 square feet of rooftop area
- Two staircases and one elevator provide access to the rooftop
- Poured‑concrete construction with additional steel reinforcement
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
$91,368
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
8.31%
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%
$1,827,360
$1.8M
Cap Rate 7%
$1,305,257
$1.3M
Cap Rate 9%
$1,015,200
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$129.6K $21.60/SF
− Vacancy
−$7.8K −$1.30/SF
EGI
$121.8K $20.30/SF
− OpEx
−$30.5K −$5.08/SF
NOI
$91.4K $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%
$1,827,360
Cap Rate 7%
$1,305,257
Cap Rate 9%
$1,015,200
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,368 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,624 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,511
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Hotels & Casinos 39%
Home Improvements & Furnishings 4%
Hotel Indigo
Hotels & Casinos
6,030 visits/mo
0.3 miles
Dollar General
Shops & Services
3,443 visits/mo
0.1 miles
Family Dollar
Shops & Services
2,704 visits/mo
0.2 miles
Regions Bank
Shops & Services
2,560 visits/mo
0.4 miles
City Electric Supply
Home Improvements & Furnishings
544 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 - Rooftop development area with utility connections, vertical access, and room for a custom restaurant concept.
Where is this conventional restaurant located?
The property is located at 436 Harrison Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately +/-6,000 square feet of rooftop area; Two staircases and one elevator provide access to the rooftop; Poured‑concrete construction with additional steel reinforcement
