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    Gulf View Commercial Opportunity Title is generated by Realmo AI

    6908 Thomas Drive, Panama City Beach, FL 32408

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    Claim this Listing
    For Sale
    $1,900,000

    Prime commercial property near the Gulf of Mexico on Thomas Drive.

    Property size:
    6,985 SF
    Price / SF:
    $272/SF
    Added:
    Jun 3, 2025
    Days on Market:
    367
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 6908 Thomas Drive

    General Information

    Standard status
    Active
    Size
    6,985 SF

    Building Details

    Year Built
    1979

    We can help!

    Listing Contact
    CINDY K CHAVIRA

    Listing agent CINDY K CHAVIRA

    Listing office OWN IT REAL ESTATE LLC

    Listing date Jun 3, 2025

    Source Corcoran

    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 OWN IT REAL ESTATE LLC

    HighLights

    • Prime Gulf‑view commercial property (0.54 acres) in the heart of Panama City Beach, just 800 feet from the Gulf of Mexico.
    • C‑1 zoning allows for diverse development options.
    • High visibility location on Thomas Drive, surrounded by condos, restaurants, and attractions.
    • Includes a 6,985 sq. ft. building with recent renovations and a new HVAC system.
    • Property is NOT in a flood zone.
    • Four separate lots with 100 feet of frontage on Thomas Drive.

    Overview

    This 0.54-acre Gulf-view property is zoned C-1 Neighborhood Commercial, offering various development possibilities. Located in Panama City Beach, it is approximately 800 feet from the Gulf of Mexico. The site consists of four separate lots totaling approximately 23,522 square feet with 100 feet of frontage on Thomas Drive, extending 235 feet through to Beach Drive. It includes a building with approximately 6,985 square feet, featuring three upstairs office/storage rooms and bathrooms. The property has high visibility in a busy area near high-rise condos, restaurants, public beach access, and major attractions. It previously operated as a bar/restaurant and has undergone recent renovations, including a complete build-out and a new HVAC system. On-site signage and real estate are included. The property is not in a flood zone. C-1 Zoning allows for commercial, mixed-use, or multifamily development with a density of up to 15 units per acre and a maximum building height of 35 feet. The Impervious Surface Ratio is 60%, and the Floor Area Ratio is 100%. Setbacks are 20 feet front/rear and 5 feet sides, with a minimum lot frontage of 70 feet. The property is suitable for multi-family units or a new business.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Similar Places Nearby

    • The Black Pearl — 6628 Thomas Dr, Panama City, FL 32408
    • Busters Beer and Bait — 5900 Thomas Dr, Panama City Beach, FL 32408
    • Barracuda Beach Bar & Grill — 6628 Thomas Dr, Panama City Beach, FL 32408
    • Splash Bar Florida — 6520 Thomas Dr, Panama City Beach, FL 32408
    • Bikini Bob's Bar & Grill — 5801 Thomas Dr, Panama City Beach, FL 32408

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.7714
    Latitude
    30.1564

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    FAQs

    What type of property is this?
    Bar & Pub - Prime commercial property near the Gulf of Mexico on Thomas Drive.
    Where is this bar & pub located?
    The property is located at 6908 Thomas Drive Panama City Beach, FL.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Prime Gulf‑view commercial property (0.54 acres) in the heart of Panama City Beach, just 800 feet from the Gulf of Mexico.; C‑1 zoning allows for diverse development options.; High visibility location on Thomas Drive, surrounded by condos, restaurants, and attractions.
    We can help!
    Listing Contact
    CINDY K CHAVIRA
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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