Prime Commercial Condo For
For Sale
$599,999
8730 Thomas Drive #1101, Panama City, FL 32408
Versatile commercial space in a rapidly growing market.
Property Size2,482 SF
Price / SF$241.74
Days on Market142
Property Features for 8730 Thomas Drive #1101
General Information
Standard status
Active
Size
2,482 SF
Property subtype
Commercial
Amenities
Central Heating
Electric Heating
Building Details
Year Built
1985
Listing Agency:
FLATFEE.COM
(954) 965-3990
Listed By:
CLIFF GLANSEN · License #278017259
Source:
Corcoran
Added: Mar 24
Changed: Aug 8
Last Checked: Mar 24 at 8:14PM
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 FLATFEE.COM
Investment Insights
Based on property information with market context.
This 2,482 SF ground-floor end unit is located in St. Thomas Square in Panama City Beach, Florida. The commercial condo is ideally suited for medical, retail, or professional office use. The space features an abundance of windows and natural light. The end-unit positioning enhances exposure and provides additional signage opportunities. The property is located in a high-traffic area surrounded by ongoing new development and growth. It is located just 2 blocks from the beach, benefiting from both local and tourist traffic year-round. The property also offers ample on-site parking. The location is in one of the most desirable commercial corridors in Panama City Beach. The space offers exceptional visibility, accessibility, and flexibility for a wide range of business uses. Long-established neighboring tenants reinforce the stability and desirability of the center.
Key Highlights
- Prime location in a high‑traffic area of Panama City Beach, near ongoing development and growth.
- Versatile 2,482 SF ground‑floor end unit suitable for medical, retail, or professional office use.
- Exceptional visibility and accessibility within the well‑established St. Thomas Square.
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
$33,587
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
5.60%
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%
$671,740
$671.7K
Cap Rate 7%
$479,814
$479.8K
Cap Rate 9%
$373,189
$373.2K
Market Conditions
NOI Build-Up for 2,482 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
$62.5K $25.20/SF
− Vacancy
−$6.6K −$2.65/SF
EGI
$56.0K $22.55/SF
− OpEx
−$22.4K −$9.02/SF
NOI
$33.6K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$671,740
Cap Rate 7%
$479,814
Cap Rate 9%
$373,189
Alternative Uses
Best Use
Healthcare Medical
$479.8K
$419.8K – $559.8K
NOI $33,587 @ 7.0% cap · market cap 5.60%
Second Best
Office B
$446.8K
$390.9K – $521.2K
NOI $31,273 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$624.2K
$546.2K – $728.2K
NOI $43,693 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 32408, FL
17,479
Population
17,018
Households
1
Avg Household Size
48
Median Age
39%
College-Educated
96%
High-School Grad
8.6 sq mi
ZIP Area
2,032
Density / Sq Mi
$72,322
Median Household Income
$42,749
Median Earnings
$1,453
Median Rent
$352,400
Median Home Value
Market
Vacancy Rate% for Office 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?
Retail space - Versatile commercial space in a rapidly growing market.
Where is this retail space located?
The property is located at 8730 Thomas Drive #1101 Panama City, FL.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Prime location in a high‑traffic area of Panama City Beach, near ongoing development and growth.; Versatile 2,482 SF ground‑floor end unit suitable for medical, retail, or professional office use.; Exceptional visibility and accessibility within the well‑established St. Thomas Square.
