Penthouse Retail Condominium
For Sale
Contact for pricing
9860 S Thomas Drive C-10, Panama City, FL 32408
Upper-level condominium unit with existing plumbing, electrical service, and HVAC for commercial or residential build-out.
Property Size1,536 SF
Price / SF$309.24
Days on Market13
Property Features for 9860 S Thomas Drive C-10
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Retail
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2007
Buildings
1
Listing Agency:
Coastal Living Realty & Associates
(404) 401-2444
Listed By:
Denise Hindes
Source:
Crexi
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 10 at 8:51AM
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 Coastal Living Realty & Associates
Investment Insights
Based on property information with market context.
This 1,536-square-foot retail condominium occupies the penthouse floor of a multi-use building completed in 2007. The unit includes installed plumbing, electrical service, and HVAC, providing core infrastructure for a future commercial or residential build-out.
The property is located at 9860 S Thomas Drive, Unit C-10, in Panama City, Florida, across from Pineapple Willys. The condominium contains 765 residential units and 35 retail or commercial units, creating a mixed-use setting with both residential and commercial components. Gulf of Mexico views are associated with the unit.
The property is located at 9860 S Thomas Drive, Unit C-10, in Panama City, Florida, across from Pineapple Willys. The condominium contains 765 residential units and 35 retail or commercial units, creating a mixed-use setting with both residential and commercial components. Gulf of Mexico views are associated with the unit.
Key Highlights
- 1,536 SF penthouse‑floor retail condominium unit
- Existing plumbing, electrical service, and HVAC
- Commercial or residential build‑out potential
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
$17,709
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
3.73%
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%
$354,180
$354.2K
Cap Rate 7%
$252,986
$253.0K
Cap Rate 9%
$196,767
$196.8K
Market Conditions
NOI Build-Up for 1,536 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
$27.6K $18.00/SF
− Vacancy
−$2.4K −$1.53/SF
EGI
$25.3K $16.47/SF
− OpEx
−$7.6K −$4.94/SF
NOI
$17.7K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$354,180
Cap Rate 7%
$252,986
Cap Rate 9%
$196,767
Alternative Uses
Best Use
Retail
$253.0K
$221.4K – $295.2K
NOI $17,709 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$386.3K
$338.0K – $450.7K
NOI $27,040 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
175k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 49%
Dining 29%
Shops & Services 20%
Electronics 1%
Walmart
Superstores
85,761 visits/mo
0.3 miles
McDonald's
Dining
17,432 visits/mo
0.2 miles
Murphy USA
Shops & Services
14,818 visits/mo
0.3 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
12,200 visits/mo
0.4 miles
Circle K
Shops & Services
10,766 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Upper-level condominium unit with existing plumbing, electrical service, and HVAC for commercial or residential build-out.
Where is this retail space located?
The property is located at 9860 S Thomas Drive C-10 Panama City, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,536 SF penthouse‑floor retail condominium unit; Existing plumbing, electrical service, and HVAC; Commercial or residential build‑out potential
