Laketown Wharf Retail
For Sale
$305,865
9860 S Thomas Drive #R-12, Panama City, FL 32408
Retail unit within a large residential and short-term rental complex with parking available on site.
Property Size1,001 SF
Price / SF$315
Days on Market334
Property Features for 9860 S Thomas Drive #R-12
General Information
Standard status
Active
Size
1,001 SF
Property subtype
Commercial
Building Details
Building Size
1,001 SF
Year Built
2007
Listing Agency:
Coastal Living Realty & Associates
(404) 401-2444
Listed By:
Denise Hindes
(404) 401-2444
Source:
Fullsailnwfl
Added: Sep 17, 2025
Changed: Aug 12
Last Checked: Aug 15 at 1:29PM
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.
Built in 2007, this 971-square-foot retail unit is located within Laketown Wharf. The space includes separate entrances oriented toward Thomas Drive and the lake, creating two distinct access points. Parking is available within the complex.
The property is located at 9860 S Thomas Drive #R-12, Panama City, FL 32408. Laketown Wharf includes over 700 residential units and over 10,000 short-term rental guests over the rental season, providing the surrounding setting for this retail space.
The property is located at 9860 S Thomas Drive #R-12, Panama City, FL 32408. Laketown Wharf includes over 700 residential units and over 10,000 short-term rental guests over the rental season, providing the surrounding setting for this retail space.
Key Highlights
- 971/SQFT of retail space
- Entrances facing Thomas Drive and the Lake
- Parking available within Laketown Wharf
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
$11,195
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
3.66%
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%
$223,900
$223.9K
Cap Rate 7%
$159,929
$159.9K
Cap Rate 9%
$124,389
$124.4K
Market Conditions
NOI Build-Up for 971 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
$17.5K $18.00/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$16.0K $16.47/SF
− OpEx
−$4.8K −$4.94/SF
NOI
$11.2K $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%
$223,900
Cap Rate 7%
$159,929
Cap Rate 9%
$124,389
Alternative Uses
Best Use
Retail
$159.9K
$139.9K – $186.6K
NOI $11,195 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$244.2K
$213.7K – $284.9K
NOI $17,093 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Retail unit within a large residential and short-term rental complex with parking available on site.
Where is this retail space located?
The property is located at 9860 S Thomas Drive #R-12 Panama City, FL.
What is the asking price?
The asking price for this property is $305,865.
What are key features of this property?
This property features: 971/SQFT of retail space; Entrances facing Thomas Drive and the Lake; Parking available within Laketown Wharf
