Breakfast Restaurant Commercial
New
For Sale
$843,885
9860 S Thomas Drive R-8, Panama City, FL 32408
Two entrances connect the space with Thomas Drive and the lake.
Property Size2,751 SF
Price / SF$306.76
Days on Market2
Property Features for 9860 S Thomas Drive R-8
General Information
Standard status
Active
Size
2,751 SF
Additional Details
Road Access
Yes
Building Details
Year Built
2007
Listing Agency:
Coastal Living Realty & Associates
Listed By:
Denise Hindes
(404) 401-2444
Source:
Bemajorteam
Added: Sep 12
Last Checked: Sep 12 at 2:27PM
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 commercial unit at Laketown Wharf is currently configured for breakfast restaurant use and includes two separate entrances. One entrance faces S Thomas Drive, while the second opens toward the lake. The property also offers on-site parking and was built in 2007.
The unit is located at 9860 S Thomas Drive in Panama City Beach, within a complex containing over 700 residential units and multiple retail businesses. Its position at the Laketown Wharf development places the space within a mixed residential and retail setting at a busy intersection.
The unit is located at 9860 S Thomas Drive in Panama City Beach, within a complex containing over 700 residential units and multiple retail businesses. Its position at the Laketown Wharf development places the space within a mixed residential and retail setting at a busy intersection.
Key Highlights
- Currently configured for breakfast restaurant use
- Two entrances: one facing S Thomas Drive and one opening toward the lake
- On‑site parking included
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
$41,892
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
4.96%
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%
$837,840
$837.8K
Cap Rate 7%
$598,457
$598.5K
Cap Rate 9%
$465,467
$465.5K
Market Conditions
NOI Build-Up for 2,751 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
$59.4K $21.60/SF
− Vacancy
−$3.6K −$1.30/SF
EGI
$55.9K $20.30/SF
− OpEx
−$14.0K −$5.08/SF
NOI
$41.9K $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%
$837,840
Cap Rate 7%
$598,457
Cap Rate 9%
$465,467
Alternative Uses
Best Use
Specialty Retail
$598.5K
$523.7K – $698.2K
NOI $41,892 @ 7.0% cap · market cap 4.96%
Second Best
Retail
$453.1K
$396.5K – $528.6K
NOI $31,716 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$691.8K
$605.4K – $807.2K
NOI $48,429 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
175k
Monthly Visits Nearby
Balanced
Demand for This Use
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?
Breakfast & diner - Two entrances connect the space with Thomas Drive and the lake.
Where is this breakfast & diner located?
The property is located at 9860 S Thomas Drive R-8 Panama City, FL.
What is the asking price?
The asking price for this property is $843,885.
What are key features of this property?
This property features: Currently configured for breakfast restaurant use; Two entrances: one facing S Thomas Drive and one opening toward the lake; On‑site parking included
