For Sale
$305,865
9860 S Thomas Drive R-11, Panama City, FL 32408
Conventional restaurants
Property Size1,001 SF
Price / SF$305.56
Days on Market339
Property Features for 9860 S Thomas Drive R-11
General Information
Standard status
Active
Size
1,001 SF
Amenities
Picnic Area, Clubhouse
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:
Evrealestate
Added: Sep 23, 2025
Changed: Aug 25
Last Checked: Aug 26 at 6:06AM
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.
Key Highlights
- Unparalleled visibility at one of the busiest intersections in Panama City Beach.
- Existing restaurant setup in a retail unit at Laketown Wharf.
- High‑density on‑site customer base with over 700 residential units and short‑term vacation renters.
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
$15,243
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
4.98%
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%
$304,860
$304.9K
Cap Rate 7%
$217,757
$217.8K
Cap Rate 9%
$169,367
$169.4K
Market Conditions
NOI Build-Up for 1,001 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
$21.6K $21.60/SF
− Vacancy
−$1.3K −$1.30/SF
EGI
$20.3K $20.30/SF
− OpEx
−$5.1K −$5.08/SF
NOI
$15.2K $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%
$304,860
Cap Rate 7%
$217,757
Cap Rate 9%
$169,367
Alternative Uses
Best Use
Specialty Retail
$217.8K
$190.5K – $254.1K
NOI $15,243 @ 7.0% cap · market cap 4.98%
Second Best
Retail
$164.9K
$144.3K – $192.4K
NOI $11,541 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$251.7K
$220.3K – $293.7K
NOI $17,622 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
175k
Monthly Visits Nearby
Well-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Captain Jacks — Panama City Beach, FL 32407
- The Wharf Buffet — 9902 S Thomas Dr, Panama City Beach, FL 32408
- All American Diner — 10590 Front Beach Rd, Panama City Beach, FL 32407
- Jin Jin Super King — 9802 Front Beach Rd, Panama City Beach, FL 32407
Frequently Asked Questions
Where is this conventional restaurant located?
The property is located at 9860 S Thomas Drive R-11 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: Unparalleled visibility at one of the busiest intersections in Panama City Beach.; Existing restaurant setup in a retail unit at Laketown Wharf.; High‑density on‑site customer base with over 700 residential units and short‑term vacation renters.
