Retail Unit with Dual-Facing
For Sale
$305,865
R-12-9860 S Thomas Dr, Panama City Beach, FL 32408
Commercial unit with exposure to Thomas Drive and the lake, along with access to plenty of parking.
Property Size971 SF
Price / SF$315
Days on Market343
Property Features for R-12-9860 S Thomas Dr
General Information
Standard status
Active
Size
971 SF
Listing Agency:
Coastal Living Realty & Associates
(404) 401-2444
Listed By:
Denise Hindes
(404) 401-2444
Source:
Exprealty
Added: Sep 23, 2025
Changed: Aug 30
Last Checked: Aug 31 at 7:27PM
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 971 square-foot retail unit is located within Laketown Wharf and includes entrances oriented toward both Thomas Drive and the lake. The configuration provides access from two prominent sides of the complex, with visibility from Thomas Drive and plenty of parking available for customers and visitors.
Laketown Wharf includes over 700 residential units and serves over 10, 000 short term rental guests during the rental season. The property is positioned at an intersection within the complex described as one of its busiest, placing the unit within an active resort-oriented setting. Owner financing is available.
Laketown Wharf includes over 700 residential units and serves over 10, 000 short term rental guests during the rental season. The property is positioned at an intersection within the complex described as one of its busiest, placing the unit within an active resort-oriented setting. Owner financing is available.
Key Highlights
- 971/SQFT retail unit at Laketown Wharf
- Entrances facing Thomas Drive and the lake
- Visibility from Thomas Drive
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
$10,632
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
3.48%
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%
$212,640
$212.6K
Cap Rate 7%
$151,886
$151.9K
Cap Rate 9%
$118,133
$118.1K
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
$16.5K $17.04/SF
− Vacancy
−$1.4K −$1.40/SF
EGI
$15.2K $15.64/SF
− OpEx
−$4.6K −$4.69/SF
NOI
$10.6K $10.95/SF
Area
Bay County, FL
Vacancy
8.20%
Lease Rate
$17.04 /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%
$212,640
Cap Rate 7%
$151,886
Cap Rate 9%
$118,133
Alternative Uses
Best Use
Retail
$151.9K
$132.9K – $177.2K
NOI $10,632 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$282.9K
$247.6K – $330.1K
NOI $19,804 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 42%
Hotels & Casinos 16%
Taco Bell
Dining
9,251 visits/mo
0.1 miles
Dollar General
Shops & Services
6,411 visits/mo
0.1 miles
Exxon
Shops & Services
2,649 visits/mo
0.4 miles
Fairfield Inn & Suites by Marriott Panama City Beach
Hotels & Casinos
1,893 visits/mo
0.5 miles
Home2 Suites
Hotels & Casinos
1,506 visits/mo
0.5 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.
Frequently Asked Questions
What type of property is this?
Retail space - Commercial unit with exposure to Thomas Drive and the lake, along with access to plenty of parking.
Where is this retail space located?
The property is located at R-12-9860 S Thomas Dr Panama City Beach, 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 retail unit at Laketown Wharf; Entrances facing Thomas Drive and the lake; Visibility from Thomas Drive
