Restaurant Unit with Two
For Sale
$843,885
R-8-9860 S Thomas Dr, Panama City Beach, FL 32408
Commercial unit at Laketown Wharf with two entrances and plenty of on-site parking, currently operated as a breakfast restaurant.
Property Size2,679 SF
Price / SF$315
Days on Market347
Property Features for R-8-9860 S Thomas Dr
General Information
Standard status
Active
Size
2,679 SF
Listing Agency:
Coastal Living Realty & Associates
Listed By:
Denise Hindes
(404) 401-2444
Source:
Exprealty
Added: Sep 23, 2025
Changed: Aug 21
Last Checked: Sep 4 at 1:06PM
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 2,679-square-foot commercial unit at Laketown Wharf is currently operating as a breakfast restaurant, with flexibility to be adapted for other retail business uses. The space features two entrances, including one facing Thomas Drive and an additional entrance on the lake. Owner financing is available.
Laketown Wharf is positioned at a busy intersection in Panama City Beach, with plenty of parking serving the complex. The property environment includes over 700 residential units and multiple retail businesses, supporting a consistent stream of customers within the development.
Offered for sale as part of the active Laketown Wharf complex, this unit provides a strong setup for an operator looking for direct, multi-access entry points and convenient parking.
Laketown Wharf is positioned at a busy intersection in Panama City Beach, with plenty of parking serving the complex. The property environment includes over 700 residential units and multiple retail businesses, supporting a consistent stream of customers within the development.
Offered for sale as part of the active Laketown Wharf complex, this unit provides a strong setup for an operator looking for direct, multi-access entry points and convenient parking.
Key Highlights
- 2,679 SF commercial unit at Laketown Wharf, currently operating as a breakfast restaurant
- Two entrances—one facing Thomas Drive and one entrance on the lake
- Plenty of on‑site parking available for customers
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
$33,707
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
3.99%
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%
$674,140
$674.1K
Cap Rate 7%
$481,529
$481.5K
Cap Rate 9%
$374,522
$374.5K
Market Conditions
NOI Build-Up for 2,679 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
$48.2K $18.00/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$44.9K $16.78/SF
− OpEx
−$11.2K −$4.19/SF
NOI
$33.7K $12.58/SF
Area
Bay County, FL
Vacancy
6.80%
Lease Rate
$18.00 /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%
$674,140
Cap Rate 7%
$481,529
Cap Rate 9%
$374,522
Alternative Uses
Best Use
Specialty Retail
$481.5K
$421.3K – $561.8K
NOI $33,707 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$780.6K
$683.0K – $910.7K
NOI $54,640 @ 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
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Breakfast & diner - Commercial unit at Laketown Wharf with two entrances and plenty of on-site parking, currently operated as a breakfast restaurant.
Where is this breakfast & diner located?
The property is located at R-8-9860 S Thomas Dr Panama City Beach, 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: 2,679 SF commercial unit at Laketown Wharf, currently operating as a breakfast restaurant; Two entrances—one facing Thomas Drive and one entrance on the lake; Plenty of on‑site parking available for customers
