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    9902 Thomas Dr Panama City Beach, FL 32408
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    9902 Thomas Dr Panama City Beach, FL 32408

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    • Investment properties
    • 3,652 SF
    For Sale
    $353,100
    View Listing →
    Prime Panama City Beach Retail Space For Sale
    $353,100

    Prime Panama City Beach Retail Space

    High-traffic retail space, excellent investment.

    9902 Thomas Dr, Panama City, FL 32408
    View Listing
    Property ID
    US18-4983464
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 9902 Thomas Dr

    Year built
    2007
    Property size
    3,652 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    40001-000-779
    APU
    40001000779

    Description

    This exceptional retail opportunity is located in Panama City Beach, Florida, at 9902 S Thomas Drive, zip code 32408, within the expansive Laketown Wharf condominium complex. Built in 2007, this property presents a rare chance to acquire a piece of one of the busiest commercial areas in the city. The property is situated near the intersections of Front Beach Rd, Middle Beach Rd, and S Thomas Drive, ensuring high visibility and foot traffic. Currently occupied by a tenant (please do not disturb), this retail space benefits from the proximity of over 2000 condo units, potentially generating significant daily walk-up traffic estimated at 12,000 people based on an average of 6 guests per unit. The asking price is $353,100. While the lot size is not specified, this property is part of approximately 30,000 square feet of available retail space, offering various sizes that can be purchased individually or as a package. All information is believed to be accurate, but verification by the buyer is recommended. This presents a strong investment opportunity in a thriving tourist destination. The property is located in Bay County, Florida.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $615,000
      6.5%
      $570,000
      7%
      $530,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $810,000
      Market price range: $287k - $1.11M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.804
    Latitude
    30.1772
    CBSA code
    37460
    CBSA name
    PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,662
    $0.00
    $438,240
    $438,240
    -
    $0.00
    $438,240
    $438,240

    Comparable in this City

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      762 SF

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    • Value Estimation by Request
      860 SF

      6905 Thomas Dr, Unit 1

      STORE/OFFICE (MIXED USE) • 860 SF
      6905 Thomas Dr, Panama City Beach, FL 32408-6158
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    • Value Estimation by Request
      2,824 SF

      9902 Thomas Dr, Unit 19

      STORE/OFFICE (MIXED USE) • 2,824 SF
      9902 Thomas Dr, Panama City Beach, FL 32408-1201
      View Details
    • Value Estimation by Request
      2,605 SF

      9900 Thomas Dr, Unit 3

      STORE/OFFICE (MIXED USE) • 2,605 SF
      9900 Thomas Dr, Panama City Beach, FL 32408-3804
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    • Value Estimation by Request

      8618 Surf Dr

      STORE/OFFICE (MIXED USE)
      8618 Surf Dr, Panama City Beach, FL 32408-4719
      View Details
    • Value Estimation
      $555,000
      1,899 SF

      9902 Thomas Dr, Unit 16

      STORE/OFFICE (MIXED USE) • 1,899 SF
      9902 Thomas Dr, Panama City Beach, FL 32408-1201
      View Details

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    Similar Nearby for Lease

    • $30 SF/Yr
      5,000 SF

      Navy Boulevard Commercial Space Available

      New commercial building for lease, ideal for retail or office.
      200 Thomas Dr, Panama City Beach, FL 32408
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    • $30 SF/Yr
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      Navy Boulevard Commercial Space

      New commercial building ideal for retail, office, showroom, and flex.
      200 Navy Blvd, Panama City Beach, FL 32408
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    • $3,245 /Mo
      24,852 SF

      Panama City Warehouse Space Available

      24852 sqft warehouse space for lease in Panama City.
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      View Details
    • $3,000 /Mo
      1,370 SF

      Commercial Lot For Lease

      High-visibility commercial lot in Panama City Beach for lease.
      4031 Thomas Dr, Panama City, FL 32408
      View Details
    • $25 SF/Yr
      24,852 SF

      Class A Office Space Available

      First floor office space with utilities included, central location.
      2605 Thomas Dr, Panama City, FL 32408
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    • $1,750 /Mo
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      Updated Commercial Space with Warehouse

      Recently updated commercial space with office and warehouse areas.
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      View Details
    View Listing
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    Panama City Beach, FL 32408
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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