1114 Thomas Dr Panama City Beach, FL 32408
Upper Grand Lagoon NeighborhoodEstimated payment $12,375/month
About This Home
The structure is a Class A, Retail/Office, 6,901 square feet building with tremendous upside. It is constructed of concrete poured block and steel beam supported ceilings. The roof is tile and one-piece member of rubber. It is equipped with a complete fire sprinkler system and is monitored on a 24/7 basis. The complex also has ample parking and excellent signage on Thomas Drive. The building consists of 2 units with one at 4985 square feet and the other at 1916 square feet. Taylor's Restaurant (previously Egg & I Restaurant) currently occupies the 4985 square feet unit. They are currently in their 3rd 5-year lease term. Realty One Group of the Emerald Coast occupies the remaining 1916 square feet of the building. They have a 2-year lease which ends Sept 2025. Annual rental income for the property is approximately $141,808 which includes CAM. Expenses are approximately $50,000. NOI is approximately $91,808 which is a 4.2 Cap Rate. This Class A Structure is located on Thomas Drive directly across from the Naval Support System. Th exterior was recently sealed and painted. Thomas Drive is the main tourist artery that serves the beaches. Other retail in the area includes Dunkin Donuts, Burger King, Rose's Nails, Cool Vapors, Nephrology Associates, and Fatty Patty Restaurant and Bakery. Also included is the LaQuinta Hotel. SELLER IS OFFERING FINANCING WITH 25% DOWN, 5.5% INTEREST, AND PAYMENTS BASED ON A 30 YEAR TERM WITH A 10 YEAR CALL.
Property Details
Property Type
- Other
Est. Annual Taxes
- $9,083
Year Built
- Built in 2008
Lot Details
- 1 Acre Lot
Schools
- Patronis Elementary School
- Surfside Middle School
- Arnold High School
Community Details
- No Home Owners Association
- Coastal Palms Commercial Subdivision
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $9,083 | $697,667 | $189,174 | $508,493 |
| 2023 | $9,083 | $710,522 | $189,174 | $521,348 |
| 2022 | $7,830 | $659,682 | $156,068 | $503,614 |
| 2021 | $7,431 | $602,950 | $156,068 | $446,882 |
| 2020 | $7,663 | $613,491 | $156,068 | $457,423 |
| 2019 | $7,714 | $609,843 | $141,880 | $467,963 |
| 2018 | $7,852 | $611,293 | $0 | $0 |
| 2017 | $8,037 | $621,834 | $0 | $0 |
| 2016 | $8,185 | $622,006 | $0 | $0 |
| 2015 | $8,486 | $627,817 | $0 | $0 |
| 2014 | $9,129 | $677,402 | $0 | $0 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/11/2024 09/11/24 | Price Changed | $2,200,000 | -8.3% | $294 / Sq Ft |
| 05/07/2024 05/07/24 | Price Changed | $2,400,000 | +14.3% | $321 / Sq Ft |
| 03/24/2023 03/24/23 | For Sale | $2,100,000 | 0.0% | $280 / Sq Ft |
| 01/22/2023 01/22/23 | Off Market | $2,100,000 | -- | -- |
| 12/02/2022 12/02/22 | Pending | -- | -- | -- |
| 01/21/2022 01/21/22 | For Sale | $2,100,000 | 0.0% | $280 / Sq Ft |
| 12/31/2021 12/31/21 | Off Market | $2,100,000 | -- | -- |
| 01/17/2018 01/17/18 | For Sale | $2,100,000 | -- | $280 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Corporate Deed | $7,200,000 | Diamond Title Agency Inc |
Source: Central Panhandle Association of REALTORS®
MLS Number: 666940
APN: 30159-400-114
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