$1,300,000
Panama City Beach, FL 32407
MLS# 700414
Status: Sold
11235 sqft
1 / 5
Property Description
Subject property is located in the heart of Panama City Beach within walking distance to Ripley's Believe it Or Not and WonderWorks Amusement Park along with numerous other arcade and race track amenities. Occupied by Dirty Dick's Crab Shak since 2004, the tenant just signed a new 6 year Lease Agreement with a NOI of $129,369 with 3% escalations so a 9% CAP rate.
Details
Maps
Contract Info
List Price/SqFt: 124.61
List Date: 2020-08-04
List Price: $1,400,000
Current Price: $1,300,000
Sub-Type: Income Producing
Location
Sub Area: 0320 - Beach - Middle Central
Community/Resort: None
Waterfront: No
Elementary School: Hutchison Beach
Middle School: Surfside
High School: Arnold
Directions: North East corner of Front Beach Road and Flagg Ave.
Area: 03 - Bay County - Beach
Street #: 9800
Street Name: Front Beach
Street Suffix: Road
State: FL
Zip Code: 32407
County: Bay
Subdivision: No Named Subdivision
Parcel ID: 34826-000-000
Legal Description: 36 3S 16W -13- 47D4 BEG 259' S & 173.8' E OF NW COR OF SE1/4 OF SE1/4 TH SELY 253' TO R/W SR #30 NELY ALONG R/W 269.64' NWLY 246.8' SWLY 281.1' TO POB ORB 1839 P 626 ORB 1921 P 581 ORB 2378 P 580
General Property Info
List Class: Bar/Restaurant
Acreage: 1.6
Immediate Occupancy: No
Construction Status: Construction Complete
SqFt HVAC: 8922
Frontage Ft: 250
SqFt Tot Bldg: 11235
Year Built: 2003
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: Subject property is located in the heart of Panama City Beach within walking distance to Ripley's Believe it Or Not and WonderWorks Amusement Park along with numerous other arcade and race track amenities. Occupied by Dirty Dick's Crab Shak since 2004, the tenant just signed a new 6 year Lease Agreement with a NOI of $129,369 with 3% escalations so a 9% CAP rate.
Status Change Info
Sold Price/SqFt: 115.71
Sold Price/Acre: 812500
Status: Sold
Under Contract Date: 2020-09-21
Sold Date: 2020-12-21
Sold Price: $1,300,000
Construction/Siding
Siding - Stucco: 1
Energy
AC - Central Elect: 1
Present Zoning
Commercial: 1
Utilities
All Utilities: 1
Floors in Unit/Home
One: 1
Heating/Cooling
AC - Central: 1
Income Producing
Year Built: 2004
Building SqFt: 8922
Price P/SqFt: 14.5
Net Operating Income: 129369
Cap Rate: 0.09
Offering Type
Sale Only: 1
Pricing Type
Sale Price: 1
Transport. Access
2-Lane: 1
4-Lane: 1
Property Features
Energy: AC - Central Elect
Offering Type: Sale Only
Pricing Type: Sale Price
Present Zoning: Commercial
Utilities: All Utilities
Listing Office: NAI TALCOR
Last Updated: October - 04 - 2024
Information deemed reliable but not guaranteed.