528 E 23rd St - Freestanding FOR SALE


Panama City, FL 32405
$1,780,000 USD
954-302-7365
528 E 23rd St, Panama City, FL for Sale
$1,780,000 USD
Freestanding - FOR SALE
1/13
null | 5% Cap Rate

528 E 23rd St
Panama City, FL 32405


HIGHLIGHTS

  • 7+ Years Remaining | Corporate Signature | 7.50% Rent Increases |Established Brand (1,200+ Units) | Below Market Rent
  • Absolute NNN Ground Lease | Zero Landlord Responsibilities | No State Income Tax
  • Signalized, Hard Corner Intersection | Bay City Point Outparcel |Dense Retail Corridor | Strong Real Estate Fundamentals
  • Demographics in 5-Mile Trade Area | Population Growth |Six-Figure AHHI

OVERVIEW

• The tenant, Discount Tire, has 7+ years remaining on their lease with 6 (5-year) options to extend, demonstrating their commitment to the site • The lease features 7.50% rental increases every 5 years, generating NOI and hedging against inflation • Discount Tire is America’s largest independent tire and wheel retailer, with 25,000 employees, over 1,200 stores in 39 states, and annual revenue of $5.2 billion • Tenant is paying below market rent at $12/SF

FOR SALE DETAILS

PRICE

$1,780,000 USD

PRICE/SF

$356 USD /SF

CAP RATE

5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

ON GROUND LEASE

Yes

BUILDING DETAILS

PROPERTY NAME

Discount Tire - Panama City FL

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2017

SPRINKLERS

-

PARKING SPACES

43

LAND DETAILS

LAND ACRES

1.11 AC

LAND SF

48,352 SF

ZONING

-

APN/PARCEL ID

14602-100-040

ASK ABOUT THIS PROPERTY

Patrick NuttSRS Real Estate PartnersMore Info
954-302-7365

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Patrick NuttSRS Real Estate PartnersMore Info
954-302-7365

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.