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2604 Florida 389
Panama City, FL 32405
Retail Property For Sale


Investment Highlights
- New 15-year absolute NNN ground lease to Circle K, one of the largest chains of company-owned convenience stores in the U.S.
- Tenant covers all taxes, insurance, maintenance, roof, structure, and parking lot, providing a fully passive investment.
- Circle K is experiencing growth in various areas, including store count, in-store offerings, and fuel site rebranding.
- 5% rental increases every five (5) years in initial term and option periods, ensuring consistent income growth.
- Circle K operates more than 16,000 locations globally, demonstrating financial stability and brand resilience.
Executive Summary
This Circle K property boasts a highly visible and easily accessible location at the signalized four-way intersection of East Highway 390 and State Route 389, which experiences a combined traffic count of over 27,000 vehicles per day. Circle K’s strong brand recognition and financial stability, backed by a global network of more than 16,000 locations, provide reliable tenancy and security. The surrounding five-mile trade area is home to 67,626 residents, complemented by an impressive average household income of $126,495 within one mile. The property is strategically positioned near multiple planned residential communities, including Mowat Highlands with 295 homes, Camryn’s Crossing with 167 homes, and the expansive Titus Park, which will feature 1,000 homesites across approximately 600 acres. In addition, proximity to major employers such as Trane, with approximately 950 employees, and HCA Florida Gulf Coast Hospital, employing over 1,000 staff, enhances the property’s customer base. Coupled with projected population and income growth in the immediate area over the next five years, this location offers strong long-term positioning for steady and concurrent growth in Panama City.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Service Station
Building Size
5,200 SF
Building Class
C
Year Built
2026
Price
$2,700,000
Price Per SF
$519.23
Cap Rate
5%
NOI
$135,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.96 AC
Zoning
BC15
Parking
22 Spaces (4.23 Spaces per 1,000 SF Leased)
Property Taxes
| Parcel Number | 11573-000-010 | Improvements Assessment | $0 |
| Land Assessment | $314,375 | Total Assessment | $314,375 |
Property Taxes
Parcel Number
11573-000-010
Land Assessment
$314,375
Improvements Assessment
$0
Total Assessment
$314,375
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