Planet 13 -Panama City 309 E 23rd St 1,500 SF Retail Building Panama City, FL 32405 $1,400,000 ($933.33/SF) 7.54% Cap Rate

Introducing a high-performing Planet 13 Net-Leased asset located in the thriving 23rd St. commercial corridor of Panama City, Florida. This offering includes the real estate secured by a 10-year Triple Net (NNN) lease to Planet 13—one of the nation’s most recognized, state-licensed cannabis operators. The site features a 1,500-square-foot free-standing building renovated in 2024 by the tenant. The asset benefits from long-term lease stability, featuring 2.5% annual rent increases throughout the initial term and renewal options, generating an 8.24% blended cap rate over the initial lease term.
The subject location stands as an out-parcel to Home Depot, a major traffic driver for the trade area, and is situated across 23rd St. from the Shops at Bay City Point, ranked in the Top 1% of shopping centers in Florida for annual visits by Placer AI. There is excellent accessibility for both East and Westbound traffic on 23rd St., along with prominent visibility and large monument signage. The surrounding trade area is densely populated, with 84,000 people within a 5-mile radius. Panama City MSA is the #2 Fastest Growing MSA by Percent Growth in 2024 according to census data, underscoring the area's strong economic momentum and long-term investment appeal.