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Discount Tire - Panama City FL 528 E 23rd St 7,373 SF Retail Building Panama City, FL 32405 $1,780,000 ($241.42/SF) 5% Cap Rate
Investment Highlights
- 7+ Years Remaining | Corporate Signature | 7.50% Rent Increases |Established Brand (1,200+ Units) | Below Market Rent
- Signalized, Hard Corner Intersection | Bay City Point Outparcel |Dense Retail Corridor | Strong Real Estate Fundamentals
- Absolute NNN Ground Lease | Zero Landlord Responsibilities | No State Income Tax
- Demographics in 5-Mile Trade Area | Population Growth |Six-Figure AHHI
Executive Summary
• 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
• 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
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
7,373 SF
Building Class
B
Year Built
2017
Price
$1,780,000
Price Per SF
$241.42
Cap Rate
5%
NOI
$89,010
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
1.11 AC
Opportunity Zone
Yes
Parking
43 Spaces (5.83 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Dedicated Turn Lane
- Signage
- Signalized Intersection
- Wheelchair Accessible
- Monument Signage
Nearby Major Retailers
Property Taxes
| Parcel Number | 14602-100-040 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,554,596 |
Property Taxes
Parcel Number
14602-100-040
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,554,596
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Discount Tire - Panama City FL | 528 E 23rd St
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