Recovery Bay Center
- Price: $4,500,000
- Cap Rate: 8.00%
- Years Remaining: 9.9
- Rentable Area: 14,387 SF
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Recovery Bay Center
Panama City, FL
Investment Highlights
- Sales Price: $4,500,000
- Cap Rate: 8.00%
- Years Remaining: 9.9
- Lot Size: 1.73 Acres
- Market: Panama City, FL
Contact Broker
Brian Wine
Description
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, freestanding, Recovery Bay Center investment property located in Panama City, Florida. The Tenant, Recovery Bay LLC, has over 9 years remaining in their initial term with 5 (1 year) options to extend. The lease features flat rent that is increased by $500 per month for each option period. The lease is a triple net with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor.
Location
Recovery Bay Center is strategically located on Thomas Drive. The site benefits from superior visibility via significant street frontage and a monument sign situated along Thomas Drive. It shares this busy Panama City area with businesses like Walmart, Walgreens, McDonalds and Dollar Tree. The location benefits from the frequent street traffic of Thomas Drive, which sees 17,256 vehicles daily. The 5-mile trade area is supported by a population of 36,026 and 20,443 daytime employees with an average household income of $118,083.