Steak 'n Shake - Panama City

1020 E 23rd St Panama City , FL 32405-5329

Steak 'n Shake - Panama City - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in a new construction single-tenant Steak ‘n Shake located in Panama City, Florida. Situated along one of Panama City’s busiest retail corridors, the Property is exposed to over 23,000 daily vehicles. Additionally, the Assets proximity to Panama City beach and multiple hotels offers an opportunity to capture a market outside its core demographics. The offering presents the opportunity to acquire a newly-constructed property managed by an exceptional team, featuring secure long-term cash flow, and a passive net lease structure with zero landlord responsibility.

Investment Highlights


  • PREMIER RETAIL & HOSPITALITY LOCATION
  • HIGH TRAFFIC LOCATION WITH OUTSTANDING VISIBILITY
  • STRONG SURROUNDING DEMOGRAPHIC BASE
  • PASSIVE LANDLORD-FRIENDLY LEASE STRUCTURE


Broker of Record:

Buff Teague

FL - BK3240964

General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 1020 E 23rd St, Panama City, FL 32405-5329
Land In Acres 1.37
Building Size 3,240  ft2
Financial
Price $3,086,000
Cap Rate 7.00%
Current NOI $216,000.00
Lease
Tenant's Name Massalina Restaurant Group
Lease Expiration Date 05/31/2039
Remaining Term 19.9Yrs