Marcus & Millichap Sells Retail Property In Panama City Beach For $9.7M
11501 Hutchison Boulevard, Panama City Beach, Florida 32407, United States
$9,700,000
$202/SF
Building Size
48,000 SF
Asset Type
Retail
Closing
Mar 29, 2022
About this deal
AI
The retail property located at 11501 Hutchison Boulevard in Panama City Beach has been sold for a total of $9,700,000. The property spans across 5.01 acres and offers a total of 48,000 square feet. The sale price per square foot was $202, indicating a lucrative transaction.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $9,700,000
- Address: 11501 Hutchison Boulevard
- Market: Panama City Beach
- Acres: 5.01
The sale of this retail property was facilitated by the brokerage firm Marcus & Millichap. The team involved in the transaction included Chad Atwood, Simon V. Grigoryan, Will Harding, and Jessica Harris. Garrett Fierstein from Marcus & Millichap Capital Corporation served as the mortgage broker. Their expertise and negotiation skills contributed to the successful sale of the property.
Players
Panama City Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.64%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93