Builders FirstSource

5308 E Hwy 98, Panama City, FL 32404

$6,951,000

Cap Rate 6.50%

Views: 110 DOM: 138 Updated: 10.14.24 Posted: 07.09.24 Status: Contract 09.04.24

Summary

Price $6,951,000	Built/Renov 2023	Tenant Builders FirstSource
Cap Rate 6.50%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 25,700	Lease Start 09-01-2022	#Units 569
Price/SF $270.47	Expiration 08-31-2032	Tenant Type Industrial
NOI $451,842	R. Term 7.9	Ownership Fee Simple
Rent/SF $17.58	Increases 2.0%/1/yrs	Pop 5Mi 42,788
Lot/AC 8.89	Options 3/5yrs/2%	AHHI 5Mi $69,499

Lease Highlights

Builders FirstSource has 8 years remaining on the current lease term with 3 (5-year) options to extend
The lease features 2% annual rental escalations throughout the initial term and option periods
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guaranteed lease

Location Description

Builders FirstSource is strategically located on E Hwy 98, with access to 22,000 vehicles passing by daily. The property is surrounded by well-known national tenants such as Dollar General, O'Reilly Auto Parts, Taco Bell, Winn-Dixie, McDonald's, and others. Nearby, key community amenities and housing complexes include Parker Elementary School, Parker Sports Complex, Palm Vista Apartments, Twin...

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Key Features

Build to suit
Oversized lot
Dense retail corridor
Near major nationals
Freeway close
Income tax free state
Favorable NN+ lease
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Builders FirstSource Wikipedia Builders FirstSource Wikipedia Panama City, Florida Zip Code 32404 Broker Site Page Drone Video

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Builders FirstSource
Guarantor:Corp T and Rated
Company:Builders FirstSource
# Units:569
Tenant S&P: BB
Moody’s: Ba1
Stock: NYSE: BLDR

About Tenant

Builders FirstSource is the nation’s largest supplier of structural building products, value-added components, and services to the professional market for new residential construction and repair...

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Demographics

	1 Miles	3 Miles	5 Miles
2029 Total Population :	6,972	29,943	46,288
2024 Total Population :	6,369	27,895	43,681
2024 Employed Civilian Pop :	3,065	12,576	19,405
2024 Total Businesses :	149	682	2,006
2024 Average Household Income :	$ 89,361	$ 79,789	$ 78,110
2024 Total Consumer Spending :	$ 215 M	$ 783 M	$ 1197 M
2024 Median Age :	44	41	41
2024 Total Households :	2,693	10,981	17,144
2024 Pop Age 25+: Bachelor's Degree :	604	2,507	4,012
2024 Average Home Value :	$ 334,168	$ 345,774	$ 346,224

*ESRI data is presented for informational purposes only

Listing Broker

David McNevin

CBRE: NLPG Newport

Contact

7 Listings
722 Views
1 Sold

Ian Schroeder

CBRE: NLPG Newport

Contact

18 Listings
2473 Views
2 Sold

David McNevin

David McNevin is an Associate for CBRE’s Net Lease Property Group in Newport Beach, California. The team specializes in the acquisition and disposition of single tenant net leased retail assets. David assists the team in outreach of new business development opportunities within the private client, merchant developer, and institutional space. David is passionate about the needs and goals of his client’s portfolios, delivering exceptional work ethic and attention to detail throughout the sales

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Ian Schroeder

Ian Schroeder joined CBRE in July 2013 as Senior Vice President, specializing in the sale and disposition of NNN single-tenant properties and arranging sale leaseback transactions throughout the United States. Schroeder's expertise includes working with a wide spectrum of major national real estate developers, institutions and private clients in the disposition of their real estate assets. He maintains intimate knowledge of national market trends and valuations, and is a highly-skilled negotiat

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Melissa Ley Marshall

CBRE: NLPG Newport

Contact

18 Listings
2473 Views
2 Sold

Melissa Ley Marshall

Melissa Ley Marshall is First Vice President and Partner of CBRE’s Net Lease Property Group in Newport Beach, California. She specializes in the acquisition and disposition of NNN single-tenant retail properties throughout the United States and has closed $1 Billion in investment volume throughout her career. Melissa manages the entire sales process, from underwriting and valuation to offer negotiations, working relentlessly to deliver best results for her private and institutional clients.

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