Description

Avis Car Rentals at 1602MLK is a single-tenant retail investment at 1602 MLK Jr Boulevard in Panama City, FL. The property is subject to a new 10-year corporate NNN lease with Avis Car Rental, with the store scheduled to open in May 2026.

The approximately 1-acre Avis parcel is part of a larger site. New construction and the corporate lease give a net-lease buyer a defined tenant and lease term, while the NNN structure limits landlord responsibilities. Reported sales and a percentage-rent provision tie additional rental income to store performance. The scheduled opening date also gives buyers a clear milestone for reviewing the investment and its transition into operation.

MLK Jr Boulevard places the property on one of Panama City’s primary commercial corridors, with visibility for the Avis store. Panama City Mall, national retailers and a hotel cluster are minutes from the site. That mix puts the rental-car location near shopping and lodging destinations used by visitors and residents alike. For an investor, the setting connects the tenant’s business to an established concentration of retail and hospitality activity.

The asking price is $1,925,000, with a 5.20% cap rate and $100,100 in NOI. Those figures frame a purchase centered on the Avis tenancy, the 10-year lease term and the division of responsibilities under the NNN lease. The percentage-rent provision adds a tenant-performance component alongside the stated NOI, rather than changing the basis of the asking price. Review the Offering Memorandum for the full investment opportunity.