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Murphy USA | 20 YR ABS NNN Lse | Hard Corner

$2,845,000

3100 W 23rd St, Panama City, FL 32405

Active
Last Updated: 12/04/2025

5

Cap Rate

142,268

NOI

Details:
Cap Rate:    5%
NOI:    $142,268
Building Size:    2,824 sqft
Lot Area:    0.781 acres
Class:    C
Units:    1
Year Built:    2025
Floors:    1
Highlights:
  • Corporate-backed Murphy USA (NYSE: MUSA), BB+ rated with 1,700+ locations, $20B+ revenue, Fortune 500 ranking, and a long-standing convenience fuel.
  • New 20-year ground lease with four 5-year renewal options, offering up to 40 years of potential term and long-term investor stability.
  • Absolute NNN ground lease with the tenant covering all expenses and maintenance, providing zero landlord responsibilities ideal for passive investors.
  • 8% rent increases every 5 years, delivering growing cash flow, value appreciation, inflation protection, and stronger long-term returns.
  • Panama City, FL,a growing coastal city with 200,000+ population, affordable housing, family-friendly recreation, and St. Andrews Bay waterfront access.
  • High-profile Panama City corner with 78K+ local population, $93K+ average income, strong traffic, and excellent visibility/access.
Description:

FLORIDA BROKER OF RECORD .... SCOTT AYRES DeYOUNG .... FL BK 3421401
Faris Lee is pleased to present the opportunity to acquire a newly constructed, single-tenant Murphy USA property located in Panama City, FL. The asset features a corporate executed lease with Murphy USA (NYSE: MUSA), a publicly traded, Fortune 500 company (ranked #214). With annual revenues for fiscal year 2024 exceeding $20 billion and a history of operating retail gas stations and convenience stores since 1966, Murphy USA is a premier tenant. The company operates over 1,740 locations across 27 states under the recognized brands Murphy USA, Murphy Express, and QuickChek.
Long-term security and stability are provided for an investor through a new twenty (20) year primary lease term. The lease also includes 4 (5-Year) lease options to renew, offering a potential forty (40) years of total lease term. This is an Absolute Triple Net (NNN) lease, offering ideal ease of management. The tenant is responsible for all repairs and maintenance of the entire property, including the building, roof, parking lot, and landscaping. The tenant also directly pays property taxes, utilities, and insurance. With zero investor responsibilities, this is an ideal investment property for a passive and/or out-of-state investor, as the tenant handles all property operations directly.
A growing income stream is a key feature, as the Murphy USA lease provides for rental increases of 8% every 5 years. This provides the investor with increased cash flow, ensures value appreciation, and aids in hedging against inflation, which increases the return on investment. Furthermore, the property is brand-new construction, featuring the latest prototypical store layout. This means there is no deferred maintenance and the property includes a new roof, structure, parking lot, and improvements. This latest prototype facility is designed to increase sales volumes and provides for strong intrinsic real estate value.
The property is strategically located in Panama City, a high-growth Florida coastal city with an MSA population that exceeds 200,000 people. Situated between Tallahassee (98 miles) and Pensacola (103 miles), Panama City is a high-growth coastal community offering residents affordable housing, outdoor recreation, and a family-oriented environment of master-planned communities. The city is a hub for water activity along the shores of St. Andrews Bay. The asset itself occupies a high-profile, free-standing hard corner location at a signalized intersection with good street visibility and consistent customer traffic. The site is supported by strong vehicular traffic counts on West 23rd Street (±36,100 VPD) and W Hwy 390 (±18,500 VPD). The surrounding area is dense, with a population over 78,000 people, over 32,000 total households, and an average household income over $93,000 within a 5-mile radius.

Panama City, the largest city between Pensacola and Tallahassee, serves as the county seat of Bay County and the economic anchor of the Florida Panhandle. Geographically, it is distinct from its resort-oriented neighbor, Panama City Beach; Panama City proper is a historic port town situated on the shores of St. Andrews Bay, a large, protected inland estuary fed by the Gulf of Mexico. This location has defined its character, which originated from the historic fishing village of St. Andrew, a 19th-century center for fisheries and salt production. Today, while tourism is a factor, the city’s economy is built on a more diverse and resilient foundation, driven by a strong military presence from Tyndall Air Force Base and Naval Support Activity Panama City, as well as major industrial and governmental employers. This industrial base includes major operations in shipbuilding, manufacturing, and logistics, supported by the deep-water Port of Panama City. In recent years, the city has cultivated a vibrant, community-focused identity, fostering a burgeoning arts and cultural scene centered around its historic downtown and the St. Andrews neighborhood, which features a popular public mural trail, the Panama City Center for the Arts, and the restored Martin Theatre.

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