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912-948 THOMAS DR, PANAMA CITY BEACH, FL 32408

$3,800,000
Commercial Property MLS# 420394 ID: 18445749
$3,800,000 Get Rates

The Coastal Palms Village Strip Center is a Class A, Retail/Office, 16,219 square feet building with tremendous upside. The strip center is constructed of concrete poured block and steel beam supported ceilings. The roof is tile and one piece member of rubber. It is equipped with a complete fire sprinkler system and is monitored on a 24/7 basis. The complex also has ample parking and excellent signage on Thomas Drive. The strip center consists of 10 units with various square footage. Currently 60% of space is occupied with 2 other units being negotiated. Should be at 80% by the end of the summer. Tenants include Rupert Cleaners, Fatty's Sandwich Shop, Catepillar Den, Fatty Patty's Restaurant and Bakery, and Rose Nails. Two spaces are restaurant ready! Vacant spaces are complete with plumbing stub out, HVAC in place, and electric run to the space. One end unit is equipped with a drive-up window. Coastal Palms Village is located on Thomas Drive directly across from the Naval Support System. Thomas Drive is the main tourist artery that serves the beaches. Other retail in the area include Hooter's, Burger King, Egg & I, Freedom Sports, as well as LaQuinta Hotel. Rents have been adjusted for the current market conditions. Actual Cap Rate with the adjusted rents is 3.97. Cap Rate at end of summer expected to be 5.26 and at full capacity 6.7. All leases are Triple Net Leases. Tremendous Upside! TREMENDOUS UPSIDE!! SELLER IS OFFERING FINANCING WITH 30% DOWN, PAYMENTS BASED ON A 30 YEAR TERM WITH A 10 YEAR CALL. INTEREST RATE AT 6.5%

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Property Features for 912-948 THOMAS DR
Status
Market Status
Available
Last Updated
September 19, 2014
Description
Property Type
Commercial Property
Year Built
2008
Approx. Lot Size
1.82 Acres
Sq. Feet
16,219

Location

  • MLS Area: Bay County-Beach

Lot Features

  • Sewer Utilities: Public Sewer
  • Water Utilities: Public Water Supply
  • Lot Size: Level

Data Provided by Bay County Association of REALTORS Inc

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  • Rainier Properties, Inc.

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Data Provided by:
Bay County Association of REALTORS Inc


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More information about this $3,800,000 Commercial Property at 912-948 THOMAS DR

This $3,800,000 Commercial Property at 912-948 THOMAS DR in PANAMA CITY BEACH, FL is presented by Ken Varnes. This $3,800,000 Commercial Property, located in the 32408 zip code, has the following property features: MLS Area, Sewer Utilities, Water Utilities, Lot Size. This 912-948 THOMAS DR Commercial Property, located in Bay County , is listed under MLS listing number 420394 and has a listing price of $3,800,000. You can find more PANAMA CITY BEACH homes for sale here.