912-1120 THOMAS DR, PANAMA CITY BEACH, FL 32408

$5,750,000
Commercial Property MLS# 420398 ID: 18445755
$5,750,000 Get Rates

Coastal Palms Village consists of a 16,219 square feet Retail Stip Center and a 6901 square feet Class A Building. The site consists of +/- 4 acres with 1150' frontage on Thomas Drive, directly across from the Naval Support System. Completed in 2008, it is Class A construction with tremendous upside. The strip center has 10 spaces and 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 6901 square feet Class A Building has 2 spaces. The complex also has excellent signage on Thomas Drive. Rents have been adjusted for the current market conditions. Actual Cap Rate with the adjusted rents is 4.9 with a Cap Rate at full capacity of 6.7. All leases are Triple Net Leases. Tremendous Upside! Tenants include Rupert's Cleaners, Rose' Nails, The Egg & I Restaurant, Freedom Sports, Fatty Patty's Restaurant and Cakes, Fatty's Sandwich, and the Caterpillar Den. SELLER IS OFFERING FINANCING WITH 30% DOWN, PAYMENTS BASED ON 30 YEAR TERM WITH A 10 YEAR CALL. INTEREST RATE 6.5%. IN ADDITION, SELLER WILL ENTERTAIN A 33% PARTNER (DEBT FREE INVESTMENT). Properties are also being Sold individually. See MLS 420394 and 420396 for details of individual tenants.

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Property Features for 912-1120 THOMAS DR
Status
Market Status
Available
Last Updated
July 28, 2014
Description
Property Type
Commercial Property
Year Built
2008
Approx. Lot Size
4 Acres
Sq. Feet
23,120

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 $5,750,000 Commercial Property at 912-1120 THOMAS DR

This $5,750,000 Commercial Property at 912-1120 THOMAS DR in PANAMA CITY BEACH, FL is presented by Ken Varnes. This $5,750,000 Commercial Property, located in the 32408 zip code, has the following property features: MLS Area, Sewer Utilities, Water Utilities, Lot Size. This 912-1120 THOMAS DR Commercial Property, located in Bay County , is listed under MLS listing number 420398 and has a listing price of $5,750,000. You can find more PANAMA CITY BEACH homes for sale here.