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 61% of space is occupied. Tenants include Rupert Cleaners, Gold Wave, Catepillar Den, Fatty Patty's Restaurant, 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. Under normal economic times rents will be $22 to $25 SF. However, Rents have been adjusted to $12 SF for the current market conditions. With the adjustment and current vacancy, Actual Cap Rate is 2.6% with a 5% Cap Rate at 100% Leased. Projected Cap Rate in normal/stable economy is 9.4% with rent rate at $22 SF. 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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Data Provided by Bay County Association of REALTORS Inc