$3,200,000
Panama City Beach, FL 32408
MLS# 666936
Status: Sold
17960 sqft
1 / 10
Property Description
The Coastal Palms Village Strip Center is a Class A, Retail/Office, 16,169 rentable SF 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 100% of space is occupied. Tenants include Dunkin Donuts, Salty Mermaid, Fatty's Sandwich Shop, Cool Vapors, Nephrology Associates, Fade Away, Fatty Patty's Restaurant and Bakery, and Rose Nails. Current annual income is $307,124.
Details
Maps
Contract Info
List Date: 2018-01-17
List Price: $3,800,000
List Price/SqFt: 211.58
Current Price: $3,200,000
Sub-Type: Income Producing
Location
Area: 03 - Bay County - Beach
Street #: 912-948
Street Name: THOMAS
Street Suffix: Drive
State: FL
Zip Code: 32408
County: Bay
Sub Area: 0319 - Beach - East
Subdivision: Coastal Palms Commercial
Community/Resort: None
Waterfront: No
Parcel ID: 30159-400-106
Elementary School: Patronis
Middle School: Surfside
High School: Arnold
Directions: FROM HATHAWAY BRIDGE, SOUTH ON THOMAS DRIVE, PROPERTY LOCATED ACROSS FROM NAVAL COASTAL SYSTEMS CENTER ENTRY GATE.
Legal Description: COASTAL PALMS COMMERCIAL LOTS 1, 2, and 3 according to the plat recorded in Plat Book 23, Page 56, of the public records of Bay County, Florida
General Property Info
List Class: Other
Construction Status: Construction Complete
Acreage: 1
SqFt Tot Bldg: 17960
Year Built: 2008
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: The Coastal Palms Village Strip Center is a Class A, Retail/Office, 16,169 rentable SF 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 100% of space is occupied. Tenants include Dunkin Donuts, Salty Mermaid, Fatty's Sandwich Shop, Cool Vapors, Nephrology Associates, Fade Away, Fatty Patty's Restaurant and Bakery, and Rose Nails. Current annual income is $307,124.
Status Change Info
Status: Sold
Under Contract Date: 2023-08-14
Sold Date: 2023-12-20
Sold Price: $3,200,000
Sold Price/SqFt: 178.17
Sold Price/Acre: 3200000
Other
Year Built: 2008
Unit SqFt: 16219
Building SqFt: 17960
Property Features
Floors in Unit/Home: One
Financing: Owner
Offering Type: Sale with Lease
Pricing Type: Sale Price
Present Zoning: General Commercial
Transport. Access: 4-Lane
Supplements
Annual expenses are approximately $71,000. Current NOI is approximately $236,124. Cap Rate at 100% leased approximately 6.2. Dunkin Donut unit is equipped with a Drive-Up Window. The exterior of the strip center was recently sealed and painted.
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 Burger King, Taylor's Restaurant, Realty One Emerald Coast, as well as LaQuinta Hotel. TREMENDOUS UPSIDE!! SELLER IS OFFERING FINANCING WITH 25% DOWN, PAYMENTS BASED ON A 30 YEAR TERM WITH A 10 YEAR CALL. INTEREST RATE AT 6%. ADDITIONAL PROPERTY AVAILABLE SEE MLS 666940 AND 666930
Listing Office: Varnes Realty
Last Updated: December - 22 - 2023
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information deemed reliable but not guaranteed.