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$5,750,000 - 912-1120 Thomas Dr, Panama City Beach
- -
- Bedrooms
- -
- Baths
- 23,120
- SQ. Feet
- 4
- Acres
Coastal Palms Village consists of a Retail Stip Center (16219 sf), 6901 SF Class A Building consisting of Egg & I Restaurant, 4985 sf and Freedom Sports (1916 sf). 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 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 excellent signage on Thomas Drive. Rents have been adjusted for the current market conditions. Actual Cap Rate is 2.5 with a projected Cap Rate of 6.1. Prior to Market adjustment, Actual Cap Rate was 8.2 with 9.5 Projected. Tremendous Upside! SELLER IS OFFERING FINANCING WITH 30% DOWN, PAYMENTS BASED ON 30 YEAR TERM WITH A 10 YEAR CALL. INTEREST RATE AT MARKET RATE. 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.
Essential Information
- MLS® #:
- 420398
- Price:
- $5,750,000
- Square Footage:
- 23,120
- Price/SqFt:
- $249
- Bathrooms:
- 0.00
- Acres:
- 4.00
- Year Built:
- 2008
- Type:
- Commercial Sales
- Sub-Type:
- Improved Commercial
- Status:
- Active
Community Information
- Address:
- 912-1120 Thomas Dr
- Area:
- BB-Bay County-Beach
- Subdivision:
- COASTAL PALMS COMMERCIAL
- Avg Price in COASTAL PALMS COMMERCIAL:
- $1,150,010
- City:
- Panama City Beach
- State:
- FL
- Zip Code:
- 32408
Amenities
- Utilities:
- Electric On Site, Public Sewer, Public Water
Exterior
- Lot Description:
- Cleared, Interior Location, Landscaped, Level, Site-Strip Mall, Survey
Additional Information
- Date Listed:
- September 16th, 2011
Listing Details
- Listing Office:
- Rainier Properties, Inc.
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