912-948 THOMAS Drive, Panama City Beach, FL 32408 (MLS# 666936)

912-948 THOMAS Drive, Panama City Beach, FL 32408

$3,200,000

Property Type: Commercial for Sale Square Footage: 17,960 Lot Size (sq. ft.): 43,560 Status: Sold

Current Price: $3,200,000 List Date: 3/24/2023 Last Modified: 10/04/2024

Overview

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.

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. Thoma … (Read more)

Listing Details MLS# 666936

Contract Info

List Price/SqFt: 211.58
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: Yes
SqFt Tot Bldg: 17960
Year Built: 2008

Status Change Info

Under Contract Date: 2023-08-14
Sold Date: 2023-12-20
Sold Price/SqFt: 178.17
Sold Price/Acre: 3200000

Other

Year Built: 2008
Unit SqFt: 16219
Building SqFt: 17960

Listing Info, Tax and Legal

HOA Fee: No

More Information

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.

Financing

Seller Financing: Yes

Present Zoning

General Commercial: Yes

Floors in Unit/Home

One: Yes

Offering Type

Sale with Lease: Yes

Pricing Type

Sale Price: Yes

Transport. Access

4-Lane: Yes

Property Features

Financing: Seller Financing Offering Type: Sale with Lease Pricing Type: Sale Price Present Zoning: General Commercial

Listing Office: Varnes Realty

Last Updated: October – 04 – 2024

Information deemed reliable but not guaranteed.