912-948 THOMAS DR Panama City Beach, FL 32408

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. 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