Gulf Shores Strip Center Units 1 - 4 For Sale

Retail-Commercial for Sale
Catylist Listing ID: 30516765
Property Subtypes: Mixed Use
Condo? Yes
Building Size (RSF): 10,200 SF
Sale Price: $1,000,000
Ceiling: 14 ft.
Property Use Type: Net Leased Investment (NNN)
Building Name: Palm South Center
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Last Updated: 10/30/2019

Overview / Comments

Fantastic Investment Opportunity on Hwy 59 in Gulf Shores! Central location convenient to Gulf Shores and Foley. Units 1-2-3-4 are available for $1,000,000.00 with a 3% commission to selling Agent/Broker. Each unit is an approved and recorded Office Condo. Annual rental income is $122,295.00, less average expenses of $15,352.00, for a net income of $105,143.00, which is a 10% Cap Rate. Current CAM is $1.49/SF

The Palm South Center as a whole, consisting of 10 units, can be purchased for $2,395,000.00. Cap Rate of 10% and current CAM is $1.49/SF Offering a 3% commission to the selling Agent/Broker.

Additional Details

Nearest MSA: Daphne-Fairhope-Foley
County: Baldwin
Taxing Authority: Baldwin County Gulf Shores AL
Tax ID/APN: 05-66-03-05-1-001-024.000
Is Condo?: Yes
Retail Clientele: General, Family, Business
Property Located Between: Located between the new Gulf Shores Visitor Center & the Little White Chapel
Property Visibility: Excellent
Largest Nearby Street: Gulf Shores Parkway/Hwy 59
Traffic/Vehicle Count: 38,000
Highway Access: Directly off Gulf Shores Parkway/Hwy 59 across from the Jack Edwards Regional Airport.
Airports: Jack Edwards Regional Airport
Site Description: Stucco Building with a metal roof. Paved parking and beautiful landscaping.
Area Description: Great location directly across from the Jack Edwards Airport just north of the intracoastal waterway and two doors north of the Gulf Coast Welcome Center with easy access off Hwy 59. Only minutes from downtown Gulf Shores and Orange Beach.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 2,671 SF
Property Condition: Good
Year Built: 2000
Roof Type: Flat
Construction/Siding: Stucco
Exterior Description: Commercial Grade Metal Flat Roof with new entire surface coating & Stucco Exterior with Covered Concrete Walkway in front of the Units.
Total Parking Spaces: 100
Parking Type: Surface
Parking Description: Asphalt paved black-top stripped parking. Over 10 parking spaces per unit. Additional parking in the rear of the building.
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Other
Interior Description: Each of the 4 units have different interiors.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: The Units are recorded individual condominium offices. Each unit has a separate legal description. All information can be found in the Baldwin County Deeds & Records search.

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 12,761 16,059
Median Age: 40.16 40.23
Households: 5,689 7,059


Photograph of Listing Agent

Kenneth Montgomery

Charter Landing, Inc. Gulf Coast CMLS Member
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