Catylist ID:
#30869604
JEWEL OF THE WATERWAY DISTRICT FOR SALE!
Retail-Commercial
for Sale
| Catylist Listing ID: | 30869604 |
| Property Subtypes: | Free-Standing Building, Mixed Use, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other |
| Building Size (RSF): | 8,016 SF |
| Gross Land Area: | 0.73 Acres |
| Sale Price: | $3,200,000 |
| Unit Price: | $399.20 PSF |
| Property Use Type: | Investment, Vacant/Owner-User |
| Building Name: | The Waterway Corner |
| Usable Size (USF): | 8,016 SF |
| Sale Terms: | Cash to Seller, Owner Financing |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/16/2024 |
Overview / Comments
|
THE JEWEL OF THE WATERWAY DISTRICT IN GULF SHORES IS FOR SALE! OWN A PIECE OF GULF SHORES HISTORY! One of a kind, fully approved mixed use development features Baldwin County's only Mobile Food Truck Court/Vendor Court PLUS 5 retail spaces, PLUS a 3,614 sqft 6 bedroom/3 bath short term rental in the main building and a separate 972 sqft 2 bedroom/1 bath fully furnished and operating short term rental cottage on the same property. 3/4 of an acre plus waterfront lots on the intracoastal. Site plan is fully approved by the city of Gulf Shores. All permitted drawings are in hand and shovel ready. Use the plan in place or start over with your own. Owner financing options OR ground lease options are also available. |
Attachments & Media
Financials
| Finance Data Year | 2023 |
|---|---|
| Real Estate Taxes - Annual($) | $7,839 (Annual) |
| Net Operating Income | $333,288 (Annual) |
| Actual or Proforma Year | Proforma |
| Lender Name | See Owner financing terms in files attached |
Additional Details
| Nearest MSA: | Daphne-Fairhope-Foley |
| County: | Baldwin |
| Tax ID/APN: | 05-66-02-09-2-000-015.000|1 |
| Zoning: | GENERAL BUSINESS/ WATERWAY DISTRICT OVERLAY T-5 |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention |
| Property Located Between: | Tacky Jacks and Proposed Pedestrian bridge and park. |
| Largest Nearby Street: | West 2nd St, E Canal Rd. |
| Airports: | Jack Edwards Airport, Gulf Shores 1/2 mile away , Pensacola International Airport 40 minutes away |
| Site Description: | One of the most pivotal, historic corners in Baldwin County. This historic building was built at the site of the Gulf Shores cantilever bridge that tourists and native residents use to cross the intracoastal canal to access the beautiful beaches of Gulf Shores. |
| Area Description: | The Gulf Shores Waterway Entertainment District was created within the Vision 2025 plan as a means to provide our city with an alternate economic engine to the beaches. “The district will enhance our community’s resiliency and geographic diversification by providing a new economic hub in an area away from the beach that has proven to recover quickly after storms.” While our award winning sugar sand beaches are some of the most beautiful beaches in the world, we’ve learned the importance of developing a more diversified economy. The Waterway Entertainment District is the perfect opportunity to offer a year-round destination for dining, shopping, arts and entertainment and it will “create a unique sense of community and a place that engages citizens and guests and an enriched experience of the local landscape, economy and culture. “ The redevelopment of 301 East Canal Rd will prove to be the perfect fit for the city’s vision of the new district. The Waterway will be a mixed use development consisting of 2 short term rental units, 5 retail spaces, and a mobile vendor food court. In an effort to retain the historical value of the property, the buildings will be renovated and improved to combine a pleasing aesthetic and modern functionality. It is the goal to create a unique “sense of place” as described in the Waterway Entertainment District Vision “where locals and visitors can gather to experience a different side of Gulf Shores.” The Waterway will attract an urban culture rich with art and food choices that don’t currently exist anywhere in the city. Our pedestrian-friendly and bike friendly design will help to stimulate the community feel of the local neighborhood and provide a much needed boost to the Waterway’s economy. |
| Tenancy: | Multiple Tenants |
| Total Number of Buildings: | 3 |
| Number of Stories: | 3 |
| Property Condition: | Good |
| Year Built: | 1965 |
| Year Renovated: | 2022 |
| Construction/Siding: | HardiePlank Siding |
| Total Parking Spaces: | 23 |
| Parking Type: | Surface |
| Parking Description: | The site is approved with 23 parking spaces which satisfy the code requirements for 5 food trucks, 8 short term rental bedrooms, and 5 retail spaces. |
| Heat Type: | Electricity |
| Heat Source: | Central |
| Air Conditioning: | Engineered System |
| Internet Access: | Cable |
| Interior Description: | The 972 sqft 2 bed/1 bath Waterway Corner Cottage has been fully renovated and furnished for short term rental. It is currently licensed and operating. The 3,614 sqft residential area on levels 2 and 3 of the main building have been fully renovated with updated finishes including new light fixtures, flooring, paint, new appliances, granite countertops, etc. The ground floor retail spaces have not yet been renovated. |
| Zoning Description: | This property is zoned BG (general business) and is located in the T-5 zone of the Waterway Overlay District. The Overlay District affords the developer several advantages including relaxed parking requirements. |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Water Rights, Utilities, Environmental |
| Easements Description: | This property includes rare ownership of the water lots on the intracoastal canal. In addition, seller has original Corps easement agreement on file and has received full development approval from the Corps and ALDOT. |
Demographic Statistics
| Proximity: | 3 miles | 5 miles |
|---|---|---|
| Total Population: | 9,159 | 16,059 |
| Median Age: | 40.34 | 40.23 |
| Households: | 4,175 | 7,059 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Moody's assume any liability for errors or omissions. |
