Palm Center - Foley, Alabama
Shopping Center
for Sale
Sale Pending/Contingent
| Catylist Listing ID: |
30876579 |
| Property Subtypes: |
Strip Center
|
| Status: |
Pending/Contingent |
| Building Size (RSF): |
9,218 SF
|
| Gross Building Area: |
See Agent |
| Gross Land Area: |
1.08 Acres
|
| Sale Price: |
$1,670,000 |
| Unit Price: |
$181.17 PSF |
| Property Use Type: |
Investment |
| Building Name: |
Palm Center |
| Sale Terms: |
Cash to Seller, Purchase Money Mortgage, Owner Financing |
| Cap Rate: |
Undisclosed |
| Last Updated: |
8/21/2024 |
Overview / Comments
|
Palm Center is a 9,218 sf shopping center (strip center) located in the thriving city of Foley, Alabama and in the fastest growing county in Alabama - Baldwin County. This property is located just a mile from Lowes, Home Depot, and Chick-Fil-A and just minutes away from Tanger Outlets and OWA Theme and Water Parks. This property offers several value-add opportunities for a new owner. First, the current rents at $13.78 square foot are under market compared with the surrounding rates of $16.00-18.00 per square foot. Next, the leases are Gross Leases and a future opportunity would be to make these to NNN leases. The current owner does not charge to rent spots on the monument sign so that would be another source of revenue for a new owner. Finally, the Lamar sign can be sold to Lamar instead of renting. This shopping center is in great condition and the owner has remodeled it. The parking lot has ample parking with 55 spaces. Great visibility with 36,000 VPD traffic count and median cut in front of center. Great road frontage with 153' on Hwy 59. 5 stores and 1.08 acres. Buyer and Buyer's Agent to verify all information.
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Additional Details
| Nearest MSA: |
Daphne-Fairhope-Foley |
| County: |
Baldwin |
| Tax ID/APN: |
05-61-05-16-3-001-006.001 |
| Retail Clientele: |
General, Family, Business, Traveler, Tourist, Recreation |
| Property Located Between: |
Tanger Outlets and Gulf Shores / Orange Beach |
| Property Visibility: |
Excellent |
| Largest Nearby Street: |
Highway 59 |
| Traffic/Vehicle Count: |
36,000 |
| Highway Access: |
153' Frontage on Highway 59 with easy access and median cut in front of center |
| Year Built: |
2001 |
| Year Renovated: |
2024 |
| Roof Type: |
Flat |
| Construction/Siding: |
Stucco |
| Exterior Description: |
Stucco facade on front metal building |
| Parking Type: |
Surface |
| Parking Description: |
Easy parking with 55 parking spaces. |
| Total Parking Spaces: |
55 |
| Heat Source: |
Central |
| Lot Frontage: |
162 |
| Lot Depth: |
290 |
| Water Service: |
Well |
| Sewer Type: |
Municipal |
| Legal Description: |
Parcel Number: 61-05-16-3-001-006.001
Tax ID: 160656
CITY/MUNI/TWP:FOLEY 162' X 290' FM NE COR OF NW1/4 OF NW1/4 OF SW1/4 OF SEC 16 R UN S 30 & W 328 TO PT, TH S 340' TO POB, TH S 290', TH W 162 ', |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
10,060 |
24,061 |
| Median Age: |
40.13 |
38.75 |
| Households: |
4,203 |
10,109 |
|
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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.
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