Palm Center | 8388 Hwy 59
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Palm Center 8388 Hwy 59
9,015 SF 100% Leased Retail Building Foley, AL 36535 $1,670,000 ($185/SF)
Investment Highlights
- The property has great visibility with 36,000 VPD traffic count and median cut in front of center.
- The shopping center was remodeled in 2024.
Executive Summary
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.
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.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Retail
Building Size
9,015 SF
Building Class
C
Year Built/Renovated
2001/2024
Price
$1,670,000
Price Per SF
$185
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.19
Land Acres
1.08 AC
Zoning
NEC - Multi-Retail/Commercial
Parking
55 Spaces (6.1 Spaces per 1,000 SF Leased)
Frontage
161 FT on Al-59 Hwy
Amenities
- Freeway Visibility
- Pylon Sign
- Signage
PROPERTY TAXES
| Parcel Number | 61-05-16-3-001-006.001 | Improvements Assessment | $186,540 |
| Land Assessment | $0 | Total Assessment | $186,540 |
PROPERTY TAXES
Parcel Number
61-05-16-3-001-006.001
Land Assessment
$0
Improvements Assessment
$186,540
Total Assessment
$186,540
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JC Smith -
Keller Williams
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Palm Center | 8388 Hwy 59
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