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This 28,800 square foot center is conveniently located on Canal
Road in Orange Beach, Alabama. It was built in 2006, includes
14,400 square foot of retail as well as 14,400 square foot of
office/warehouse space. This center is located in a "GO
Zone" area (The
"GO Zone" provides
bonus depreciation incentives) which provides tax incentives to
investors and developers.
| OWNER |
Wolf Bay Partners, LLC |
| LOCATION |
The property is near Gulf Shores situated
on the North side of Alabama Highway 180 a short distance
west of its intersection with Highway 161 in Orange Beach
Baldwin County, Alabama. This places the property approximately
3 miles east of the convergence of Highway 180 and the Foley
Beach Expressway. The property lies near one of the major
intersections in the Orange Beach resort community and is
situated amidst a moderately heavy concentration of retail
properties, condominiums, food marts and self-service gasoline
stations, branch banks, etc.
While the predominant land uses consist of commercial activity,
there is a mixture of other properties such as mobile home
parks, churches, a mini-warehouse facility, small restaurants,
etc. The property is bounded by The Fish Camp and Bakery
Café on the east, Bay LaLaunch and the Pelican Gallery,
an art & craft outlet on the west, Perdido Avenue on
the north, and Highway 180 on the South. The adjacent property
to the South consists of the Tiki Restaurant and Supper
Club.
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| TOTAL LAND AREA |
3.367 Acres |
| ZONING |
Approval for PUD zoning which allows for mixed-use
development (Shopping Center and Office Warehouse) |
| TAX ID |
65.03.05.0.000.037
65.03.05.0.000.36 |
| YEAR BUILT |
2006 |
| PROPERTY TAXES |
2006 - $16,304
2005 - $12,106 |
| BUILDING SIZE |
14,400 SF – Retail Building
(Containing up to 12 individual rental suites)
14,400 SF – Office/Warehouse
(Containing up to 16 individual units) |
| PARKING |
116 |
| FLOOD ZONE |
Area "X" @ "A-E" or
Minimal Flood Hazard |
| ROAD FRONTAGE |
450 linear feet (east/west) on Canal Road (Highway
180) |
| HIGHWAY ACCESS |
Ingress/Egress is at curb cut on west side
of parking lot. |
| TOPOGRAPHICAL |
Rectangular with average depth of 320 feet.
Relatively flat, slightly above street level. |
| UTILITIES |
All utilities are at the site. |
| DESCRIPTION OF IMPROVEMENTS |
Retail Shops. The
retail shops are situated adjacent to the office/warehouse
space and face southwardly or toward Canal Road. Building
features include sandwich panels, metal glass and ornamentation,
good display fronts, dropped acoustical ceiling tile, vinyl
composition and/or carpet flooring, good lighting and outlets,
restrooms, and package a/c. The building comprises a total
of 14,400 S.F. and can have up to twelve individual rental
suites plus a covered walkway. The shops have glass storefront
and glass entrance doors.
| Foundation |
4" reinforced slab at grade |
| Roof |
Built-up type with standing seam metal roof –
24 ga, galvalume |
| Framing |
Steel columns |
| Walls |
2" EFIS over metal siding |
| Eave Height |
16' |
| Foundation |
4" reinforced slab at grade |
| Roof |
Built-up type with standing seam metal roof |
| Framing |
Structural steel columns |
| Walls |
2" EFIS – all four sides |
| Eave Height |
16 10'x 10' overhead doors; gutters and
downspouts; covered walkway |
Office/Warehouse. This structure
is situated on the West side of the property and faces eastwardly
or across the parking lot. Features include colored panels,
little ornamentation, plain front, acoustical tile, vinyl
composition or carpet flooring, adequate outlets and lighting,
restrooms, standard fixtures, and packages a/c. The building's
are comprised of 14,400 S.F. and can have up to 16 individual
units plus a common area with meeting room and restroom accommodations.
| Foundation |
4" reinforced slab at grade |
| Roof |
Built-up type with standing seam metal roof |
| Framing |
Structural steel columns |
| Walls |
2" EFIS – all four sides |
| Eave Height |
16 10'x 10' overhead doors; gutters and
downspouts; covered walkway |
| Foundation |
4" reinforced slab at grade |
| Roof |
Built-up type with standing seam metal roof |
| Framing |
Structural steel columns |
| Walls |
2"; EFIS – all four sides |
| Eave Height |
16 10'x 10' overhead doors; gutters and
downspouts; covered walkway |
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| SELLING PRICE |
$6,000,000 All Cash* |
| CURRENT NOI |
$352,866 |
| STABILIZED NOI |
$505,485 |
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