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SanRoc Cay Condos

27269 Perdido Beach Blvd, Orange Beach, AL 36561

Listing Price: $1,103,900

Cap Rate
7.00%
Gross SF
5,900
Rentable SF
5,900
Price/Gross SF
$187.10
Lot Size
4.55 acres
Year Built
1998

Investment Overview

Marcus & Millichap, as exclusive advisor to the Seller, is pleased to present the opportunity to purchase two commercial condominiums at SanRoc Cay in Orange Beach, Alabama. SanRocy Cay is an upscale mixed use development consisting of a Marina, Retail Shops, Restaurants, Office and Residential Condominiums. The property was constructed in 1998 and is ideally located about a third of mile west of the Perdido Pass Bridge. Charter boat operations at the Marina, along with the four restaurants at SanRoc, are huge traffic generators for the retail tenants. In addition, there is an outside bar in the courtyard and the development is one of two Entertainment districts in the city which allows for open containers. The two units offered contain five retail tenants and is 100% leased and there has not been any vacancy since 2017 with an average tenancy over 12 years. The leases are short term but the rents are below market allowing for future income growth. The tenants reimburse for taxes and insurance and pay a fixed CAM amount each month. Tenants also are required to maintain and replace all HVAC equipment. The roof, parking lot and common elements of the property are the property owners association responsibility. The majority of the roof system was replaced this year with no special assessment.

Investment Highlights

  • Two commercial condominiums located in Orange Beach, AL
  • 100% leased to five retail tenants
  • Low in-place rents with long term tenancy

Exclusively Listed By

Listing Price: $1,103,900

Cap Rate
7.00%
Gross SF
5,900
Rentable SF
5,900
Price/Gross SF
$187.10
Lot Size
4.55 acres
Year Built
1998

Investment Highlights

  • Two commercial condominiums located in Orange Beach, AL
  • 100% leased to five retail tenants
  • Low in-place rents with long term tenancy

Investment Overview

Marcus & Millichap, as exclusive advisor to the Seller, is pleased to present the opportunity to purchase two commercial condominiums at SanRoc Cay in Orange Beach, Alabama. SanRocy Cay is an upscale mixed use development consisting of a Marina, Retail Shops, Restaurants, Office and Residential Condominiums. The property was constructed in 1998 and is ideally located about a third of mile west of the Perdido Pass Bridge. Charter boat operations at the Marina, along with the four restaurants at SanRoc, are huge traffic generators for the retail tenants. In addition, there is an outside bar in the courtyard and the development is one of two Entertainment districts in the city which allows for open containers. The two units offered contain five retail tenants and is 100% leased and there has not been any vacancy since 2017 with an average tenancy over 12 years. The leases are short term but the rents are below market allowing for future income growth. The tenants reimburse for taxes and insurance and pay a fixed CAM amount each month. Tenants also are required to maintain and replace all HVAC equipment. The roof, parking lot and common elements of the property are the property owners association responsibility. The majority of the roof system was replaced this year with no special assessment.

Exclusively Listed By

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