Daytona Beach MSA | 3% Annual Increases | Fee Simple Absolute NNN

1300 Palm Coast Pkwy SW, Palm Coast, FL 32137, USA
$6,471,557

Description

Marcus & Millichap is pleased to present for sale this BB&T Bank located in Palm Coast, Florida. This is a fee simple absolute NNN Lease has about Five years remaining on the base term and Four
five-year Extension Options to renew. This lease has Three percent increases in the base rent every year during the base term of the lease and the renewal periods. This property has visibility to an
average of 44,500 vehicles daily with its location on busy Palm Coast Highway SW with the convenience of Four Drive-up ATM’s. In 2020, this branch boasted deposits exceeding $48 Million. This bank is located on an outparcel to Palm Coast Corners, which is a large 170,000+ square foot shopping plaza with Major Anchors Winn-Dixie and Bealls. Adjacent to this property is a 24-hour Walmart Supercenter and Home Depot. With its location along busy Palm Coast Highway SW, the property is nearby Publix Super Market, CVS Pharmacy, Anytime Fitness, and Auto Zone among others. This site has the advantage of direct on/off ramp access to I-95 (46,000+ Vehicles per day).
Branch Banking and Trust (BB&T) is the Corporate Guarantee behind this lease with 2,049 branches in 15 states and Washington, D.C. and currently one of the largest banks in the United States according to assets.
Palm Coast is a city in Flagler County, Florida with a population of over 89,800. It is the most populous city in Flagler County and is part of the Deltona-Dayton Beach-Ormond Beach Metropolitan Statistical Area which is the 88th largest MSA in the U.S. with a population of over 600,756. The economy of Palm Coast is driven by 30 mid-size businesses with Palm Coast Data Company being the largest and employing over 1,000 people. This area has had one of the highest rates of population growth since 1990, with Palm Coast, Florida more than doubling in population from 32,832 to 89,900 in 10 years. Palm Coast is a bedroom community for St. Augustine(25 miles to the North) and Daytona Beach(30 miles to the South). Interstate 95 crosses Palm Coast from north to South.

  • BB&T (Truist NYSE: TFC) Absolute NNN Fee Simple Lease
  • Three Percent Annual Increases in Rent Every 5 Years in the Base term and 4 Extension periods
  • Strong Corporate Guarantee from BBT (Truist NYSE: TFC) with 2,049 Branches in the United States
  • Outparcel to Palm Coast Corners (Bealls &Winn-Dixie) along Palm Coast Parkway (44,500 Vehicles Per Day)
  • 24 Hour Walmart Supercenter and Home Depot Adjacent to the Property
  • Nearby Retailers include Lowe’s, Kohl’s, Belk, Publix Markets, CVS, Anytime Fitness and Autozone

Property Documents

  • City: Palm Coast
  • State/county: Florida
  • Zip/Postal Code: 32137
  • Country: United States

Detail

  • Price: $6,471,557
  • Year Built: 1995

Additional details

  • CAP RATE: 6.50%
  • NOI: $420,651

Features