Suntrust Bank | 3% Annual Increases

2691 Placida Rd, Englewood, FL 34224, USA
$4,890,000

Description

Marcus & Millichap is pleased to present for sale this Suntrust Bank located in Grove City, Florida. Located at the hard corner signalized intersection of Placida Road and Mississippi Avenue, this property experiences traffic counts in excess of 15,800 vehicles per day. This 3,012 square foot bank branch is situated on a large .54 acre parcel of land. Suntrust has been at this branch since 2005 and has strong, steady deposits exceeding $34 Million Per Year.
Grove City is a city in Florida’s Charlotte County and part of the Punta Gorda Metropolitan Area. It has a population of over 2,200. It is bordered by Lemon Bay, which is an arm of the Gulf of Mexico.
Only 8 minutes from this bank is Englewood Community Hospital, a 100 Bed hospital which serves thousands of people in the community. 20 minutes from this property is Cape Coral Hospital which has 291 Beds, 600 physicians, 1200 employees, 1000 volunteers and services 55,000 patients annually.
Many schools are located nearby this property including Vineland Elementary, Heritage Christian Academy and Lemon Bay High School, which are home to hundreds of students. Also in close
vicinity to this bank is Southern Technical College, a popular school of higher educations serving hundreds of students. Recreational areas close to this property include Myakka River State Park and Grove City Walking Park.

  • Sunrust (S&P A-) Bank with more than five years remaining on the Absolute NNN (Fee Simple) Lease
  • Attractive Above Market Asking Cap Rate of 7%
  • Three Percent Annual Increases in Rent: 7.73% Blended Return for the Base Term of the Lease
  • Strong Bank Deposits Exceeding $34 Million Per Year
  • Florida Is a No Income Tax State

Property Documents

  • State/county: Florida
  • Zip/Postal Code: 34224
  • Country: United States

Detail

  • Price: $4,890,000
  • Year Built: 1978

Additional details

  • CAP RATE: 7.01%
  • NOI: $342,753

Features