Synovus Bank Absolute NNN Lease | 3% Annual Increases

4000 20th St, Vero Beach, FL 32960, USA
$3,120,000

Description

Marcus & Millichap is pleased to present for sale this net leased Synovus Bank located at 4000 20th Street in Vero Beach, Florida. Vero Beach is a city and the county seat of Indian River County, Florida. It is located 34 miles south of Melbourne and has a population of over 15,220. Thousands of visitors each year are drawn to the beautiful beaches of Vero Beach which are part of Florida’s Treasure Coast and include South Beach, Humiston Park Beach and Jaycee Park. The Indian River Lagoon passes through Vero Beach and forms a significant portion of the Intracoastal Waterway and is a busy hub for boating, fishing, waterskiing, diving and kayaking activities.
Located only three minutes from this Synovus Bank is Vero Beach Regional Airport. It is a 1,707 acre publicly owned airport which is the home of Piper Aircraft. The airport is currently undergoing $12 million construction as well as the building of a $1.8 Million Customs Facility which will open the airport to international flights.
Several other traffic drivers to this bank including Indian River State College with a current enrollment of over 17,511 students. There are several brand new home developments surrounding this Synovus Bank and only five minutes from the property is Harmony Preserve by Maronda Homes with 20 brand new homesites. 10 minutes away is The lakes at Waterway Village by DiVosta with 325 brand new homesites which are selling quickly. Also 14 minutes away is Ryan Homes at Lost Tree Preserve with 90 brand new luxury homesites and Millstone South by D.R. Horton Builders.
Synovus Bank is a financial services company with $45 Billion in assets and based in Columbus Georgia. Synovus provides commercial and retail banking, investment and mortgage services through 249 Branches and 335 ATM’s in Georgia, Alabama, South Carolina, Florida and Tennessee.

  • Absolute NNN Fee Simple Lease | Annual 3% Rent Increases
  • Corporate Backed Lease | Synovus Bank Has more than $45 Billion in Assets
  • Strong Annual Deposits Exceeding $66 Million
  • Located on Busy State Road 60 with Traffic Counts Exceeding 30,000 Vehicles Per Day
  • Only 3 Minutes from Vero Beach Regional Airport Undergoing $12 Million Construction and Addition of $1.8 Million Dollar International Customs Facility
  • Vero Beach is Home to General Aviation Manufacturer Piper Aircraft, which is the Largest Private Employer in Indian River County and Employs Over 750 people
  • Located 8 Minutes from Cleveland Clinic Indian River Hospital, a 332 Bed Not-for-Profit Hospital
  • Florida is a No Income Tax State

Property Documents

  • City: Vero Beach
  • State/county: Florida
  • Zip/Postal Code: 32960
  • Country: United States

Detail

  • Price: $3,120,000
  • Year Built: 1995

Additional details

  • CAP RATE: 5.00%
  • NOI: $156,000

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