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Bank of America - Dunedin FL
Net Leased Retail Bank | 5.50% CAP
Listing Contacts
License: FL FL BK3015211
License: FL FL 3283127
Active
Asking Price: $2,600,000
Address
1080 Keene Rd, Dunedin, FL 34698
Show on MapDate Added
Jun 18, 2024
Days on Market
273 days
Time Since Last Update
71 days
Details
Property TypeRetail
SubtypeBank
Investment TypeNet Lease
Investment Sub TypeNNN
ClassB
Lease TypeNNN
Tenant CreditCredit Rated
TenancySingle
Brand/TenantBank of America
Lease Term30.6 years
Lease Commencement07/23/1997
Lease Expiration02/29/2028
Remaining Term3 years
Square Footage4,400
Net Rentable (sq ft)4,400
Price/Sq Ft$590.91
Cap Rate5.50%
Pro-Forma Cap Rate5.78%
Occupancy100%
Occupancy Date07/23/1998
NOI$143,000
Pro-Forma NOI$150,150
Year Built1998
Buildings1
Stories1
Lot Size (acres)1.1
Parking (spaces)20
Rent Bumps5%
Broker Co-OpYes
APN26-28-15-00000-410-0120
Lease Options6 (5-Year)
OwnershipFee Simple
Marketing Description
Marcus & Millichap is proud to present for sale the Bank of America property located at 1080 Keene Road, Dunedin, FL 34698. This outstanding commercial real estate investment is strategically positioned near the high-traffic intersection of Main Street and Keene Road. The property offers dual access points from these major thoroughfares, with Main Street seeing a daily traffic flow of 47,500 vehicles and Keene Road attracting 25,500 vehicles daily.
Since 1998, this Bank of America branch has served the Dunedin community and, as of June 2023, holds deposits approximately $200 million. It stands as the sole Bank of America location in Dunedin, with the nearest branch located approximately three miles away in Clearwater, FL.
The property features significantly below market rental rates, enhancing its attractiveness as an investment. Main Street is a crucial route connecting Dunedin to Tampa, underscoring the strategic importance of this location. Situated just north of Clearwater and only a five-minute drive from Florida's picturesque west coast, this property offers investors a secure and profitable asset in a flourishing market.
Investment Highlights
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Significantly Below Market Rental Rate
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Been At This Location Since 1998
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Deposits Approximately $200M As Of June 2023
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Strong Credit Tenant
-
Multiple Five Year Renewal Options
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No Landlord Responsibilities
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Situated Along Two Bustling Thoroughfares With Over 47K VPD
Valuation Calculator
Valuation Calculator
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$143,000.00
$11,916.67/mo
Valuation Metrics
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0
DSCR
5.5%
Cap Rate
5.5%
ROI
Property History
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Due Diligence
Listing Contacts
- License: FL FL BK3015211
- License: FL FL 3283127
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Broker Information
Broker Information
Broker Name
Alex Zylberglait
Broker License
FL FL BK3015211
Brokerage Name
Marcus & Millichap Miami
Broker Title
Broker Associate
Brokerage Address
2916 North Miami Avenue, Miami, United States 33127
Broker Name
Michael Crocchiola
Broker License
FL FL 3283127
Brokerage Name
Marcus & Millichap - Miami
Broker Title
Real Estate Advisor
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