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Bank of America I High Growth Deposits

Priced Under Replacement Cost I Rapid Growth Area

Listing Contacts

Active

Asking Price: $1,137,900
Listing Broker NameDonald Gilchrist
Address 

547 Benson Rd, Garner, NC 27529

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Date Added
Sep 4, 2024
Days on Market
192 days
Time Since Last Update
3 days

Details

Property TypeRetail
SubtypeBank
Investment TypeNet Lease
Investment Sub TypeAbsolute NNN
ClassA
Lease TypeAbsolute NNN
TenancySingle
Brand/TenantBank of America
Lease Expiration09/29/2028
Remaining Term3.5 years
Square Footage5,480
Price/Sq Ft$207.65
Cap Rate5.75%
Occupancy100%
NOI$65,431
Lot Size (acres)0.62
Rent BumpsIn Each Option
Broker Co-OpYes
Lease OptionsYes
OwnershipFee Simple
Sale Condition1031 exchange

Investment Highlights

  • Absolute NNN Bank of America w/ No Landlord Management: Absolute NNN Bank of America with No Landlord Management Located on a Heavily Trafficked Section of Benson Road (10,000 Vehicles Per Day (VPD)) Just Off US Route 70 (30,000 VPD) in Garner, NC

  • Over Four Years Remaining on Lease Base Term: Bank of America Has Occupied This Site for 20+ Years with Over 4 Lease Years Remaining and Rent Increases in Each Option Providing a Hedge Against Future Inflation and an Ideal Passive Investment

  • Dramatic Increase in Deposits Over Past 10-Years: Lease Corporately Guaranteed by Bank of America, an American Multinational Investment Bank and Financial Services Company with Over 3,800 Retail Financial Centers Nationwide

  • Rapid Population Growth Area 10 Minutes from Downtown Raleigh: Subject Property Has Experienced an 86 Percent Increase in Deposits Since 2016 with Deposits Rising Over 17 Percent Alone Since 2020 According to the Federal Deposit Insurance Corporation

  • Priced Under Replacement Cost w/ Below Market Rent: Rapid Growth Area with the Population Projected to Increase by Over 10 Percent within a One-Mile Radius of the Subject Property between 2023 and 2028 Which Will Lead to Real Estate Appreciation

  • Lease Corporately Guaranteed by Bank of America: Additional Security Provided by this Asset with Rent at the Subject Property Currently Under $12 Per Square Foot and Asset Price Under Replacement Cost

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$65,431.00
$5,452.58/mo

Valuation Metrics

0
DSCR
5.75%
Cap Rate
5.75%
ROI
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Due Diligence

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Listing Contacts


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Broker Name
Donald Gilchrist
Broker License
NC 241055
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