Listed by SURMOUNT
$5,184,278
Fifth Third Bank
Details
Property Type Retail
Sub Type Bank
Square Footage 2,872
Cap Rate 5.75%
NOI $298,096
Occupancy 100%
Tenancy Single
Brand/Tenant Fifth Third Bank
Lease Type NNN
Lease Term 30
Lease Expiration 11/30/2035
Remaining Term 9.5
Rent Bumps Yes
Lease Options 5, 5-Year Optios
Price per SqFt $1,805
Year Built 1998
Acreage 0.900
Investment Type Net Lease
Lease Commencement 12/01/2005
Ownership Fee Simple
Retail | 5.75% CAP | 2,872 SqFt
Marketing description
Surmount is pleased to present a Fifth Third Bank located at 1145 US Highway 70 W, Garner, NC, 27529. The site consists of roughly 2,872 rentable square feet of building space on an estimated 0.9-acre parcel of land. This Fifth Third Bank is subject to a 20-year Triple Net (NNN) lease, which commenced 12/1/2005. The current annual rent is $298,096 and has scheduled increases of 10.00% every 5 years.
Investment highlights
- Strong Corporate Guarantee | Fifth Third Bank operates more than 1,100 full-service branches and 2,400 ATMs across 11 states, with a strong presence throughout the Southeast and Midwest. Backed by Fifth Third Bancorp (NASDAQ: FITB), a financial institution with over $215 billion in assets and investmentgrade credit ratings, the lease benefits from a tenant with national scale and financial strength.
- Outparcel to Major Shopping Center with Strong Surrounding Traffic | The property is outparceled to Garner Towne Square, a major shopping center ranked in the 86th percentile nationally for visits according to Placer.ai. Anchored by Home Depot, Target, and Harbor Freight, the center benefits from strong visibility and access along Highway 70 West and Timber Drive, which see a combined daily traffic count of over 74,000 vehicles.
- Diversified Revenue and Strong Retail Banking Performance | Fifth Third Bank benefits from a diversified business model with steady fee income and strong retail banking performance. In Q1 2025, net interest income rose 4% year-over-year to $1.44 billion, reflecting the strength of its lending and deposit base and supporting long-term financial stability.
- Top-Performing Tenants Nationwide | The site is located within the same shopping center as several top-performing tenants, according to Placer.ai, including The Home Depot (top 95th percentile nationally for visits and 90th for sales), Wells Fargo (96th percentile for visits), and Chick-fil-A (95th percentile for visits and 97th for sales).
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$298,096.00
$24,841.33/mo
Valuation Metrics
0
DSCR
5.75%
Cap Rate
5.75%
ROI
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