910 E TARPON AVE Tarpon Springs FL 34689

The Hurd Net Lease Group with Marcus and Millichap is pleased to exclusively offer for sale the Bank of America located at 910 East Tarpon Avenue, Tarpon Springs, FL 34689. The investment is being offered at $3,369,000 which represents a 4.25% cap rate.

The subject property is a 12,540 square foot Bank of America with a fifty year operating history at this location. There are currently 10 years remaining on the Absolute NNN lease that includes an 8% rental increase that takes effect May 1, 2027. There are three, five year options with 8% rental increases that would extend the lease to 2047. Tenant fully reimburses for real estate taxes. There is a reciprocal easement agreement in place with the Tarpon Mall which assigns a sum of $25,000 annually, with 2% annual increases. Bank of America, N.A. holds a S&P "A+" Credit Rating. There are currently planned facility upgrades scheduled for 2022, which include an extensive exterior facade update as well as an interior renovation plan, further demonstrating tenant's commitment to this location.

The site is positioned at a major signalized intersection of Tarpon Avenue and US Highway 19, which see more than 90,000 vehicles per day respectively. US Highway 19 is the most heavily traveled artery in Pinellas County and part of the Florida Strategic Intermodal System, which is a statewide network of high-priority transportation facilities in which Route 19 has the highest ridership of all routes in the Pinellas Suncoast Transit Authority system. Located on a pad site connected to the Publix anchored Tarpon Mall, the subject property is surrounded by countless credit tenants, businesses, storage facilities, apartments, mobile home parks and more. Tarpon Springs is also the Sponge Capital of the world which leads the tourism industry in the area and attracts more than one million visitors annually.

The property is approximately one mile from Lake Tarpon, which is the largest lake in Pinellas County, to the east and less than five miles from the Gulf of Mexico to the west. As of 2021, Bank of America closed down another local branch in a consolidation strategy which demonstrates their continued and strong commitment to this location. As of 2021, the deposits for this branch were over $180 Million.

• Absolute NNN Lease with 9.8 Years Remaining

• 8% Rental Increase That Takes Effect May 1, 2027

• Three, Five Year Options with 8% Rental Increases Remaining

• 12,540 Square Foot Building

• S&P "A+" Credit Rating

• Positioned on a Signalized Intersection With Over 90,000 Vehicles Passing the Site Daily

• Planned Exterior Facade and Interior Improvements in 2022

• More Than 137,000 People Within Five Miles - Projected Population Increase Through 2026

• Located in the Most Densely Populated County in Florida

• Deposits of more than $180 Million as of 2021

• US Highway 19 is the Most Heavily Traveled Artery in Pinellas County

• Recent Branch Consolidation Demonstrating Continued Commitment to the Location

• Pad Site to Tarpon Mall Which Includes Tenants Such as Publix, PetCo, Panera Bread and TJ Maxx

• Approximately One Mile from Lake Tarpon - The Largest Lake in Pinellas County

• Less Than Five Miles From the Gulf of Mexico

• Home to the Sponge Docks Which Lead the Local Tourism Area (Over One Million Visitors Annually)

• More Than $1.7 Billion in Total Specified Consumer Spending Within a Five Mile Radius