PNC Bank | 6.00% Cap | 5224 Providence Rd
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PNC Bank | 6.00% Cap 5224 Providence Rd
2,262 SF Retail Building Virginia Beach, VA 23464 $1,641,000 ($725/SF) 6% Cap Rate
Investment Highlights
- Corporate Guaranty
- Strong Surrounding Demographics
- Long Operating History
Executive Summary
Corporate Guarantee from Strong Credit Tenant
- PNC Bank (NYSE: PNC) is the 6th largest bank in the United States
- PNC Holds over $553.1B in assets
- S&P Rating: A-
Attractive Lease Fundamentals
- 2% annual rental increases during the term
- No Landlord responsibilities
Long Operating History
- PNC has been operating at this location for over 20 years
- PNC recently extended the lease in 2023 for 5 ye
Strong Surrounding Demographics
- Over 322K people live within a 5-mile radius
- Average household income nearly $100K
- Nearly 500k residents live within a 15 mile drive time
High Visibility in Major Retail Hub
- Situated at the intersection of Kempsville RD (32,000 VPD) & Providence Rd (24,000 VPD)
- Over 800K SF of retail located in 1-mile radius
- Fairfield Shopping Center has recently gone through $1.5M of capital improvements
- Nearby National Tenant’s include: TJ Maxx, Kroger’s, Starbucks, Verizon, and Chase
- PNC Bank (NYSE: PNC) is the 6th largest bank in the United States
- PNC Holds over $553.1B in assets
- S&P Rating: A-
Attractive Lease Fundamentals
- 2% annual rental increases during the term
- No Landlord responsibilities
Long Operating History
- PNC has been operating at this location for over 20 years
- PNC recently extended the lease in 2023 for 5 ye
Strong Surrounding Demographics
- Over 322K people live within a 5-mile radius
- Average household income nearly $100K
- Nearly 500k residents live within a 15 mile drive time
High Visibility in Major Retail Hub
- Situated at the intersection of Kempsville RD (32,000 VPD) & Providence Rd (24,000 VPD)
- Over 800K SF of retail located in 1-mile radius
- Fairfield Shopping Center has recently gone through $1.5M of capital improvements
- Nearby National Tenant’s include: TJ Maxx, Kroger’s, Starbucks, Verizon, and Chase
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,262 SF
Building Class
C
Year Built
1977
Price
$1,641,000
Price Per SF
$725
Cap Rate
6%
NOI
$98,483
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.62 AC
Zoning
B2
Parking
24 Spaces (10 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Dedicated Turn Lane
- Pylon Sign
- Signalized Intersection
- Drive Thru
Walk Score ®
Very Walkable (83)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 1466-54-9215 | Improvements Assessment | $523,400 |
| Land Assessment | $1,051,800 | Total Assessment | $1,575,200 |
PROPERTY TAXES
Parcel Number
1466-54-9215
Land Assessment
$1,051,800
Improvements Assessment
$523,400
Total Assessment
$1,575,200
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PNC Bank | 6.00% Cap | 5224 Providence Rd
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