Truist Bank | 5.75% Cap | 849 Kempsville Rd
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Truist Bank | 5.75% Cap 849 Kempsville Rd
2,142 SF Retail Building Virginia Beach, VA 23464 $2,226,000 ($1,039/SF) 5.75% Cap Rate
Investment Highlights
- High Deposit Count (110% increase since 2018)
- Corporate Guarantee from Investment Grade tenant
- Long Operating History - Recently Extended
Executive Summary
Corporate Guarantee from Strong Credit Tenant
- Truist Financial (NYSE: TFC) is the 7th largest bank in the United States
- Truist holds over $543B in assets
- S&P Rating: A-
Attractive Lease Fundamentals
- 10% rental increase during current term
- Rent adjusts to Fair Market Value in the Extension Term
- No LL responsibilities
Long Operating History
- Truist/Sun-Trust has been operating at this location for over 25 years
- Truist recently extended the lease
- $109M in deposits at this location (110% increase from 2018), most out of all branches in the Virginia Beach
Strong Surrounding Demographics
- Over 322k people live within a 5-mile radius
- Average household income is nearly $100K
- Nearly 500k residents live within a 15 minute drive time
High Visibility In Major Retail Hub
- Situated at the intersection of Kempsville Rd (32k VPD) & Providence Rd (24K 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
- Truist Financial (NYSE: TFC) is the 7th largest bank in the United States
- Truist holds over $543B in assets
- S&P Rating: A-
Attractive Lease Fundamentals
- 10% rental increase during current term
- Rent adjusts to Fair Market Value in the Extension Term
- No LL responsibilities
Long Operating History
- Truist/Sun-Trust has been operating at this location for over 25 years
- Truist recently extended the lease
- $109M in deposits at this location (110% increase from 2018), most out of all branches in the Virginia Beach
Strong Surrounding Demographics
- Over 322k people live within a 5-mile radius
- Average household income is nearly $100K
- Nearly 500k residents live within a 15 minute drive time
High Visibility In Major Retail Hub
- Situated at the intersection of Kempsville Rd (32k VPD) & Providence Rd (24K 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
2,142 SF
Building Class
C
Year Built
1977
Price
$2,226,000
Price Per SF
$1,039
Cap Rate
5.75%
NOI
$128,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.60 AC
Zoning
B2
Parking
27 Spaces (10 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Pylon Sign
- Drive Thru
Walk Score ®
Very Walkable (82)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 1466-64-3565 | Improvements Assessment | $388,400 |
| Land Assessment | $1,386,500 | Total Assessment | $1,774,900 |
PROPERTY TAXES
Parcel Number
1466-64-3565
Land Assessment
$1,386,500
Improvements Assessment
$388,400
Total Assessment
$1,774,900
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Truist Bank | 5.75% Cap | 849 Kempsville Rd
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