Truist Bank

101 Fort Washington Avenue, Fort Washington, PA 19034

$2,175,000

Cap Rate 7.04%

Updated: 06.25.24 Posted: 10.10.23 Status: Sold

Summary

Price $2,175,000	Built/Renov 1968	Tenant Truist Bank
Cap Rate 7.04%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 4,000	Lease Start 08-16-2023	#Units 2,123
Price/SF $543.75	Expiration 08-15-2028	Tenant Type Bank/Financial
NOI $153,220	R. Term 3.3	Ownership Fee Simple
Rent/SF $37.19	Increases 3.0%/1/yrs	Pop 5Mi 195,584
Lot/AC 0.72	Options 0/0yrs	AHHI 5Mi $151,130

Lease Highlights

Truist Bank recently exercised their final 5 year option to extend
Lease features 3% annual rental increases
Absolute NNN | Zero landlord responsibilities
Corporate guarantee by Truist Financial Corporation (NYSE: TFC)
Truist Bank is an investment grade tenant (S&P: A-)

Location Description

Truist Bank is situated at the signalized corner of Pennsylvania Avenue and Fort Washington Avenue, with a combined daily traffic count of 14,010 vehicles. It is located just a few hundred feet from the intersection of Pennsylvania Avenue and Bethlehem Pike, which sees a traffic count of 13, 010 vehicles. The subject property benefits from its proximity to Fort Washington station on the...

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Key Features

Signalized intersection
Hard corner intersection
Strategically located
Highway close
Top 100 MSA
Strong demographics
Recently extended lease
Absolute NNN
Traded and rated company
Investment grade tenant

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Links

Truist Bank Wikipedia Truist Financial Wikipedia Fort Washington, Pennsylvania Zip Code 19034 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Truist Bank
Guarantor:Corp T and Rated
Company:Truist Financial Corporation
# Units:2,123
Tenant S&P: A-
Moody’s: A3
Stock: NYSE: TFC

About Tenant

Truist Financial Corporation (NYSE: TFC) is an American bank holding company and a top 10 U.S. commercial bank by assets, as of August 2023. The company’s bank branches offer a wide range of...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	5,718	55,322	198,322
2023 Total Population :	5,515	54,231	197,308
2023 Employed Civilian Pop :	3,279	30,345	107,803
2023 Total Businesses :	394	2,600	9,046
2023 Average Household Income :	$ 142,648	$ 176,025	$ 159,112
2023 Total Consumer Spending :	$ 257 M	$ 3022 M	$ 10235 M
2023 Median Age :	41	45	45
2023 Total Households :	2,154	20,559	76,596
2023 Pop Age 25+: Bachelor's Degree :	1,243	13,451	46,209
2023 Average Home Value :	$ 473,821	$ 514,443	$ 473,730

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Pennsylvania Ave	N Bethlehem Pike	2017	3,995	0.05 mi
Pennsylvania Ave	Summit Ave	2019	9,015	0.10 mi
South Bethlehem Pike	Fort Hill Dr	2021	15,852	0.13 mi
Pennsylvania Avenue	Indiana Ave	2021	15,012	0.15 mi
S Bethlehem Pike	Summit Ave	2019	14,761	0.16 mi
Montgomery Ave	Beech St	2011	356	0.17 mi
Morris Rd	S Bethlehem Pike	2010	5,549	0.19 mi
Lafayette Avenue Connector	S Bethlehem Pike	2022	7,934	0.26 mi
Spring Ave	Beech St	2011	290	0.32 mi
N Bethlehem Pike	Spring Ave	2017	13,013	0.38 mi

Listing Broker

Matthew Gorman

CBRE: NLPG Philadelphia

Contact

62 Listings
14287 Views
36 Sold

Michael Shover

CBRE: NLPG Philadelphia

Contact

62 Listings
14287 Views
36 Sold

Matthew Gorman

Matthew Gorman joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Matthew and his team's primary goal is to execute for their clients at the highest level by representing their best interests professionally, honestly and with integrity in all aspects of the marketing and sales process. Shortly after joining CBRE, Matthew was inducted into the exclusive Net Lease Property Group, leading the Philadel

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Michael Shover

Michael Shover joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Shortly after, Michael was inducted into CBRE’s exclusive Net Lease Property Group, leading and specializing in the Mid-Atlantic area. The Net Lease Property Group comprises of a team of senior advisors located within major metropolitan areas throughout the United States who are dedicated to transacting single-tenant assets and net-l

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