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Views: 132 DOM: 129 Updated: 11.22.24 Posted: 07.26.24 Status: Active

Summary

Price $4,000,000
Built/Renov 2024
Tenant Fifth Third Bank (GL)
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 1,900
Lease Start 07-01-2024
#Units 1,100
Price/SF $2,105.26
Expiration 08-31-2044
Tenant Type Bank/Financial
NOI $180,000
R. Term 19.9
Ownership Ground Lease
Rent/SF $94.74
Increases 10.0%/5/yrs
Pop 5Mi 144,397
Lot/AC 0.74
Options 4/5yrs/10%
AHHI 5Mi $78,748

Lease Highlights

  • Brand-new 2024 construction
  • New 20-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years 
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Fifth Third Bank is strategically located on W. New Haven Avenue, with access to a daily traffic count of 37,000 vehicles. The property is surrounded by well-known national tenants, including The Home Depot, Lowe’s, Target, Sam’s Club, Publix, and more. The 5-mile trade area supports a population of 144,397 residents with an average household income of $78,748. West Melbourne is a city in...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Fifth Third Bank
  • Guarantor:Corp T and Rated
  • Company:Fifth Third Bancorp
  • # Units:1,100
  • Tenant S&P: BBB+
  • Moody’s: Baa1
  • Stock: NASDAQ: FITB

About Tenant

Fifth Third Bank, a subsidiary of Fifth Third Bancorp, is a diversified financial services company. As of March 2023, Fifth Third had $171 billion in assets and operated more than 1,100...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 8,377 52,261 149,391
2024 Total Population : 8,108 50,720 145,172
2024 Employed Civilian Pop : 4,018 23,610 66,957
2024 Total Businesses : 577 3,168 8,158
2024 Average Household Income : $ 110,141 $ 103,188 $ 90,335
2024 Total Consumer Spending : $ 305 M $ 1905 M $ 4897 M
2024 Median Age : 45 45 44
2024 Total Households : 3,208 21,169 61,644
2024 Pop Age 25+: Bachelor's Degree : 1,558 9,345 23,612
2024 Average Home Value : $ 429,483 $ 385,610 $ 380,788
*ESRI data is presented for informational purposes only

Listing Broker

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