Republic Bank New Port Richey, Florida

$1,092,000
Cap Rate: 5.00%
Closed Single-Tenant
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.00%
Price: $1,092,000
Rentable Square Feet: 2,880
Annual Rent: $54,603
Price PSF: $379.17
Land Area: 0.844 Acres
Year Built: 2019
Lease Guarantor: Corporate
Lease Type: NNN Ground Lease
Lease Term: 10 Years
Option Periods: 6, 5-Year Options
Rent Increases: 10% Every 5 Years
Lease Expiration: 12/26/2029 est

10577 State Road 54
New Port Richey, FL 34655

Investment Highlights

  • New, 10-Year, Triple Net (NNN) Ground Lease with Six, Five-Year Renewal Options
  • 10 Percent Rental Increases Every Five Years Throughout Base Term and Option Periods
  • Brand New Location, Currently Under Construction
  • Scheduled to Open December 2019
  • Republic Bank is a Public Company (NASDAQ: RBCAA) and Has 32 Locations Throughout Florida, Indiana, Kentucky, Ohio and Tennessee, with More Than 1,000 Employees
  • Located off State Road 54 With a Traffic Count of 50,000 Vehicles
  • Located in a High Growth Submarket of Tampa
  • Surrounding National Brands Include Publix, Dollar General, Tire Choice, Sherwin Williams, Orangetheory Fitness, Circle K, Wawa, Bonefish Grill, McDonald’s, Wendy’s, CVS, Hampton Inn, Holiday Inn Express and Many More
  • 24 Miles North of Clearwater and 28 Miles Northwest of Tampa
  • Part of the Tampa MSA with a Population of Roughly 3 Million
  • The Metro Population Will Expand to Approximately 3.2 Million Residents Through 2023

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Republic Bank located in New Port Richey, Florida. This Republic Bank has a new, 10-year, triple net ground lease and features six, five-year renewal options with 10 percent rental increases every five years throughout the base term and option periods. This is a brand-new location, currently under construction and is scheduled to open in December 2019.

The subject property is located off State Road 54 with a daily traffic count of more than 50,000 vehicles. Surrounding national brands include Publix, Dollar General, Tire Choice, Sherwin Williams, Orangetheory Fitness, Circle K, Wawa, Bonefish Grill, McDonald’s, Wendy’s, CVS, Hampton Inn, Holiday Inn Express and many more.

The subject property is 24 miles north of Clearwater and 28 miles northwest of Tampa and is part of the Tampa metropolitan statistical area which has a population of roughly three million. This metro population will expand to approximately 3.2 million residents through 2023.

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