Bank

Truist Bank

100 NW 12th Ave, Miami, FL 33128

Listing Price: $7,600,000

Cap Rate
4.58%
Tenant Name
Truist Bank
Years Remaining On Lease
6.9
Guarantor
Corporate Guarantee
Rentable SF
10,401
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$33.50

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Truist Bank located at 100 Northwest 12th Avenue in Miami, FL. The site was originally built in 1983, consists of roughly 10,401 rentable square feet, and is situated on approximately 1.61 acres of land. Truist Bank is subject to an absolute triple-net (NNN) lease, which commenced on January 1, 2007. In 2016, Truist (at the time SunTrust) Bank executed its renewal option early and extended the term of the lease by 10 years. The current annual rent is $343,269, however the rent is scheduled to increase to $348,418 on January 1st, 2021 and is subject to 1.50% rental escalations every year thereafter. In addition, there are six (6), five (5)-year tenant renewal options. The offering is a covered land play with significant guaranteed income of more than $2,500,000 while the market develops and land with significant zoning becomes that much more scarce.

Investment Highlights

  • Excellent Future Redevelopment Potential | The Property is Zoned T6-8 and T6-12 Which Allows for Vertical Development up to 8 and 12 Floors | Strong Intrinsic Real Estate Value
  • Extremely Dense Urban Population | Population Exceeds 68,000 People in a One-Mile Radius and 530,000 People Within Five-Miles
  • Compelling Real Estate Fundamentals | Located just outside Downtown Miami and Less Than Four Miles from The Port Miami | Largest Passenger Port in the World
  • Absolute Triple-Net (NNN) Lease with Approximately 7.25 Years Remaining
  • Covered Land Play With Significant Cash Flow
  • Investment Grade Tenant: A- Rating (S&P) | Truist Financial Corporation is the Nation's Sixth Largest U.S. Bank Holding Company
  • In 2016, the Tenant Executed its Renewal Option Early and Extended the Term of the Lease
  • This Branch has Strong Deposits of Roughly $73M

Exclusively Listed By

Listing Price: $7,600,000

Cap Rate
4.58%
Tenant Name
Truist Bank
Years Remaining On Lease
6.9
Guarantor
Corporate Guarantee
Rentable SF
10,401
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$33.50

Investment Highlights

  • Excellent Future Redevelopment Potential | The Property is Zoned T6-8 and T6-12 Which Allows for Vertical Development up to 8 and 12 Floors | Strong Intrinsic Real Estate Value
  • Extremely Dense Urban Population | Population Exceeds 68,000 People in a One-Mile Radius and 530,000 People Within Five-Miles
  • Compelling Real Estate Fundamentals | Located just outside Downtown Miami and Less Than Four Miles from The Port Miami | Largest Passenger Port in the World
  • Absolute Triple-Net (NNN) Lease with Approximately 7.25 Years Remaining
  • Covered Land Play With Significant Cash Flow
  • Investment Grade Tenant: A- Rating (S&P) | Truist Financial Corporation is the Nation's Sixth Largest U.S. Bank Holding Company
  • In 2016, the Tenant Executed its Renewal Option Early and Extended the Term of the Lease
  • This Branch has Strong Deposits of Roughly $73M

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Truist Bank located at 100 Northwest 12th Avenue in Miami, FL. The site was originally built in 1983, consists of roughly 10,401 rentable square feet, and is situated on approximately 1.61 acres of land. Truist Bank is subject to an absolute triple-net (NNN) lease, which commenced on January 1, 2007. In 2016, Truist (at the time SunTrust) Bank executed its renewal option early and extended the term of the lease by 10 years. The current annual rent is $343,269, however the rent is scheduled to increase to $348,418 on January 1st, 2021 and is subject to 1.50% rental escalations every year thereafter. In addition, there are six (6), five (5)-year tenant renewal options. The offering is a covered land play with significant guaranteed income of more than $2,500,000 while the market develops and land with significant zoning becomes that much more scarce.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower