Bank

BB&T (Dark)

1585 E Main St, Spartanburg, SC 29307

Listing Price: $985,000

Cap Rate
6.15%
Tenant Name
BB&T
Years Remaining On Lease
6.0
Gross SF
2,294
Guarantor
Corporate Guarantee
Rentable SF
2,294
Price/Gross SF
$429.38
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.40

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a triple-net lease BB&T in Spartanburg, South Carolina. The property consists of a 2,294-square foot, freestanding building that sits on approximately 0.85 acre of land. There are approximately six years remaining on the current lease term. Although BB&T has vacated the premises, they are still obligated for approximately $357,000 in future rent obligations. At the asking price, an investor should be able to lower their basis in the property considerably, recapturing approximately 36 percent of their initial investment over the remaining lease term. The property has excellent access and visibility on Main Street, where traffic counts exceed 23,333 vehicles per day. The area is extremely dense with more than 80,669 residents within a five-mile radius. Surrounding retailers in the immediate area include ALDI, The Fresh Market, Publix, Starbucks, Zaxby’s, Planet Fitness, Bank of America, CVS, Waffle House, Taco Bell and many more. The surrounding area has experienced significant development in recent years, including the new $134 million Spartanburg High School and the $60 million Drayton Mill mixed-use project (the largest historic renovation project in South Carolina history when completed in 2017). A new Starbucks went into the former United Community Bank building across from the subject property in 2019.

Investment Highlights

  • Tenant is Responsible for Approximately $357,000 in Future Rent Obligations
  • Triple Net Lease with Approximately Six Years Remaining
  • High Growth Corridor - New $134 Million Spartanburg High School and the $60 million Drayton Mill Mixed-Use Project Have Spurred Development on the East Side of Spartanburg
  • Main Street Location, Where Traffic Counts Exceed 23,333 Vehicles per Day
  • More than 80,669 Residents Within a Five-Mile Radius
  • #8 Small Metro Nationwide for Millennial Population Growth - 15% Increase in Last Five Years

Exclusively Listed By

Broker of Record

  • Drew Babcock

    First Vice President Investments

    License(s): SC: 39872

    South Carolina

Listing Price: $985,000

Cap Rate
6.15%
Tenant Name
BB&T
Years Remaining On Lease
6.0
Gross SF
2,294
Guarantor
Corporate Guarantee
Rentable SF
2,294
Price/Gross SF
$429.38
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.40

Investment Highlights

  • Tenant is Responsible for Approximately $357,000 in Future Rent Obligations
  • Triple Net Lease with Approximately Six Years Remaining
  • High Growth Corridor - New $134 Million Spartanburg High School and the $60 million Drayton Mill Mixed-Use Project Have Spurred Development on the East Side of Spartanburg
  • Main Street Location, Where Traffic Counts Exceed 23,333 Vehicles per Day
  • More than 80,669 Residents Within a Five-Mile Radius
  • #8 Small Metro Nationwide for Millennial Population Growth - 15% Increase in Last Five Years

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a triple-net lease BB&T in Spartanburg, South Carolina. The property consists of a 2,294-square foot, freestanding building that sits on approximately 0.85 acre of land. There are approximately six years remaining on the current lease term. Although BB&T has vacated the premises, they are still obligated for approximately $357,000 in future rent obligations. At the asking price, an investor should be able to lower their basis in the property considerably, recapturing approximately 36 percent of their initial investment over the remaining lease term. The property has excellent access and visibility on Main Street, where traffic counts exceed 23,333 vehicles per day. The area is extremely dense with more than 80,669 residents within a five-mile radius. Surrounding retailers in the immediate area include ALDI, The Fresh Market, Publix, Starbucks, Zaxby’s, Planet Fitness, Bank of America, CVS, Waffle House, Taco Bell and many more. The surrounding area has experienced significant development in recent years, including the new $134 million Spartanburg High School and the $60 million Drayton Mill mixed-use project (the largest historic renovation project in South Carolina history when completed in 2017). A new Starbucks went into the former United Community Bank building across from the subject property in 2019.

Exclusively Listed By

Broker of Record

  • Drew Babcock

    First Vice President Investments

    License(s): SC: 39872

    South Carolina

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