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Bank

Pilot Bank

5140 E Fowler Ave, Tampa, FL 33617

Listing Price: $5,600,000

Cap Rate
4.34%
Tenant Name
Lake Michigan Credit Union
Years Remaining On Lease
12.0
Guarantor
Corporate Guarantee
Rentable SF
6,416
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$37.86

Investment Overview

Marcus & Millichap is pleased to present Pilot Bank, a rare opportunity for an investor to purchase a truly iconic brand with a proven track record of success in the market of Tampa, FL. The tenant recently structured a brand new corporate guaranteed lease extension showing their commitment to this site long-term. This branch has deposits almost 300% higher than any other Pilot Bank branch in the area and has been operating at this location successfully since 1994. This prime location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.

Investment Highlights

  • Corporate Lake Michigan Credit Union Guarantee after their acquisition of Pilot Bank.
  • This location has been operating successfully for over three decades having been established here since 1994.
  • The tenant recently structured a brand new lease extension showing their commitment to this site long-term.
  • Well located directly across the street from a Publix anchored shopping center and less than 1 mile from the University of South Florida, which had a student body of over 50,000 students enrolled for 2021-2022.
  • his location posted branch deposits over $230MM in 2020, which was a 13% increase from their deposits in 2019! Further, this branch has deposits almost 300% higher than any other Pilot Bank branch in the area.
  • 1.37 acres | 64,500 VPD on Fowler Ave. | Right-in, Right-out, Left-in, Cross Access, Front and Rear Access
  • Brand new roof, HVAC, and parking lot totaling more than $300,000. There will be no near term improvements required making the building essentially brand-new showing tenant's commitment to this location.
  • Lake Michigan Credit Union continues its expansion in Florida by the recent acquisition of Pilot Bank branch, bringing its footprint to 19 offices in Florida.

Exclusively Listed By

Financing By

Listing Price: $5,600,000

Cap Rate
4.34%
Tenant Name
Lake Michigan Credit Union
Years Remaining On Lease
12.0
Guarantor
Corporate Guarantee
Rentable SF
6,416
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$37.86

Investment Highlights

  • Corporate Lake Michigan Credit Union Guarantee after their acquisition of Pilot Bank.
  • This location has been operating successfully for over three decades having been established here since 1994.
  • The tenant recently structured a brand new lease extension showing their commitment to this site long-term.
  • Well located directly across the street from a Publix anchored shopping center and less than 1 mile from the University of South Florida, which had a student body of over 50,000 students enrolled for 2021-2022.
  • his location posted branch deposits over $230MM in 2020, which was a 13% increase from their deposits in 2019! Further, this branch has deposits almost 300% higher than any other Pilot Bank branch in the area.
  • 1.37 acres | 64,500 VPD on Fowler Ave. | Right-in, Right-out, Left-in, Cross Access, Front and Rear Access
  • Brand new roof, HVAC, and parking lot totaling more than $300,000. There will be no near term improvements required making the building essentially brand-new showing tenant's commitment to this location.
  • Lake Michigan Credit Union continues its expansion in Florida by the recent acquisition of Pilot Bank branch, bringing its footprint to 19 offices in Florida.

Investment Overview

Marcus & Millichap is pleased to present Pilot Bank, a rare opportunity for an investor to purchase a truly iconic brand with a proven track record of success in the market of Tampa, FL. The tenant recently structured a brand new corporate guaranteed lease extension showing their commitment to this site long-term. This branch has deposits almost 300% higher than any other Pilot Bank branch in the area and has been operating at this location successfully since 1994. This prime location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.

Exclusively Listed By

Financing By

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