SUNTRUST BANK 1502 SE US HWY 19, CRYSTAL RIVER FL 34429 A RATED TENANT DEPOSITS OVER $118.7MM- THE HIGHEST IN CITRUS COUNTY
SUNTRUST BANK 1502 SE US HWY 19, CRYSTAL RIVER FL 34429 HIGHLIGHTS Priced to sell at $3,794,000 6.25% cap rate Lease Commencement: 3/28/2008 Lease Expiration: 9/30/2028 Lease Term Remaining: 10 years Base Rent: $237,121 Rent Escalations: 1.5% annually Renewal Options: Six, 5 year renewal options Land size: 1.1 AC Building size: 9,150 SF Year built: 1983 Tenant: Suntrust Bank, 1,400 locations and 2017 deposits of $162 billion Tenant is A rated No. 303 on Fortune 500 Over $118MM in Deposits (11% growth)
MARKET AERIAL US HWY 19-30,500 VPD PROPERTY FEATURES This offering is for a NNN sale of a 9,150 SF building located on 1.1 acres of land in Crystal River, FL. The lease has fixed rent increases of 1.5% annually and revnewal options providing investors with a hedge against inflation, an asset that can be depreciated, and a longstanding tenant with a national brand. The lease is structured with market rents and a passive involvement. The subject 1.1 acre site with 9,150 SF building was completed in 1983. The grade-level project offers good visibility and access along US Hwy 19, a major north-south artery with over 30,500 vehicles per day.
MARKET AERIAL Y 19 W US H D 0 VP,50-30 INVESTMENT HIGHLIGHTS LEASE SUMMARY Cap Rate 6.25% Lease Type Absolute NNN Net Operating Income $237,121 Roof & Structure Tenant Rentable Square Footage 9,150 Lease Commencement March 28, 2008 Expiration September 30, 2028 Lease Expiration September 30, 2028 Lot Size 1.1 Acres Rent Increases 1.5% Annually Type of Ownership Fee Simple Renewal options Six, 5-year Renewal Right Of First Refusal YES- Tenant has 10-days to decide
TENANT OVERVIEW SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an over 1,400 branch locations and over 2,160 ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2018, SunTrust had total assets of $205 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust is A rated and is ranked #303 on the Fortune 500 list. AREA DESCRIPTION The subject property sits on the major north-south artery through Crystal River, which also spans the west coast of Florida. The subject property, built in 1983, is in the commercial corridor of the city, with multiple national tenants, surrounded by residential developments. Located On the western edge of Citrus County, along the west coast of Florida, Crystal River is described as the Heart of Florida s Nature Coast. Crystal River is famous for its natural springs, the second largest in Florida. The city also attracts thousands each year to the area, not just to swim with the manatees, but also for boating, fishing and historic archeology. Archeological finds confirm that Crystal River was first populated over 10,000 years ago. ABOUT CRYSTAL RIVER The city of Crystal River, Florida is in the heart of the pristine Nature Coast. This beautiful area is one of the fastest growing in Florida, and there is no wonder why. Just a few minutes from anywhere in Crystal River is the sparkling and refreshing Gulf of Mexico, excellent for boating, fishing or just getting away from it all. There are also numerous rivers, lakes, and springs in the area including the Crystal River and The Homosassa River, both of which are spring fed. Along with the water comes many water activities including boating, canoing, kayaking, and swimming with the manatees. While Crystal River is away from the hustle and bustle of big cities, large metropolitan areas are just a short car ride away. Take a day and drive to nearby Orlando or Tampa and go to huge malls and theme parks. Or go up the road about a half hour to Ocala, where you can go to Silver Springs Park or Wild Waters.
DEMOGRAPHICS Demographic & Income Comparison Profile 1 MILE 3 MILES 5 MILES 2018 Population 2,040 11,047 21,433 2023 Population (Projected) 2,180 11,878 22,868 2018 Total Households 934 5,155 9,957 2023 Total Households (Projected) 955 5,292 10,141 2018 Average HH Income $79,342 $58,836 58,749 2023 Average HH Income (Projected) $94,482 $69,030 $69,511 2018 Median Age 60.0 53.3 54.2 ANNUAL GROWTH RATE 2018-2023 Annual Growth Rate 4 3.5 3 2.5 2 1.5 1 0.5 0 1.5% 0.4% 3.5% 2.4% Population Households Average Household Income Per Capita Income