PNC Bank | 6.00% Cap 5224 Providence Rd

Investment Highlights

Corporate Guaranty Strong Surrounding Demographics Long Operating History

Executive Summary

Corporate Guarantee from Strong Credit Tenant - PNC Bank (NYSE: PNC) is the 6th largest bank in the United States - PNC Holds over $553.1B in assets - S&P Rating: A-Attractive Lease Fundamentals - 2% annual rental increases during the term - No Landlord responsibilitiesLong Operating History - PNC has been operating at this location for over 20 years - PNC recently extended the lease in 2023 for 5 yeStrong Surrounding Demographics - Over 322K people live within a 5-mile radius - Average household income nearly $100K - Nearly 500k residents live within a 15 mile drive timeHigh Visibility in Major Retail Hub - Situated at the intersection of Kempsville RD (32,000 VPD) & Providence Rd (24,000 VPD) - Over 800K SF of retail located in 1-mile radius - Fairfield Shopping Center has recently gone through $1.5M of capital improvements - Nearby National Tenant?s include: TJ Maxx, Kroger?s, Starbucks, Verizon, and Chase

• Sale Type    Investment NNN
• Property Type    Retail
• Property Subtype    Bank Bank General Retail Fast Food General Retail Freestanding Bank
• Building Size    2,262
• Building Class    C
• Year Built    1977
• Price    1,641,000
• Price Per SF    725
• Cap Rate    6
• NOI    98,483
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.08
• Land Acres    0.62 AC

• Bus Line
• Dedicated Turn Lane
• Pylon Sign
• Signalized Intersection
• Drive Thru