Fifth Third Bank 1121 Moncure Place 1,900 SF Retail Building Apex, NC 27523 $2,167,742 ($1,140.92/SF) 4.65% Cap Rate

The Boulder Group is pleased to exclusively market for sale a single tenant ground leased Fifth Third Bank property positioned within the Raleigh MSA in Apex, North Carolina. Construction of the Fifth Third property was completed in 2024 with a 15-year lease running through November 2039. The ground lease is absolute triple net and presents no landlord responsibilities. Additionally, there are 10% rental escalations every five years throughout the primary term and four 5-year renewal options. Fifth Third Bank is an investment grade tenant with a “A-“ from Standard & Poor’s. Fifth Third is paying a low absolute rent of $100,800.
The Fifth Third Bank building occupies a hard corner location at Richardson Road and Core Banks Street. It is strategically situated near US Highway 64 (42,300 VPD) and State Highway 540 (32,000 VPD), two main thoroughfares for the Raleigh MSA. The property is part of the vibrant 45-acre Sweetwater Town Center, a master-planned development featuring 600 single- and multi-family residential units and a dynamic retail hub anchored by Harris Teeter. The latest addition to Sweetwater is a 125-room Tempo by Hilton hotel, featuring 4,000 square feet of retail and meeting space, a rooftop bar, and a main-floor restaurant, slated for completion in Q4 2026. Surrounding retailers include Lightbridge Academy, Papa John’s, and Taco Bell. The property serves an affluent community with an average household income exceeding $217,000 within a one-mile radius and a population of over 150,000 within five miles. Additionally, the population within a one-mile radius is projected to growth by nearly 14% through 2030.
Fifth Third Bank, headquartered in Cincinnati, Ohio, is a diversified financial services company with a rich history dating back to 1858. Originally founded as the Bank of the Ohio Valley, it evolved through mergers, notably the 1908 union of Fifth National Bank and Third National Bank, which gave the institution its distinctive name. Today, Fifth Third operates as a regional powerhouse, serving customers across 11 states with over 1,100 full-service banking centers and more than 2,000 ATMs. The bank provides a comprehensive suite of services, including consumer and business banking, wealth management, commercial lending, and payment processing, all underpinned by a commitment to innovation and customer-centric solutions.