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Fifth Third Bank 150 Weaver Blvd 2,301 SF Retail Building Weaverville, NC 28787 $3,368,000 ($1,463.71/SF) 4.75% Cap Rate
Investment Highlights
- GROCERY ANCHORED OUTPARCEL
- LOCATED IN AFFLUENT MARKET OF ASHEVILLE MSA
- BANKING DEMAND DRIVER
Executive Summary
STRONG LEASE FUNDAMENTALS
- 10% rent increase every 5 years during option periods
- Absolute NNN Ground lease with no Landlord Responsibilities
- Four (4) - Five (5) year option periods
INVESTMENT GRADE TENANT
- Fifth Third Bank is a fortune 500 company with over $164B held in deposits
- Revenue increased 35% YoY
- S&P Rating: A
GROCERY ANCHORED OUTPARCEL
- This Fifth Third Bank site is an outparcel to an Ingles grocery store
- The ingles is in the 90th percentile nationally in visits
- Excellent visibility from Weaver Blvd, which serves as the connector between I-26 and downtown Weaverville
BANKING DEMAND DRIVER
- Branch location adjacent to Ingles Markets headquarters and distribution hub (major regional employer)
- Weaverville is a commuter town for Asheville professionals, supporting steady demand for financial services
LOCATED IN AFFLUENT MARKET OF ASHEVILLE MSA
- Just 15 minutes north of downtown Asheville
- AHHI exceeds 105K in 1,3, and 5 mile radius
- One of the fastest growing cities in the country with 13.4% growth from 2010 to 2020
- Asheville Regional Airport saw 2 million+ passengers in 2023, underscoring regional economic strength
LOCATED IN LOW VACANCY AND HIGH DEMAND RETAIL CORRIDOR
- Located on Weaver Boulevard, the primary retail artery in Weaverville
- Traffic counts exceed 15,000 vehicles per day (VPD) on Weaver Blvd
- Over 917K SF of Retail boasting a 0.2% vacancy rate
- 11.6K SF of absorption | Immediate trade area includes Walmart Supercenter, Ingles, Lowe’s, CVS, McDonald’s, and Starbucks
- 10% rent increase every 5 years during option periods
- Absolute NNN Ground lease with no Landlord Responsibilities
- Four (4) - Five (5) year option periods
INVESTMENT GRADE TENANT
- Fifth Third Bank is a fortune 500 company with over $164B held in deposits
- Revenue increased 35% YoY
- S&P Rating: A
GROCERY ANCHORED OUTPARCEL
- This Fifth Third Bank site is an outparcel to an Ingles grocery store
- The ingles is in the 90th percentile nationally in visits
- Excellent visibility from Weaver Blvd, which serves as the connector between I-26 and downtown Weaverville
BANKING DEMAND DRIVER
- Branch location adjacent to Ingles Markets headquarters and distribution hub (major regional employer)
- Weaverville is a commuter town for Asheville professionals, supporting steady demand for financial services
LOCATED IN AFFLUENT MARKET OF ASHEVILLE MSA
- Just 15 minutes north of downtown Asheville
- AHHI exceeds 105K in 1,3, and 5 mile radius
- One of the fastest growing cities in the country with 13.4% growth from 2010 to 2020
- Asheville Regional Airport saw 2 million+ passengers in 2023, underscoring regional economic strength
LOCATED IN LOW VACANCY AND HIGH DEMAND RETAIL CORRIDOR
- Located on Weaver Boulevard, the primary retail artery in Weaverville
- Traffic counts exceed 15,000 vehicles per day (VPD) on Weaver Blvd
- Over 917K SF of Retail boasting a 0.2% vacancy rate
- 11.6K SF of absorption | Immediate trade area includes Walmart Supercenter, Ingles, Lowe’s, CVS, McDonald’s, and Starbucks
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,301 SF
Building Class
B
Year Built
2002
Price
$3,368,000
Price Per SF
$1,463.71
Cap Rate
4.75%
NOI
$160,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.70 AC
Zoning
C-2 - Commercial
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Fifth Third Bank
- Finance and Insurance
- 2,301 SF
- -
- Nov 2045
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Fifth Third Bank | Finance and Insurance | 2,301 SF | - | Nov 2045 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 9743-00-8092-00000 | Improvements Assessment | $503,500 |
| Land Assessment | $510,300 | Total Assessment | $1,013,800 |
Property Taxes
Parcel Number
9743-00-8092-00000
Land Assessment
$510,300
Improvements Assessment
$503,500
Total Assessment
$1,013,800
Contacts
-
David Hoppe -
Ben Olmstead -
Ben McCarter -
Connor Kuchman -
Atlantic Capital Partners
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Fifth Third Bank | 150 Weaver Blvd
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