2445 Onslow Dr
Jacksonville, NC 28540
First National Bank | Jacksonville, NC · Retail Property For Sale

3% Co-Broker Fee The lease is corporately guaranteed by First National Bank of Pennsylvania, which has more than $33 billion in assets, $23 billion in deposits and serves nearly 2.5 million customers. The subject property has a been a bank since 1971. In 2016, First National Bank took over this Yadkin lease in place as part of their 2016 acquisition of Yadkin Bank in a $1.4 billion deal. At their own capital expense, FNB updated the façade of this building as well as the pylon sign after the acquisition. There was an addition of a new monument sign as well. From 2016 to 2017 deposits increased 7x to $35.7 million, as a result of the Yadkin Bank being converted into a First National Bank. In 2018, the deposits increased again to $38.3 million. The tenant just signed a new five (5) year lease in March 2018, in addition to two (2), five (5) year options. The lease provides for 2% annual rental increases. The Net Operating Income is projected to increase more than 23% over the anticipated 10-year hold period, providing an excellent inflation hedge and improving investment returns. This asset has a modified gross lease structure. Please see page 9 of the OM for details. The roof was replaced in November 2018, and is guaranteed through 2028. Additionally, both HVAC systems were recently replaced, one in 2014 and the other in 2018. This is Jacksonville’s only First National Bank location, with the next closest location 35 miles (45 minutes) away. First National Bank has strong frontage on Onslow Dr. The bank features a double-drive thru as well as excellent access from both Onslow Dr. and Henderson Dr. First National Bank is surrounded by several popular retailers including Rite Aid, McDonald’s, UPS, Checkers and Bojangles’, among others.