For Sale
$3,200,000

2691 Placida RdEnglewood, FL 34224

High-yield Florida bank investment.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple, absolute NNN lease on a 3,030 square foot former Truist Bank branch located at 2691 Placida Rd, Englewood, FL 34224. The property boasts a strong 11.70% cap rate and a current NOI of $374,535, with a lease expiration date of November 30, 2025, leaving one year remaining on the lease term. The tenant possesses a credit rating, ensuring financial stability. The property sits on a sizable 0.54-acre lot at a hard-corner, signalized intersection of Placida Road and Mississippi Avenue, experiencing daily traffic counts exceeding 15,800 vehicles. The asking price is $3,200,000, translating to a price per square foot of $1,056.11. Rent increases annually at 3%. The property benefits from its location in a thriving community near Englewood Community Hospital, Cape Coral Hospital, several schools (including Vineland Elementary, Heritage Christian Academy, and Lemon Bay High School), Southern Technical College, Myakka River State Park, and Grove City Walking Park. This presents a compelling investment opportunity in a desirable Florida location with significant upside potential. The property is currently 100% occupied. The investment is further enhanced by Florida's no-income-tax status.

Highlights

  • NNN Leased to Truist Bank (S&P A-) with over five years remaining on the lease.
  • 8.76% cap rate, above market.
  • Rent increases annually at 3%.
  • Potential for redevelopment or cost basis reduction via early lease termination with Truist.
  • Located in Florida, a state with no income tax.

Property Details for 2691 Placida Rd

Property type
Retail properties, Banks
Square Feet
3,030 SF

Location Insight

City
Englewood
County
Charlotte
State
Florida
Latitude
26.9165746
Longitude
-82.3279705
2691 Placida Rd, Englewood, Florida

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2691 Placida Rd
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