For Sale
$6,533,000

10649 Main StFairfax, VA 22030

High-yield bank branch, strong tenant, prime location.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a freestanding, single-tenant PNC Bank branch located at 10649 Main St, Fairfax, VA 22030. The 3,650 square foot property, built in 2009 on a 1.29-acre lot, boasts a strong 8.52% cap rate and a Net Operating Income (NOI) of $556,600. The asking price is $6,533,000, translating to $1,789.86 per square foot. The property benefits from a ground lease and features a credit-rated, corporate guarantee from PNC Bank, providing significant financial security. The current lease has five years remaining, with three 5-year renewal options, each including a 10% rent increase. Occupancy is currently at 100%. Situated on a high-traffic corner (65,000+ vehicles per day) in an affluent area with an average household income exceeding $210,000 within a five-mile radius, this location benefits from proximity to George Mason University (less than a mile away). The Fairfax submarket is one of the top five wealthiest counties nationally, and this PNC Bank branch, the only one in Fairfax City, has experienced over 39% deposit growth since 2018. This property offers investors a secure, long-term cash flow stream backed by a financially sound institution with over $76.9 million in managed assets. The property presents minimal landlord responsibilities.

Highlights

  • Anchored by the nation's largest bank.
  • Investment-grade corporate guarantee (S&P A-).
  • High-traffic corner location with over 65,000 vehicles per day.
  • Recent 10% rent increase, 5 years remaining on lease term.
  • 39% deposit growth since 2018.
  • Located in a top 5 wealthiest US county.

Property Details for 10649 Main St

Property type
Retail properties, Banks
Square Feet
3,650 SF
Year Built
2009
Lot Size (sq. ft)
56,192 SF

Location Insight

City
Fairfax
County
Fairfax
State
Virginia
Latitude
38.848232763064
Longitude
-77.31334415237
10649 Main St, Fairfax, Virginia

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10649 Main St
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