Synovus Bank - Ft. Lauderdale, FL | 1790 E Commercial Blvd
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Synovus Bank - Ft. Lauderdale, FL 1790 E Commercial Blvd
2,800 SF Retail Building Oakland Park, FL 33334 $8,088,360 CAD ($2,889 CAD/SF) 5.66% Cap Rate
INVESTMENT HIGHLIGHTS
- The property is located in a residential housing dominated area, creating a direct consumer base from which to draw
- Commercial Blvd is a major retail corridor, and is home to other national/credit tenants including ALDI, Publix Supermarket, Ross Dress for Less, Five
- Ideal, low-management investment for a passive investor in a state with no state income ta
EXECUTIVE SUMMARY
• Synovus Bank has over 14 years remaining on their current term with 3 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 10% rental increases every 5 years and at the beginning of each option period, generating additional NOI and hedging against inflation
• The lease is corporate signed by Synovus Bank, who operates over 340 locations nationwide
• Moodys upgrades Synovus outlook to positive and affirms Baa3 credit rating (4/22/2022)
• Synovus Bank is located at the signalized, hard corner intersection of NE 18th Avenue and Commercial Boulevard, featuring a combined 72,200 vehicles passing by daily
• Commercial Blvd is a major retail corridor, and is home to other national/credit tenants including ALDI, Publix Supermarket, Ross Dress for Less, Five Below, CVS, and more
• Strong surrounding tenant synergy increases consumer draw to the immediate trade area and promotes crossover shopping to the site
• The property is equipped with a drive-thru, promoting ease of access and convenience for customers
• The 5-mile trade area is supported by over 300,500 residents and 247,000 employees
• $120,264 average household income in a 1-mile radius
• The lease features 10% rental increases every 5 years and at the beginning of each option period, generating additional NOI and hedging against inflation
• The lease is corporate signed by Synovus Bank, who operates over 340 locations nationwide
• Moodys upgrades Synovus outlook to positive and affirms Baa3 credit rating (4/22/2022)
• Synovus Bank is located at the signalized, hard corner intersection of NE 18th Avenue and Commercial Boulevard, featuring a combined 72,200 vehicles passing by daily
• Commercial Blvd is a major retail corridor, and is home to other national/credit tenants including ALDI, Publix Supermarket, Ross Dress for Less, Five Below, CVS, and more
• Strong surrounding tenant synergy increases consumer draw to the immediate trade area and promotes crossover shopping to the site
• The property is equipped with a drive-thru, promoting ease of access and convenience for customers
• The 5-mile trade area is supported by over 300,500 residents and 247,000 employees
• $120,264 average household income in a 1-mile radius
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,800 SF
Building Class
B
Year Built
2019
Price
$8,088,360 CAD
Price Per SF
$2,889 CAD
Cap Rate
5.66%
NOI
$457,570 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
0.45 AC
Zoning
C - Commercial
AMENITIES
- 24 Hour Access
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (75)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 49-42-11-07-3000 | Improvements Assessment | $3,747,037 CAD |
| Land Assessment | $547,545 CAD | Total Assessment | $4,294,582 CAD |
PROPERTY TAXES
Parcel Number
49-42-11-07-3000
Land Assessment
$547,545 CAD
Improvements Assessment
$3,747,037 CAD
Total Assessment
$4,294,582 CAD
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Synovus Bank - Ft. Lauderdale, FL | 1790 E Commercial Blvd
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