STREAM Capital Partners > Properties > All Properties > Verizon

Verizon

Net Lease

3003 Monroe Way, Monroe, North Carolina
Ownership Type:
Fee Simple
Price:
$2,745,985
Cap Rate:
6.85%
Current Rent:
$188,100
Tenancy:
Single Tenant
Lease Type:
DoubleNet
Lease Expiration Date::
Approx. 5 years
Renewal Options:
Two, 5-Year
Building Sq. Ft.:
4,500 SF
Rent Increases:
10% per option
Site Size:
2.01 Acres

Investment Highlights

  • Signalized Hard Corner: Verizon is situated at the signalized corner of US-74 and Wellness Blvd., providing exposure to 38,000 VPD at the intersection.
  • Passive Lease Structure: Verizon maintains the property and reimburses the landlord for all taxes, CAM, and insurance creating a passive investment opportunity.
  • Early Lease Extension: Verizon has occupied the site since 2010 and signed a 10 year extension in 2020, showing their commitment to the site and local customer base. The tenant has two, 5-year options remaining with 10% rent increases in each option.
  • Corporate Signature: Verizon Communications Inc. (NYSE: VZ) holds an investment grade credit rating of BBB+ (S&P) and is a Fortune 50, providing a strong financial lease backing.
  • Strong Retail Corridor: Poplin Place Shopping Center is across the street and features Target as the anchor. Other national tenants include T.J. Maxx, Ross, Burlington, Olive Garden, Starbucks, and Chili’s.
Ownership Type:
Fee Simple
Price:
$2,745,985
Cap Rate:
6.85%
Current Rent:
$188,100
Lease Type:
DoubleNet
Lease Expiration Date::
Approx. 5 years
Renewal Options:
Two, 5-Year
Building Sq. Ft.:
4,500 SF
Rent Increases:
10% per option
Site Size:
2.01 Acres

Listing Agents

Adam English

Managing Director
256.694.9803[email protected]

Graham Gold

Vice President
314 324 8792[email protected]

Jordan Shtulman

Managing Principal
847.226.4133[email protected]

Analyst

Ben Hollis

Analyst
256.595.2574[email protected]

Brian Brockman, Bang Realty-North Carolina Inc | [email protected], Lic: NC – 298998

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