SunTrust - 3rd St. - Chattanooga, TN
2201 E 3rd St Chattanooga , TN 37404-2717

SunTrust - 3rd St. - Chattanooga, TN - retail for sale

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Overview



SunTrust Bank location for sale in Chattanooga, Tennessee. The property is a freestanding retail building that is tenanted by SunTrust Bank and is corporately guaranteed by SunTrust Banks, Inc. (NYSE: STI). The tenant is on an absolute NNN lease with 10.5 years of lease term remaining. The property is strategically positioned at the intersection of East 3rd Street and Dodson Avenue in a dense urban location, with a large population base in its immediate vicinity. The property has also had upward-trending deposits over the past 4 years, increasing by 22% since 2014. 

Investment highlights


  • Fee simple interest of 100%
  • Absolute NNN Lease with Over 10 Years of Term Remaining
  • Corporate Guarantee leased to an investment grade tenant (S&P: A-)
  • Close proximity to two major medical centers and University of Tennessee 
  • Excellent 1031 Exchange Option at low price point
  • Location in income tax free state
  • Improving deposit base as reported to the FDIC.                                                         
General
Property type Retail
Tenure type Sale/Purchase
Property address 2201 E 3rd St, Chattanooga, TN 37404-2717
Land in acres 0.71
Building size 2,397  ft2
Year built 1981
Financial
Price $1,160,544
Cap rate 6.25%
Current NOI $72,534.00
Lease
Tenant's name SUNTRUST BANKS, Incorporated
Guarantor SUNTRUST BANKS, Incorporated
Guarantor credit rating (S&P) A-
Lease type NNN
Lease expiration date 09/30/2028
Remaining term 8.8Yrs

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