PNC Bank
For sale4195 Old Milton Pkwy, Alpharetta, GA 30022
Property type
Retail
Price
$5,880,000
Building size
4,009 sf
Rentable area
4,009 SF
Year built
1999
Year renovated
2026
Occupancy
Zoning code
Lot size
2.10 Acres
CAP
5.10%
Price per SF
$1,466.70
Net Operating Income
$300,000
Property description
Franklin Street is pleased to present this newly renovated PNC Bank in Alpharetta, Georgia. Alpharetta is a northern suburb in the Atlanta MSA and Alpharetta, often dubbed the "Technology City of the South," home to over 900 technology companies, including heavy concentrations of fintech, cybersecurity, and software development firms. This leads to a really affluent population and home prices ranging from $650,000 - $4,000,000 in the immediate area. PNC Bank has been heavily focused on growth in Atlanta with plans to open 25+ branches over the next 2 years in the market. PNC Bank signed a new 15 year lease commencing in the fall that offers rare fee simple interest for a bank leased asset. The location is a corner parcel at a lighted intersection, in front of strong performing Publix anchored center. Publix attracts 1 million annual visitors to the site and $42M in annual sales, per Placer.AI. The location off Old Milton Parkway is a major east west connector off GA Hwy 400, which leads into Atlanta. Just west of the site is Avalon, the metro's premium mixed use development anchored by Whole Foods, AMC, Apple, Arhaus, Crate & Barrel, West Elm, The Container Store, Pottery Barn, along with many high performing restaurants. This intersection is an established banking corridor with very strong deposits: Wells Fargo ($242M), Chase ($143M), Truist ($95M), and Fifth Third coming soon, all within a block of each other for the affluent customers in the surrounding neighborhoods.
Property highlights
- New 15 Year NNN Lease with PNC Bank in Atlanta MSA
- Densely Populated Atlanta Suburb: 200,000+ Residents with 5 Miles
- Some of the Most Affluent Demographics in the Southeast: $216,000+ Household Incomes
- Excellent Visibility on a Publix Outparcel: 49,000 VPD in front of the site
- Oversize Lot Allowing For Future Optionality: 2.1 Acres
- Fee Simple Ownership Allowing For Depreciation - Rare For a Bank Asset
- PNC is the 7th Largest Bank With $575B in Assets and 2,300+ Branches
- Continuous 10% Rental Increases Every 5 Years Throughout the Lease and Option Periods
- Investment Grade Guarantee : A/Stable Rated by S&P 500