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SRS Real Estate Facilitates $9.6M Fifth Third Bank Ground-Lease Sale In Raleigh

Property Image
SOLD
$9,600,000
Matthew Mousavi
Patrick Luther

North Carolina

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Retail2,775 SF
Sold 05/02/2024
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Property Image
SOLD

SRS Real Estate Facilitates $9.6M Fifth Third Bank Ground-Lease Sale In Raleigh

615 Oberlin Road

See Similar Deals
Retail2,775 SF
Sold 05/02/2024
Matthew Mousavi
Patrick Luther
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:Retail
Price Per Square Foot:$3,459
Total Square Footage:2,775 SF
Transaction Type:Sale

The retail property at 615 Oberlin Road in Raleigh was recently sold in a ground-lease transaction for $9,600,000. This 2,775-square-foot property, occupied by Fifth Third Bank under a 20-year lease and featuring a drive-thru ATM, achieved a price per square foot of $3,459.

Summary of transaction details:

SRS Real Estate Partners played a crucial role in facilitating the ground-lease sale of the retail property. Matthew Mousavi and Patrick Luther from SRS Real Estate Partners represented the parties involved in this successful transaction, showcasing their expertise and experience in commercial real estate deals.

Players

Patrick Luther
SRS Real Estate Partners
Patrick Luther
62 deals$949.3M volume
BROKER
Matthew Mousavi
SRS Real Estate Partners
Matthew Mousavi
75 deals$1.1B volume
BROKER

Details

SOLD
IMAGE: - GROUNDLEASE DATE: 05/02/2024 ADDRESS: 615 Oberlin Road MARKET: Raleigh, NC ASSET TYPE: Retail BROKERS: Matthew Mousavi & Patrick Luther - SRS Real Estate Partners SALE PRICE: $9,600,000 SF: 2,775 ~ PPSF: $3,459 NOTE: SRS Real Estate Partners facilitated the ground-lease sale of a recently constructed 2,775-square-foot retail property at 615 Oberlin Road in Raleigh, occupied by Fifth Third Bank under a 20-year lease with a drive-thru ATM.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$511,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$34,106.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,508.90
Annual Debt Service$546,106.77