Absolute NNN Bank
For Sale
Contact for pricing
115 E Center St, Lexington, NC 27292
Leased bank building on an absolute NNN structure with 11.8 years remaining and 1.9% annual rent escalations.
Property Size8,310 SF
Price / SF$493.74
Days on Market141
Property Features for 115 E Center St
General Information
Standard status
Active
Size
8,310 SF
Property subtype
RETAIL
Additional Details
Traffic Count
16,000 vehicles/day
Listing Agency:
JLL | Miami
(305) 913-5545
Listed By:
Alex Sharrin · License #IL 475.170243
(305) 913-5545
Source:
Moodyscre
Added: Mar 12
Changed: Jul 26
Last Checked: Jul 29 at 2:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JLL | Miami
Investment Insights
Based on property information with market context.
This bank property is offered as an absolute NNN investment with zero landlord responsibilities. The lease includes 11.8 years of primary term remaining and 1.9% annual rent escalations. The property is occupied by an investment-grade tenant described as having a Baa2 stable outlook rating.
The site is located at 115 E Center St in Lexington, NC, with direct accessibility at a signalized intersection. The location is described as providing access to approximately 16,000+ vehicles per day. Public remarks also highlight a new $57M passenger rail development and local economic activity tied to Siemens Mobility and regional employment by manufacturing companies.
The investment is presented as a transaction involving a merger with Synovus, described in the remarks as creating the largest bank holding company in Georgia and the largest bank in Tennessee.
The site is located at 115 E Center St in Lexington, NC, with direct accessibility at a signalized intersection. The location is described as providing access to approximately 16,000+ vehicles per day. Public remarks also highlight a new $57M passenger rail development and local economic activity tied to Siemens Mobility and regional employment by manufacturing companies.
The investment is presented as a transaction involving a merger with Synovus, described in the remarks as creating the largest bank holding company in Georgia and the largest bank in Tennessee.
Key Highlights
- Leased bank building on an absolute NNN lease structure with zero landlord responsibilities
- 11.8 years of primary lease term remaining with 1.9% annual rent escalations
- Tenant rated Baa2 with a stable outlook
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $179.5k | $21.60 |
| − Vacancy | −$5.0k | −$0.60 |
| EGI | $174.5k | $21.00 |
| − OpEx | −$43.6k | −$5.25 |
| NOI | $130.9k | $15.75 |
8,310 SF · lease $21.60/SF/yr · vacancy 2.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.87M
$1.64M – $2.18M
NOI $130,853 @ 7.0% cap · market cap 3.19%
Second Best
Retail
$1.45M
$1.27M – $1.70M
NOI $101,774 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,586 @ 7.0% cap · market cap 3.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
38k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 43%
Shops & Services 33%
Dining 13%
Electronics 8%
Aldi
Groceries
16,631 visits/mo
0.1 miles
Dollar General
Shops & Services
6,645 visits/mo
0.4 miles
The UPS Store
Shops & Services
6,048 visits/mo
0.2 miles
Papa John's Pizza
Dining
5,065 visits/mo
0.2 miles
Cricket Wireless Authorized Retailer
Electronics
3,084 visits/mo
0.5 miles
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Leased bank building on an absolute NNN structure with 11.8 years remaining and 1.9% annual rent escalations.
Where is this nnn property located?
The property is located at 115 E Center St Lexington, NC.
What is the asking price?
The asking price for this property is $4,103,000.
What are key features of this property?
This property features: Leased bank building on an absolute NNN lease structure with zero landlord responsibilities; 11.8 years of primary lease term remaining with 1.9% annual rent escalations; Tenant rated Baa2 with a stable outlook
