3614 Mercer University Dr Macon, GA 31204-4906
- Banks
- 3,357 SF
- 0.69 lot acres
Current Use by Public Records
- Banks
Property Details for 3614 Mercer University Dr
- Year built
- 1975
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.69 lot acres
- Property size
- 3,357 SF
- Zone code
- C-2
- Property type
- Banks
- APN
- M084-0227
- APU
- M0840227
Description
This exceptional investment opportunity presents a fee simple interest in a 3,565-square-foot Truist Bank building located at 3614 Mercer University Dr, Macon, GA 31204. The property boasts a strong financial performance, with annual deposits exceeding $96.8 million, significantly outperforming the national average for similar branches. This success is reflected in Truist's long-term commitment, evidenced by a lease with approximately 11.4 years remaining until March 31, 2036, including a five-year renewal option. The lease structure is a triple-net (NNN) lease, meaning the tenant is responsible for all operating expenses, providing a passive investment opportunity for the buyer. Annual rent increases of 2% are built into the lease, ensuring consistent growth in income. The building, constructed in 1975, sits on a 0.69-acre lot and includes 18 parking spaces. Its prime location on Mercer University Drive (24,700 vehicles per day) and Bloomfield Road (8,690 vehicles per day), near Macon Mall and other major retailers, ensures high visibility and accessibility. The property's strong performance, long-term lease, and prime location make it an attractive investment with a 6.25% cap rate and a $2,304,000 asking price ($646.28 per square foot). The building is a single-story structure with a 100% occupancy rate and a net operating income (NOI) of $144,000. Truist Financial Corporation (NYSE: TFC), a top 10 US commercial bank with over $543 billion in assets (as of September 2023), is the tenant. This location ranked in the top 18% of all Truist Bank locations nationwide in the past 12 months. The surrounding area has a dense population of over 90,000 residents within a 5-mile radius.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $230,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $156,000
Market price range: $156k - $288k -
Alternative Use
- Use
- Estimation
- FINANCIAL BUILDING
- $205,000 Current use
- COMMERCIAL (GENERAL)
- $335,000 Change: +63% Conversion: Difficult
- MEDICAL BUILDING
- $280,000 Change: +35% Conversion: Difficult
- WAREHOUSE, STORAGE
- $250,000 Change: +21% Conversion: Difficult
- OFFICE BUILDING
- $210,000 Change: +3% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $195,000 Change: -4% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Macon
- County
- Bibb
- State
- Georgia
- Longitude
- -83.6962
- Latitude
- 32.8209
- CBSA code
- 31420
- CBSA name
- MACON, GA METROPOLITAN STATISTICAL AREA
