Investment Offering
Colorado Springs, CO - First Bank
405 E Cheyenne Mountain Blvd | Colorado Springs, CO 80906
$1,667,000
Price4.5%
Cap Rate$75,000
NOI5,000
± SF Offering GLADescription
The subject site is located at the signalized, hard corner intersection of E. Cheyenne Mountain Boulevard and State Highway 115 with 47,100 combined cars per day. The asset has excellent visibility & access on a corner site, with multiple points of ingress/egress along E. Cheyenne Mountain Boulevard. The bank was recently built in 2017 with high quality materials used and attractive facade work. A two-lane drive-thru also provides ease and convenience for customers. FirstBank is a pad to a Vasa Fitness (new 2018 construction) anchored center that also features a retail strip which includes tenants such as UPS Store, Diamond Nails, Fast Fit Foods, New Panda Chinese Restaurant, and more. The site is located less than a half mile from the Country Club of Colorado and the Cheyenne Mountain Resort (316 rooms, 4-star resort), a primary destination which drives significant traffic to the trade area. Nearby national tenants include Home Depot, Ross Dress for Less, Safeway, Advance Auto Parts, Petco, Cinemark, and more, increasing consumer draw to the trade area. The 3-mile trade area is supported by a dense population of approximately 68,000 residents and more than 41,000 employees. In addition, the one-mile radius surrounding the subject features an average household income of $85,200.
Location
SRS National Net Lease Group is pleased to present the rare opportunity to acquire the leased fee (land ownership) interest in a drive-thru equipped, freestanding, absolute NNN (ground lease), FirstBank investment property located in Colorado Springs, Colorado. The tenant, FirstBank, recently signed a brand new 10-year lease with approximately 9 years remaining in the initial term and 6 (5-year) options to extend. The lease features a 10% rental increase in year 6 of the initial term and at the beginning of each option period, growing NOI and hedging against inflation. As of June 30, 2017, the bank had deposits of $46 million, nearly a 20% increase over 2016. The offering is corporate guaranteed and is absolute NNN (ground leased) with zero landlord responsibilities, making it ideal for an out-of-state passive investor.
Documents & Links
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 Offering Memorandum |  |  |