PNC Bank

12179 Fair Lakes Promenade Drive, Fairfax, VA, USA
$8,064,000 7.00% Cap 21,456 sq ft Representative Photo Print This Page


12179 Fair Lakes Promenade Drive, Fairfax, VA, USA

Price: $8,064,000
Cap Rate: 7.00%
Net Operating Income: $564,480
Square-Footage: 21,456
Lot Size: 0.49 AC

Absolute NNN LeaseFee Simple Ground LeaseHeavily Trafficked LocationScheduled IncreasesSurrounded by Major Retailers

This represents a fee simple ground lease in a 21,456 square foot PNC Bank located in Fairfax, VA. This single-tenant property is corporately guaranteed by PNC Bank (NYSE:PNC). PNC Bank maintains an Investment Grade ‘A-’ Rating from S&P.

This ground lease calls for zero landlord obligations. The tenant has two, 5-year renewal options with 12% increases in rent every five years. The building is ideally located on a major retail thoroughfare. Neighboring tenants include Nordstrom’s Rack, Barnes and Noble, Old Navy and Men’s Warehouse.

Fairfax, colloquially known as Fairfax Courthouse, Downtown Fairfax, or Fairfax City, and officially named the City of Fairfax, is an independent city in the Commonwealth of Virginia. As of the 2010 census the population was 22,565, which had risen to an estimated 24,013 as of 2015.

The city of Fairfax is an enclave surrounded by the separate political entity Fairfax County. Fairfax City also contains an exclave of Fairfax County, as detailed below.

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Kase Abusharkh Founding Principal View profile
Jacob Abusharkh Managing Principal View profile

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