Single Tenant Fulton Bank
York, PA (York-Hanover MSA)
The Opportunity
Summary
- Price: $4,621,000
- Cap Rate: 7.15%
- NOI: $330,390
- Lease Type: Fee Simple: NNN
- Building Size: 23,600 SF
- Parcel Size: 0.42 Acres
- Year Built: 1958
- Remaining Lease Term: 3.8 Years
- Options: Two (2), Five (5) Year Options
- Rental Increases: 2.50% Annually
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Fulton Bank, (the “Property”) in York, Pennsylvania—the county seat and economic center of a metropolitan area that is home to a regional population of 464,600 residents (Census Reporter). Fulton Bank operates on a triple-net (NNN) lease featuring two and one half (2.50%) percent rental increases annually throughout the base term and option periods. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership. As a market leader, Fulton Bank has held the #1 position in deposit market share within ZIP code 17401 for over a decade, with $312.6 million in deposits as of 6/30/2024. Strategically located at the corner of S. George Street (11,800 VPD) and Mason Avenue, the property benefits from high visibility and easy access in the heart of York. Just two miles away, York College of Pennsylvania and Penn State York collectively enroll over 3,800 students. York College is consistently ranked among the Best Regional Universities in the North by U.S. News & World Report. The surrounding 5-mile trade area features exceptional demographics, with a population of 155,000, over 60,000 households, and an average household income of $100,000, creating a strong foundation for continued commercial and economic growth. The area’s momentum is further underscored by a $427 million expansion of WellSpan York Hospital, a flagship healthcare institution located nearby. The project, slated for completion in early 2027, will include 21 advanced surgical suites and a 96-bed expanded ICU. The development is expected to add 500 healthcare jobs, reinforcing the area’s role as a key medical and employment hub. Fulton Bank is a wholly owned subsidiary of Fulton Financial Corporation (NASDAQ: FULT), a $30+ billion financial services company with an investment-grade credit rating of Baa1 (Moody’s). Fulton Financial operates more than 230 locations across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia.
Investment Highlights:
Tenant
Ownership: PUBLIC - FULTON FINANCIAL CORPORATION (NASDAQ: FULT)
Credit Rating: Baa1 (Moody’s)
Headquarters: Lancaster, PA
# of Locations: 230+
Fulton Bank opened its doors in 1882 and is based out of Lancaster, Pennsylvania. Today, Fulton Bank is a part of Fulton Financial Corporation, an over $30 billion financial services holding company. Fulton Bank offers a wide range of financial products for personal, small business, and commercial use. The company’s services are available at more than 230 locations in the northeast and mid-Atlantic states of Pennsylvania, New Jersey, Maryland, Delaware, and Virginia. Fulton Bank maintains strong personal relationships and community support within the region they operate by providing the highest level of customer service and helping their customers fulfill their financial objectives. In the fourth quarter of 2024, the company had total assets of $32.07 million, a 16.30% increase over the same period in the previous year.
