Listed by Mid-America Real Estate - Michigan, Inc.
$3,810,000
Bank of America - New Construction - 15 YR. Ground Lease
Details
Property Type Retail
Sub Type Bank, Commercial
Square Footage 4,320
Cap Rate 5.25%
NOI $200,000
Occupancy 100%
Tenancy Single
Brand/Tenant Bank of America
Lease Type Absolute NNN
Lease Expiration 07/30/2040
Remaining Term 14.7
Lease Options 4 x 5-year options
Acreage 1.530
Rent Commencement 07/31/2025
Ground Lease Yes
Ownership Fee Simple
5.25% - Bank of America - 15 yr. Ground Lease
Marketing description
Mid-America Real Estate - Michigan, Inc. has been retained on behalf
of ownership to sell the 100% fee simple interest in 1.53 acres of land
with a ground lease containing a 4,320 square foot Bank of America.
The site is conveniently located at The Village at Knapp’s Crossing, off
of E. Beltline Avenue in Grand Rapids, Michigan. This is the dominant
center in the market and has a strong mix of anchors and junior box
tenants.
Investment highlights
- Long term ground lease, no landlord responsibilities: Bank of America has signed a 15 year ground lease where the landlord has no responsibilities. Tenant is responsible for all costs, expenses, and obligations related to repair, maintenance, replacement, taxes, and insurance. This is an ideal, management free investment for a passive investor.
- New prototype construction: Bank of America is building their own new prototype building, which incorporates double drive-thru lanes, and an updated interior/exterior. Construction started in October 2024, with an estimated completion of Q1 2026.
- Strong market co-tenancy: Bank of America is conveniently located off of E. Beltline Avenue, situated on the pad of The Village at Knapp’s Crossing. This center is one of Grand Rapids premier shopping centers, anchored by TJ Maxx, Old Navy, Ulta, and P.F. Chang’s to name a few. Other tenants in this market include Aldi, Meijer, Panera, Celebration Cinema, Starbucks, and Chipotle
- Great access & visibility: Located along a main retail corridor, this Bank of America location receives tremendous visibility from E. Beltline Avenue, a highly trafficked road in the Grand Rapids MSA, averaging over 45,000 vehicles per day. The bank has primary access from an entrance off E. Beltline Avenue.
- Dense residential customer base: The five mile radius of the property steadily supports the location with a population of 147,710 residents earning an average household income in excess of $117,258 per year.
Listing Contacts
Listed by Mid-America Real Estate - Michigan, Inc.
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$200,000.00
$16,666.67/mo
Valuation Metrics
0
DSCR
5.25%
Cap Rate
5.25%
ROI
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