Listed by Marcus & Millichap - Dallas, Marcus & Millichap - Washington, D.C.
$1,709,000
Bank of America
Details
Property Type Retail
Sub Type Bank
Square Footage 3,221
Net Rentable (SqFt) 3,221
Units 1
Cap Rate 6.5%
NOI $111,036
Occupancy 100%
Tenancy Single
Brand/Tenant Bank of America
Lease Type Absolute NNN
Lease Term 30
Lease Expiration 04/29/2030
Remaining Term 3.9
Rent Bumps Yes
Lease Options One, 5-Year Remaining
Price per SqFt $39
Broker Co-Op Yes
Year Built 1975
Acreage 1.010
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 04/30/1975
Ground Lease Yes
High-Performing Branch With $217M+ in Deposits
Marketing description
Offered for sale is the opportunity to acquire a ground lease Bank of America in Colonial Heights, VA. The property consists of a 3,221-square-foot, freestanding building that sits on approximately 1.01 acres of land. There are 4.9 years remaining on the lease with CPI rental increases every six years.
Investment highlights
Ground Lease with 4.9 Years Remaining - 50-Year Operating History
High-Performing Branch With $217M+ in Deposits
Below Market Rent Compared to Other Bank of America Branches
Signalized Hard Corner Location on Temple Avenue and U.S. Route 301 29,237 VPD
More Than 92,161 Residents Within a Five-Mile Radius
Strategic Location in Virginia’s Tri-Cities Region
Listing Contacts
Listed by Marcus & Millichap - Dallas, Marcus & Millichap - Washington, D.C.
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$111,036.00
$9,253.00/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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