Bank of America - Staten Island

3881 Richmond Ave Staten Island , NY 10312-3840

Bank of America - Staten Island - retail for sale

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Overview



Recently constructed, free-standing, single-tenant Bank of America for sale in Staten Island at the intersection of Amboy Road and Richmond Avenue. Adjacent to the Eltingville Train Station for the Staten Island Railway (SIR), which provides access to over 5 million annual riders, and the entire Staten Island borough. Close to the Eltingville Shopping Center, a grocery-anchored retail center with national retailers including Chase Bank, Stop & Shop, Denny’s, TD Bank, Rite Aid and more. Over 133,000 residents within a 10-minute drive of the property, and area residents boast an annual household income of over $120,000, providing a strong customer base for the asset. Leased to Bank of America, National Association, a wholly owned subsidiary of Bank of America Corporation, and which carries an investment grade A+ rating from S&P.

Investment highlights


  • Fee simple interest
  • Property features an NNN lease structure with 15 years remaining
  • Rental increases of 15% every 5 years in the primary term and 10% in the option periods
  • Zero landlord responsibilities
  • Since opening for business, BOAs deposit base has grown at a compound annual growth rate (CAGR) of 45%
General
Property type Retail
Tenure type Sale/Purchase
Property address 3881 Richmond Ave, Staten Island, NY 10312-3840
Market New York
Land in acres 0.67
Building size 3,483  ft2
Year built 2014
Financial
Price $4,500,000
Cap rate 5.42%
Current NOI $244,000.00
Lease
Tenant's name Bank of America Corporation
Lease type NNN
Annual rent $244,000.00
Lease expiration date 07/31/2034
Remaining term 14.9Yrs

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