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Bank

Bank of America ($300 Million Cash Deposits)

4610 City Ave, Philadelphia, PA 19131

Listing Price: $12,293,120

Cap Rate
4.00%
Tenant Name
Bank of America
Years Remaining On Lease
6.0
Guarantor
Corporate Guarantee
Rentable SF
4,387
Lease Type
NNN Ground Lease
Rent Per Square Feet
$112.09

Investment Overview

Marcus & Millichap has been retained to exclusively present this 4,387-square foot Bank of America (the "Property") located in the Philadelphia, PA. Recent improvements in occupancy among regional office buildings located in this corridor suggest a strong desire of tenants to locate here. As of July 2022, this FDIC-insured bank holds in excess of $300 million in cash deposits - the 2nd highest in all of Philadelphia County, PA. There are six years remaining on the base term, and four, five-year options on this triple-net (NNN) ground lease. There are 12 percent escalations every five years during the base term of the lease, and 15 percent increases in each of the option renewals. In 2010, this building was awarded LEED certification at the Silver level by the United States Green Building Council. Bank of America is located on the corner along a highly trafficked City Avenue which benefits from traffic counts of over 50,000 vehicles per day in front of the property. The abundant new development of medical and corporate offices and residential communities in the immediate vicinity makes this a one of a kind asset. There are over 809,000 people within the five-mile trade area with over half a million daytime employee population. Neighboring major retail tenants in the area include Rite Aid, GNC, Five Guys, Saks Fifth Avenue, Target, Michael’s, Subway, Wells Fargo Bank, Fresenius Medical Care, ABC News, Philadelphia Insurance Company, the Sheraton and Hilton Hotels, and the Philadelphia College of Osteopathic Medicine. There are over 1,000 apartment units within a 10-minute walk to the Property.

Investment Highlights

  • Cash Deposits in Excess of $300,281,000 | 2nd Highest Cash Deposit for Bank of America in the entire Philadelphia County, PA
  • Triple (NNN) Net Lease | Zero Landlord Obligations
  • Twelve Percent (12%) Rental Increases Every 5 Years
  • 238,000+ Population Count in a 3-Mile Radius | Average Household Income (AHI) Exceeds $105K in a 1-Mile Radius
  • 38,400+ Vehicles Per Day
  • Excellent Positioning at the Traffic Light and Intersection for Maximum Visibility and Easy Access
  • Equipped with Drive-Thru ATM
  • Corporate Guarantee from Investment Grade Credit Tenant | Rated "A-" (S&P)

Exclusively Listed By

Financing By

Bank

Bank of America ($300 Million Cash Deposits)

Listing Price: $12,293,120

Cap Rate
4.00%
Tenant Name
Bank of America
Years Remaining On Lease
6.0
Guarantor
Corporate Guarantee
Rentable SF
4,387
Lease Type
NNN Ground Lease
Rent Per Square Feet
$112.09

Investment Highlights

  • Cash Deposits in Excess of $300,281,000 | 2nd Highest Cash Deposit for Bank of America in the entire Philadelphia County, PA
  • Triple (NNN) Net Lease | Zero Landlord Obligations
  • Twelve Percent (12%) Rental Increases Every 5 Years
  • 238,000+ Population Count in a 3-Mile Radius | Average Household Income (AHI) Exceeds $105K in a 1-Mile Radius
  • 38,400+ Vehicles Per Day
  • Excellent Positioning at the Traffic Light and Intersection for Maximum Visibility and Easy Access
  • Equipped with Drive-Thru ATM
  • Corporate Guarantee from Investment Grade Credit Tenant | Rated "A-" (S&P)

Investment Overview

Marcus & Millichap has been retained to exclusively present this 4,387-square foot Bank of America (the "Property") located in the Philadelphia, PA. Recent improvements in occupancy among regional office buildings located in this corridor suggest a strong desire of tenants to locate here. As of July 2022, this FDIC-insured bank holds in excess of $300 million in cash deposits - the 2nd highest in all of Philadelphia County, PA. There are six years remaining on the base term, and four, five-year options on this triple-net (NNN) ground lease. There are 12 percent escalations every five years during the base term of the lease, and 15 percent increases in each of the option renewals. In 2010, this building was awarded LEED certification at the Silver level by the United States Green Building Council. Bank of America is located on the corner along a highly trafficked City Avenue which benefits from traffic counts of over 50,000 vehicles per day in front of the property. The abundant new development of medical and corporate offices and residential communities in the immediate vicinity makes this a one of a kind asset. There are over 809,000 people within the five-mile trade area with over half a million daytime employee population. Neighboring major retail tenants in the area include Rite Aid, GNC, Five Guys, Saks Fifth Avenue, Target, Michael’s, Subway, Wells Fargo Bank, Fresenius Medical Care, ABC News, Philadelphia Insurance Company, the Sheraton and Hilton Hotels, and the Philadelphia College of Osteopathic Medicine. There are over 1,000 apartment units within a 10-minute walk to the Property.

Exclusively Listed By

Financing By

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