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Shopping Regional

Bank Of America & Hope Cooperative

50 W Main St, Woodland, CA 95695

Listing Price: $2,550,000

Cap Rate
5.52%
Rentable SF
16,036
Lot Size
1.86 acres
Year Built
1991

Investment Overview

The subject property is a 16,036-square foot two-tenant retail building located in Woodland, California. More specifically, the property is located between West Main Street and West Court Streets. The building is currently 100 percent occupied by two tenants with one corporate guaranteed triple-net (NNN) lease and one modified gross lease. Originally constructed in 1991, the building has been kept in excellent condition and offers street visibility along one of the city’s two main thoroughfares (25,832 Combined Average Daily Traffic Count). The property offers convenient ingress and egress with an above-average parking ratio of 6.2 spaces per 1,000 square feet. Bank of America occupies 61.8 percent of the building on a NNN lease basis that includes five-percent rental increases every five years. Furthermore, the lease includes 16 renewal options that include five-percent rental increases at the start of each option. Bank of America has an investment grade, A2 strong long-term senior credit rating by Moody’s, and is the number two bank of “The Big 4” national banks. Deposits at this location have been historically high and increasing year over year. As of June 30th, 2021, the deposits were approximately $209,963,000, the second-highest in the city of Woodland. Additionally, this is the only Bank of America located within a 10-mile radius and has been operational for 30 years at this location. Bank of America has proven will their commitment to this location with a recent execution of their renewal option two years early (a new five-year lease extension) Hope Cooperative (aka TLCS) recently signed a new lease to occupy the remaining 38.2 percent of the building (commencement date January 2022). Hoop Cooperative is a behavioral health service provider founded in 1981. They have been providing behavioral health and supportive housing services for people with mental health challenges for over 41 years in Sacramento County and, more recently, Yolo County. As a client-driven organization, they are dedicated to the independence and empowerment of individuals with psychiatric disabilities and co-occurring substance use disorders, including those experiencing homelessness. Their services include intensive case management, supportive housing, life skills education, psychiatric services, therapy, co-occurring substance use treatment, residential support services, opportunities for social connectedness and meaningful activities, and crisis intervention, which we provide to more than 8,000 people in our community each year. Many of their clients are homeless when they begin their Hope Cooperative journey and are now successfully living in a “forever” home. Their 250 dedicated and compassionate staff members are committed to culturally sensitive services that support clients on their path to self-sufficiency. This asset allows an investor the opportunity to acquire a fully leased asset with stable investment-grade tenants in a growing sub-market of Sacramento. Offered at $2,790,000 or $173.98 per square foot the property is priced well-below replacement price.

Investment Highlights

  • Pandemic Resistant Tenant Mix
  • Absolute NNN Bank of America Lease Including 16 Five-Year Options and Five-Percent Rental Increases at Each Option ( Recent Early Renewal)
  • Bank of America has 30 Years of Operational History at This Location with Historically Strong Deposits ($209,963,000 as of June 2021)
  • Medical Office Tenant (Hoop Cooperative) with a Strong Operational History of 41+ Years in the Sacramento Area ( 4 years remaining at this location)
  • 25,832 Combined Average Daily Traffic Count
  • Numerous National Retailers in Immediate Vicinity (Walmart, Big Lots!, McDonalds, Walgreens, Marshalls, CVS, O'Reilly Auto Parts, KFC, Carl's Jr.)

Exclusively Listed By

Shopping Regional

Bank Of America & Hope Cooperative

Listing Price: $2,550,000

Cap Rate
5.52%
Rentable SF
16,036
Lot Size
1.86 acres
Year Built
1991

Investment Highlights

  • Pandemic Resistant Tenant Mix
  • Absolute NNN Bank of America Lease Including 16 Five-Year Options and Five-Percent Rental Increases at Each Option ( Recent Early Renewal)
  • Bank of America has 30 Years of Operational History at This Location with Historically Strong Deposits ($209,963,000 as of June 2021)
  • Medical Office Tenant (Hoop Cooperative) with a Strong Operational History of 41+ Years in the Sacramento Area ( 4 years remaining at this location)
  • 25,832 Combined Average Daily Traffic Count
  • Numerous National Retailers in Immediate Vicinity (Walmart, Big Lots!, McDonalds, Walgreens, Marshalls, CVS, O'Reilly Auto Parts, KFC, Carl's Jr.)

Investment Overview

The subject property is a 16,036-square foot two-tenant retail building located in Woodland, California. More specifically, the property is located between West Main Street and West Court Streets. The building is currently 100 percent occupied by two tenants with one corporate guaranteed triple-net (NNN) lease and one modified gross lease. Originally constructed in 1991, the building has been kept in excellent condition and offers street visibility along one of the city’s two main thoroughfares (25,832 Combined Average Daily Traffic Count). The property offers convenient ingress and egress with an above-average parking ratio of 6.2 spaces per 1,000 square feet. Bank of America occupies 61.8 percent of the building on a NNN lease basis that includes five-percent rental increases every five years. Furthermore, the lease includes 16 renewal options that include five-percent rental increases at the start of each option. Bank of America has an investment grade, A2 strong long-term senior credit rating by Moody’s, and is the number two bank of “The Big 4” national banks. Deposits at this location have been historically high and increasing year over year. As of June 30th, 2021, the deposits were approximately $209,963,000, the second-highest in the city of Woodland. Additionally, this is the only Bank of America located within a 10-mile radius and has been operational for 30 years at this location. Bank of America has proven will their commitment to this location with a recent execution of their renewal option two years early (a new five-year lease extension) Hope Cooperative (aka TLCS) recently signed a new lease to occupy the remaining 38.2 percent of the building (commencement date January 2022). Hoop Cooperative is a behavioral health service provider founded in 1981. They have been providing behavioral health and supportive housing services for people with mental health challenges for over 41 years in Sacramento County and, more recently, Yolo County. As a client-driven organization, they are dedicated to the independence and empowerment of individuals with psychiatric disabilities and co-occurring substance use disorders, including those experiencing homelessness. Their services include intensive case management, supportive housing, life skills education, psychiatric services, therapy, co-occurring substance use treatment, residential support services, opportunities for social connectedness and meaningful activities, and crisis intervention, which we provide to more than 8,000 people in our community each year. Many of their clients are homeless when they begin their Hope Cooperative journey and are now successfully living in a “forever” home. Their 250 dedicated and compassionate staff members are committed to culturally sensitive services that support clients on their path to self-sufficiency. This asset allows an investor the opportunity to acquire a fully leased asset with stable investment-grade tenants in a growing sub-market of Sacramento. Offered at $2,790,000 or $173.98 per square foot the property is priced well-below replacement price.

Exclusively Listed By

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