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Bank

Bank of America (Trophy Location)

3904 Richmond Ave., Houston, TX 77027

Listing Price: $10,593,000

Cap Rate
4.90%
Tenant Name
Bank of America
Years Remaining On Lease
5.8
Gross SF
4,518
Guarantor
Corporate Guarantee
Rentable SF
4,518
Price/Gross SF
$2,344.62
Lease Type
Ground Lease
Rent Per Square Feet
$114.89

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a corporately guaranteed Bank of America ground lease in Houston, Texas. The property consists of a 4,518-square-foot, freestanding building that sits on approximately 0.75 acres of land. There are approximately 5.8 years remaining on the current lease term, with a 10 percent rental escalation scheduled every five years in the main term and throughout the option periods. The property is at the signalized hard corner of Richmond Avenue (43,823 VPD) and Weslayan Street (25,235 VPD), in the center of the prestigious Greenway neighborhood. Nearby Greenway Plaza is a high-end business district with 11 Class A buildings and more than 5 million square feet of commercial real estate space across its 52-acre campus.

Investment Highlights

  • Signalized Hard Corner Location with More than 69,000 in Average Daily Traffic Counts Passing Directly in Front of the Site
  • Irreplaceable Inner Loop Houston Location at the Entrance to Major Costco-Anchored Shopping Center
  • Prestigious Greenway Plaza District – the 52-Acre Campus Contains 11 Class A Office Buildings, 5 Million Square Feet of Retail Space and the 16,800-Seat Lakewood Church
  • The Property is Located 2 Miles East of The Galleria (2.4 Million Square Feet of Retail Space) – the Most Prestigious Shopping District in the Greater Houston MSA
  • Extremely High-Performing Bank of America Branch – Branch Level Deposits of $179 Million as of 6/30/2021
  • More than 505,819 Residents Within a Five-Mile Radius
  • Highly Affluent Urban Houston Market – Average Household Income Exceeds $175,000 (1-Mile Radius)
  • Bank of America Renovated the Property to Their Latest Prototype at Their Own Expense Last Year

Exclusively Listed By

Financing By

Bank

Bank of America (Trophy Location)

Listing Price: $10,593,000

Cap Rate
4.90%
Tenant Name
Bank of America
Years Remaining On Lease
5.8
Gross SF
4,518
Guarantor
Corporate Guarantee
Rentable SF
4,518
Price/Gross SF
$2,344.62
Lease Type
Ground Lease
Rent Per Square Feet
$114.89

Investment Highlights

  • Signalized Hard Corner Location with More than 69,000 in Average Daily Traffic Counts Passing Directly in Front of the Site
  • Irreplaceable Inner Loop Houston Location at the Entrance to Major Costco-Anchored Shopping Center
  • Prestigious Greenway Plaza District – the 52-Acre Campus Contains 11 Class A Office Buildings, 5 Million Square Feet of Retail Space and the 16,800-Seat Lakewood Church
  • The Property is Located 2 Miles East of The Galleria (2.4 Million Square Feet of Retail Space) – the Most Prestigious Shopping District in the Greater Houston MSA
  • Extremely High-Performing Bank of America Branch – Branch Level Deposits of $179 Million as of 6/30/2021
  • More than 505,819 Residents Within a Five-Mile Radius
  • Highly Affluent Urban Houston Market – Average Household Income Exceeds $175,000 (1-Mile Radius)
  • Bank of America Renovated the Property to Their Latest Prototype at Their Own Expense Last Year

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a corporately guaranteed Bank of America ground lease in Houston, Texas. The property consists of a 4,518-square-foot, freestanding building that sits on approximately 0.75 acres of land. There are approximately 5.8 years remaining on the current lease term, with a 10 percent rental escalation scheduled every five years in the main term and throughout the option periods. The property is at the signalized hard corner of Richmond Avenue (43,823 VPD) and Weslayan Street (25,235 VPD), in the center of the prestigious Greenway neighborhood. Nearby Greenway Plaza is a high-end business district with 11 Class A buildings and more than 5 million square feet of commercial real estate space across its 52-acre campus.

Exclusively Listed By

Financing By

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