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Bank

Bank of America

745 Lynnhaven Pkwy, Virginia Beach, VA 23452

Listing Price: $3,023,812

Cap Rate
6.00%
Tenant Name
Bank of America
Years Remaining On Lease
2.6
Guarantor
Corporate Guarantee
Rentable SF
3,217
Lease Type
Ground Lease
Rent Per Square Feet
$56.42

Investment Overview

Marcus & Millichap is pleased to present for sale a Bank of America property located at 745
Lynnhaven Parkway, Virginia Beach, VA 23452. The property consists of 3,217 square feet of
gross leasable area and is situated on a 0.56-acre lot. Built in 1982, this single-story building
is part of Lynnhaven Mall and operates under a corporately guaranteed Triple-Net (NNN)
ground lease by Bank of America. The current term expires on January 31, 2027, with 2.7
years remaining. The annual base rent is $181,428.71, equating to $56.40 per square foot.
Rental increases are 10% in Renewal Option #2 to offset inflation. There are two (2), five (5)
year renewal options, and the current term is in Option Period #1.

This investment provides an opportunity for qualified investors to purchase a NNN lease
tenanted by one of the largest banking institutions in the nation, located in a densely
populated and thriving commercial area. The combination of a strong tenant, favorable lease
terms, and a prime location makes this an attractive investment opportunity.

Investment Highlights

  • Stable Income Stream: 2.7 years remaining on a Bank of America Triple-Net (NNN) Ground Lease with minimal landlord responsibilities, ensuring stable and predictable income.
  • Rental Increases: Attractive rent increase of 10% in the next five-year renewal option, enhancing income potential
  • Strong Credit Tenant: Guaranteed by Bank of America N.A. with an S&P A+ credit rating; ranked #25 in the 2023 Fortune 500 Index; 5th largest holding company with over $3.18 trillion in 2023.
  • Prime Location: Positioned at a prominent location on Lynnhaven Parkway, with significant visibility and traffic flow of approximately 55,000 vehicles per day.
  • Demographics: 140,000 people living within a 5-mile radius with an average household income of $83,245, providing a strong customer base.
  • Economic Growth: Virginia Beach is experiencing steady economic growth, with focused development in special economic growth areas and a balanced growth strategy aimed at enhancing the city's unique landscapes while promoting economic and cultural diversity.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Listing Price: $3,023,812

Cap Rate
6.00%
Tenant Name
Bank of America
Years Remaining On Lease
2.6
Guarantor
Corporate Guarantee
Rentable SF
3,217
Lease Type
Ground Lease
Rent Per Square Feet
$56.42

Investment Highlights

  • Stable Income Stream: 2.7 years remaining on a Bank of America Triple-Net (NNN) Ground Lease with minimal landlord responsibilities, ensuring stable and predictable income.
  • Rental Increases: Attractive rent increase of 10% in the next five-year renewal option, enhancing income potential
  • Strong Credit Tenant: Guaranteed by Bank of America N.A. with an S&P A+ credit rating; ranked #25 in the 2023 Fortune 500 Index; 5th largest holding company with over $3.18 trillion in 2023.
  • Prime Location: Positioned at a prominent location on Lynnhaven Parkway, with significant visibility and traffic flow of approximately 55,000 vehicles per day.
  • Demographics: 140,000 people living within a 5-mile radius with an average household income of $83,245, providing a strong customer base.
  • Economic Growth: Virginia Beach is experiencing steady economic growth, with focused development in special economic growth areas and a balanced growth strategy aimed at enhancing the city's unique landscapes while promoting economic and cultural diversity.

Investment Overview

Marcus & Millichap is pleased to present for sale a Bank of America property located at 745 Lynnhaven Parkway, Virginia Beach, VA 23452. The property consists of 3,217 square feet of gross leasable area and is situated on a 0.56-acre lot. Built in 1982, this single-story building is part of Lynnhaven Mall and operates under a corporately guaranteed Triple-Net (NNN) ground lease by Bank of America. The current term expires on January 31, 2027, with 2.7 years remaining. The annual base rent is $181,428.71, equating to $56.40 per square foot. Rental increases are 10% in Renewal Option #2 to offset inflation. There are two (2), five (5) year renewal options, and the current term is in Option Period #1. This investment provides an opportunity for qualified investors to purchase a NNN lease tenanted by one of the largest banking institutions in the nation, located in a densely populated and thriving commercial area. The combination of a strong tenant, favorable lease terms, and a prime location makes this an attractive investment opportunity.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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