50 W Main St, Woodland, CA 95695
Marcus & Millichap is pleased to present for sale a multi-tenant retail property located at 50 West Main Street in Woodland, California 95695. The subject property is a freestanding, two-tenant, 16,036-square foot building situated on 1.86 acres. 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 an absolute NNN lease basis including five-percent rental increases every five years. Furthermore, the lease includes 18 remaining renewal options providing a stable hedge against inflation. The remaining 38 percent of the building is vacant providing upside potential for a future investor at $1.59 PSF gross market rents. Currently, the seller has received significant leasing activity with potential tenants interested in occupying the space vacant space by the COE. If the prospective tenants do not occupy the building space, the seller is offering a guaranteed rent of $1.00 per square foot plus NNN for one year from COE. This asset allows an investor the opportunity to acquire a stable investment grade tenant in a growing sub-market of Sacramento with upside potential.
Bank of America has an investment grade A2 strong long-term senior credit rating by Moodys and is the number 2 bank of The Big 4 national banks. Deposits at this location have been historically high. As of June 6th, 2020, the deposits were approximately $147,858,000, the second highest in the city of Woodland. Additionally, this is the only Bank of America located within a 10-mile radius. With Bank of Americas rent below market, along with the historical strength of deposits makes it a safe assumption that Bank of America will not relocate. Offered at $1,899,000 or $118.42 per square foot the property is priced well-below replacement price.
Marcus & Millichap is pleased to present for sale a multi-tenant retail property located at 50 West Main Street in Woodland, California 95695. The subject property is a freestanding, two-tenant, 16,036-square foot building situated on 1.86 acres. 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 an absolute NNN lease basis including five-percent rental increases every five years. Furthermore, the lease includes 18 remaining renewal options providing a stable hedge against inflation. The remaining 38 percent of the building is vacant providing upside potential for a future investor at $1.59 PSF gross market rents. Currently, the seller has received significant leasing activity with potential tenants interested in occupying the space vacant space by the COE. If the prospective tenants do not occupy the building space, the seller is offering a guaranteed rent of $1.00 per square foot plus NNN for one year from COE. This asset allows an investor the opportunity to acquire a stable investment grade tenant in a growing sub-market of Sacramento with upside potential.
Bank of America has an investment grade A2 strong long-term senior credit rating by Moodys and is the number 2 bank of The Big 4 national banks. Deposits at this location have been historically high. As of June 6th, 2020, the deposits were approximately $147,858,000, the second highest in the city of Woodland. Additionally, this is the only Bank of America located within a 10-mile radius. With Bank of Americas rent below market, along with the historical strength of deposits makes it a safe assumption that Bank of America will not relocate. Offered at $1,899,000 or $118.42 per square foot the property is priced well-below replacement price.
