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Bank

Bank of America

25 Pennsylvania Ave, East Lyme, CT 06357

Listing Price: $2,600,000

Cap Rate
5.85%
Tenant Name
Bank of America
Years Remaining On Lease
6.2
Gross SF
3,638
Guarantor
Corporate Guarantee
Rentable SF
3,638
Price/Gross SF
$714.68
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$41.81

Investment Overview

The subject property is a Bank of America in Niantic, CT. The 3,638 square foot building sits on just under half an acre of land along Pennsylvania Avenue. Bank of America just exercised a five-year extension, committing to the location until 2027. The tenant also has four five-year options to further extend the lease and each option includes a 12.5% increase in rent. Bank of America has been operating at this location since 1977 and has proven success at the location with a 56% increase in deposits in the past five years. This location also includes two drive-thru lanes, which were constructed in 2019 along with 34 parking spaces. Other recent improvements to the property include parking lot repairs and new landscaping. Bank of America is centrally located within the town’s primary trade area and directly across from Niantic Village, which is a 45,000+ square foot shopping center with local tenants including Spice Club, Village Bake House, and The Black Sheep. Gateway Commons, a new development four miles north of Bank of America, is a new development including 280 apartments and 425,000+ square feet of retail (not yet built), which is anchored by Costco. Hartford is located 45 miles north of the property and Providence is 65 miles north east. Boston and New York City are both roughly two hours from the property. Nearby national tenants include CVS, USPS, Dairy Queen, Subway, Citizens Bank, Sunoco, Gulf, and more. Demographics are strong in this area with an average household income that exceeds $110,000. With the continuing evolution of Southeastern Connecticut as a major tourist destination, Niantic has evolved as its own destination. With Mystic Seaport, Mystic Aquarium, Mohegan Sun and Foxwoods casinos, and the new Foxwoods / MGM Grand Resort casino all nearby, Niantic features a “small town” waterside ambiance with major attractions within reach.

Investment Highlights

  • Exercised Early 5-Year Extension | 6 Years Remaining
  • $81.9M in Annual Deposits | 56% Increase Since 2015
  • Established Location with Operations Since 1977

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    (203) 672-3300

    License(s) CT: REB.0752012

    Connecticut

Listing Price: $2,600,000

Cap Rate
5.85%
Tenant Name
Bank of America
Years Remaining On Lease
6.2
Gross SF
3,638
Guarantor
Corporate Guarantee
Rentable SF
3,638
Price/Gross SF
$714.68
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$41.81

Investment Highlights

  • Exercised Early 5-Year Extension | 6 Years Remaining
  • $81.9M in Annual Deposits | 56% Increase Since 2015
  • Established Location with Operations Since 1977

Investment Overview

The subject property is a Bank of America in Niantic, CT. The 3,638 square foot building sits on just under half an acre of land along Pennsylvania Avenue. Bank of America just exercised a five-year extension, committing to the location until 2027. The tenant also has four five-year options to further extend the lease and each option includes a 12.5% increase in rent. Bank of America has been operating at this location since 1977 and has proven success at the location with a 56% increase in deposits in the past five years. This location also includes two drive-thru lanes, which were constructed in 2019 along with 34 parking spaces. Other recent improvements to the property include parking lot repairs and new landscaping. Bank of America is centrally located within the town’s primary trade area and directly across from Niantic Village, which is a 45,000+ square foot shopping center with local tenants including Spice Club, Village Bake House, and The Black Sheep. Gateway Commons, a new development four miles north of Bank of America, is a new development including 280 apartments and 425,000+ square feet of retail (not yet built), which is anchored by Costco. Hartford is located 45 miles north of the property and Providence is 65 miles north east. Boston and New York City are both roughly two hours from the property. Nearby national tenants include CVS, USPS, Dairy Queen, Subway, Citizens Bank, Sunoco, Gulf, and more. Demographics are strong in this area with an average household income that exceeds $110,000. With the continuing evolution of Southeastern Connecticut as a major tourist destination, Niantic has evolved as its own destination. With Mystic Seaport, Mystic Aquarium, Mohegan Sun and Foxwoods casinos, and the new Foxwoods / MGM Grand Resort casino all nearby, Niantic features a “small town” waterside ambiance with major attractions within reach.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    (203) 672-3300

    License(s): CT: REB.0752012

    Connecticut

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