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Bank

Santander

317 Washington St, Auburn, MA 01501

Listing Price: $2,716,000

Cap Rate
6.00%
Tenant Name
Santander
Years Remaining On Lease
5.9
Gross SF
3,800
Guarantor
Corporate Guarantee
Rentable SF
3,800
Price/Gross SF
$714.74
Lease Type
Absolute Net
Rent Per Square Feet
$42.89

Investment Overview

Marcus & Millichap is pleased to present the Santander branch located at 317 Washington Street in Auburn, MA. The subject property features an absolute net lease, and the tenant recently exercised the first of its two five-year options to extend the original 15-year lease, which commenced in 2008. This Santander branch has nearly $170 Million in deposits, making it one of the top 13 branches in the state of Massachusetts. The 3,800 square foot building sits on a large 1.79-acre lot and features a 3-lane drive through and 28 parking spaces. It is located on a corner lot at the intersection of Washington and Millbury Streets, in a highly trafficked area that sees over 20,000 VPD. Washington Street is also known as Route 20, the longest road in the country, which stretches from Newport, Oregon to Boston. Located a little over half a mile from the Auburn I-90 exit, the subject property is on the main commercial corridor of the town. Auburn abuts Worcester, which is the second largest city in Massachusetts. The area is densely populated with over 144,000 people in a 5-mile radius. The average household income within a mile of the property is more than $106,000, substantially above the national average. Based in Boston, Santander Bank NA is a wholly owned subsidiary of the Spanish Santander Group, which generated more than $52.7 billion in revenue in 2021, up 7% from its 2020 performance. The company is a credit tenant with an A+ credit score based on Standard & Poor’s ratings.

Investment Highlights

  • Absolute NNN lease with zero landlord responsibilities
  • A+ credit tenant with corporate backed lease
  • Recent lease renewal signals tenant's commitment to the site
  • Nearly $170 Million in deposits, branch performs better than 92% of all locations in tenant's home state
  • Highly trafficked area with more than 20,000 VPD
  • 3,800 SF building and 28 parking spots on 1.79-acre lot
  • Less than 10 miles from Massachusetts' second largest city
  • $106,000+ Average Household income within 1 mile of the site

Exclusively Listed By

Financing By

Listing Price: $2,716,000

Cap Rate
6.00%
Tenant Name
Santander
Years Remaining On Lease
5.9
Gross SF
3,800
Guarantor
Corporate Guarantee
Rentable SF
3,800
Price/Gross SF
$714.74
Lease Type
Absolute Net
Rent Per Square Feet
$42.89

Investment Highlights

  • Absolute NNN lease with zero landlord responsibilities
  • A+ credit tenant with corporate backed lease
  • Recent lease renewal signals tenant's commitment to the site
  • Nearly $170 Million in deposits, branch performs better than 92% of all locations in tenant's home state
  • Highly trafficked area with more than 20,000 VPD
  • 3,800 SF building and 28 parking spots on 1.79-acre lot
  • Less than 10 miles from Massachusetts' second largest city
  • $106,000+ Average Household income within 1 mile of the site

Investment Overview

Marcus & Millichap is pleased to present the Santander branch located at 317 Washington Street in Auburn, MA. The subject property features an absolute net lease, and the tenant recently exercised the first of its two five-year options to extend the original 15-year lease, which commenced in 2008. This Santander branch has nearly $170 Million in deposits, making it one of the top 13 branches in the state of Massachusetts. The 3,800 square foot building sits on a large 1.79-acre lot and features a 3-lane drive through and 28 parking spaces. It is located on a corner lot at the intersection of Washington and Millbury Streets, in a highly trafficked area that sees over 20,000 VPD. Washington Street is also known as Route 20, the longest road in the country, which stretches from Newport, Oregon to Boston. Located a little over half a mile from the Auburn I-90 exit, the subject property is on the main commercial corridor of the town. Auburn abuts Worcester, which is the second largest city in Massachusetts. The area is densely populated with over 144,000 people in a 5-mile radius. The average household income within a mile of the property is more than $106,000, substantially above the national average. Based in Boston, Santander Bank NA is a wholly owned subsidiary of the Spanish Santander Group, which generated more than $52.7 billion in revenue in 2021, up 7% from its 2020 performance. The company is a credit tenant with an A+ credit score based on Standard & Poor’s ratings.

Exclusively Listed By

Financing By

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