Bank of America - Staten Island, NY_Property for Sale
Bank of America - Staten Island, NY_Property for Sale
3881 Richmond Ave, Staten Island, NY, 10312-3840, US

Bank of America - Staten Island, NY

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the 3,483 square foot freestanding, single-tenant Bank of America located at 3881 Richmond Avenue in Staten Island, New York (“Property” or “Asset”). The Asset is subject to an absolute NNN ground lease to Bank of America, National Association (“Tenant”), a wholly owned subsidiary of Bank of America Corporation, which carries an investment grade ‘A-‘ rating from S&P credit rating agency.


Bank of America is currently operating on a 20.0-year absolute NNN ground lease, with ±10.2 years remaining, 15.0% rent escalations every 5-years, and two, ten-year renewal options.


Bank of America is strategically positioned on the signalized intersection of Richmond Avenue and Amboy Road with direct visibility to more than 41,000 VPD. With more than 38,000 people earning an average household income exceeding $140,000 within a 2-minute drive time, the Asset’s proximate surroundings project confidence in the local retail market. Situated adjacent to the Amboy Shopping Center, Eltingville Shopping Center and the Eltingville Train Station, the Property is positioned to continuously benefit from the outstanding urban traffic along the corridor.

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Attributes

Building area net
3,483 sf
WAULT
10.2 years
Asking price
HK$31,891,000
Cap rate
7%
NOI
HK$2,233,000

Media

Investment Highlights

  • Bank of America is the 2nd largest bank in the U.S. with $2.4 trillion in assets
  • ±10.2 years of lease term remaining on an absolute NNN ground lease with rental escalations and two, five-year renewal options
  • On the signalized intersection of Richmond Avenue and Amboy Road (42,000 VPD)
  • Incredible demand characteristics driven by 1-mile AHHI of $140K and 296K+ residents within a 5-mile radius
  • 9% annual business growth in Staten Island with over 9,500 businesses
  • Located adjacent to Eltingville and Amboy Shopping Centers with more than 2.8 million visits annually 
Bank of America - Staten Island, NY 4_Property for Sale
Bank of America - Staten Island, NY 4_Property for Sale

Contact brokers

Bank of America - Staten Island, NY (0 Properties)

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Last updated
12 Jun 2024