Bank of America - Staten Island

Asset Type

Retail

Address
3881 Richmond Ave Staten Island, NY United States 10312-3840
Asking Price

S$6,165,000

Sq Footage

3,483

Year Built

2014

Cap Rate

5.42%

Additional Attributes
Current / Passing Rent S$334,300
Escalations Yes
Lease Expiration 2034-07-31
Lease Type NNN
Options 2, 10-year
Tenant Bank of America Corporation

Property Description

Recently constructed, free-standing, single-tenant Bank of America for sale in Staten Island at the intersection of Amboy Road and Richmond Avenue. Adjacent to the Eltingville Train Station for the Staten Island Railway (SIR), which provides access to over 5 million annual riders, and the entire Staten Island borough. Close to the Eltingville Shopping Center, a grocery-anchored retail center with national retailers including Chase Bank, Stop & Shop, Denny’s, TD Bank, Rite Aid and more. Over 133,000 residents within a 10-minute drive of the property, and area residents boast an annual household income of over $120,000, providing a strong customer base for the asset. Leased to Bank of America, National Association, a wholly owned subsidiary of Bank of America Corporation, and which carries an investment grade A+ rating from S&P.

Investment Highlights

  • Fee simple interest
  • Property features an NNN lease structure with 15 years remaining
  • Rental increases of 15% every 5 years in the primary term and 10% in the option periods
  • Zero landlord responsibilities
  • Since opening for business, BOAs deposit base has grown at a compound annual growth rate (CAGR) of 45%
Listing Contacts
Alex Sharrin
Alex Sharrin
SVP, Capital Markets
+1(312)-228-3197
IL - 475.170243
Peter Furest
Peter Furest
SVP, Capital Markets
+1(212)-812-5802
NY - 10401232530
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