Bank of America (GL)

30 Smith Ranch Road, San Rafael, CA 94903

$5,700,000

Cap Rate 5.50%

Views: 141 DOM: 232 Updated: 09.16.24 Posted: 05.03.24 Status: Active

Summary

Price $5,700,000	Built/Renov 1982/2018	Tenant Bank of America (GL)
Cap Rate 5.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 8,589	Lease Start 12-01-2019	#Units 3,845
Price/SF $663.64	Expiration 11-30-2029	Tenant Type Bank/Financial
NOI $313,500	R. Term 4.11	Ownership Ground Lease
Rent/SF $33.11	Increases 10.0%/1/yrs	Pop 5Mi 131,428
Lot/AC 1.45	Options 2/5yrs/10%	AHHI 5Mi $179,480

Andrew Bogardus

Cushman & Wakefield

Contact

Lease Highlights

Bank of America has 5+ years remaining on the current ground lease term with 2 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Bank of America is strategically located at the intersection of Smith Ranch Road and Redwood Highway, with access to a substantial daily traffic count of 173,700 vehicles. Adjacent to the on/off ramp for Highway 101 at the north end of the North San Rafael business park, the area boasts a diverse array of businesses. Moreover, the immediate trade area is surrounded by well-known national...

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Key Features

Dense retail corridor
Near major nationals
Strategically located
Freeway close
Top 100 MSA
Strong demographics
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Bank of America Wikipedia Bank of America Wikipedia San Rafael, California Zip Code 94903 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Bank of America
Guarantor:Corp T and Rated
Company:The Bank of America Corporation
# Units:3,845
Tenant S&P: A-
Moody’s: A1
Stock: NYSE: BAC

About Tenant

The Bank of America Corporation (commonly referred to as Bank of America; often abbreviated as BofA or BoA) is an American multinational investment bank and financial services holding company...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,449	51,860	130,962
2023 Total Population :	8,483	52,030	131,428
2023 Employed Civilian Pop :	4,479	25,953	67,133
2023 Total Businesses :	969	2,324	7,800
2023 Average Household Income :	$ 153,708	$ 173,189	$ 179,480
2023 Total Consumer Spending :	$ 462 M	$ 2977 M	$ 7700 M
2023 Median Age :	48	48	45
2023 Total Households :	3,579	20,521	51,154
2023 Pop Age 25+: Bachelor's Degree :	2,124	13,882	33,425
2023 Average Home Value :	$ 931,326	$ 1,089,652	$ 1,233,378

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Redwood Hwy	Paul Dr	2011	9,171	0.03 mi
Smith Ranch Rd	N Redwood Dr	2006	12,199	0.08 mi
Smith Ranch Rd	Cresta Dr	2014	10,136	0.13 mi
		2004	2,130	0.16 mi
Redwood Hwy	Lucas Valley Rd	2004	10,261	0.19 mi
N Redwood Dr	Smith Ranch Rd	2004	4,137	0.19 mi
101		2018	173,700	0.22 mi
Lucas Valley Road	Redwood Hwy	2022	158,500	0.22 mi
Redwood Hwy	Lucas Valley Rd	2004	10,618	0.23 mi
Redwood Hwy	Lucas Valley Rd	2004	6,044	0.24 mi

Listing Broker

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