3415 Eastern Ave
Baltimore, MD 21224

On behalf of ownership, Marcus & Millichap is pleased to exclusively offer this net leased Bank of America in the Highlandtown neighborhood of Baltimore City, Maryland. The building, constructed in 1910 and occupied as a bank since the 1960’s, is located along the Eastern Avenue corridor in the heart of Highlandtown, a rapidly “up and coming” neighborhood in Baltimore City. The asset is situated upon a large 0.49-acre lot of land and features roughly two dozen rare off-street parking spaces, a highly desirable attribute in an urban location such as this. This Bank of America location has been a classified as a “Banking Center” for the tenant as it contains a sizable unit of the bank’s business banking division among other typical branch business functions (the overall GLA of the building is 18,017-square-feet. While the location does not have a drive thru, the branch boasts strong deposits of more than $80.9M which have trended upwards by over seven percent (7%) year-over-year since 2012. More recently, in 2004, Bank of America entered into a portfolio sale-lease¬back with an institution who is reselling this asset at present. Pursuant to the lease, a new lease term will be executed at closing of escrow as out-lined herein. This offering presents a unique opportunity to acquire a property in a location that is experiencing a significant revitalization. Presently, Highlandtown is the ninth top-selling neighborhood in the city with 30 percent growth in the value of home sales just this past year. This is no surprise. Similarly, the building vacancy rate has decreased from 30 to 9 percent in the last 10 years. Highlandtown is surrounded by the popular communities of Canton, Fells Point and Greektown but also in close proximity to many of the city’s popular destinations, the central business district and new development. This Bank of America location sits between Patterson Park, a popular neighborhood destination, and Johns Hopkins Bayview Medical Center. The asset is also in immediate proximity to three significant redevelopment projects; immediately across Eastern Avenue the former Fraternal Order of Eagles club is being converted into an 8-unit luxury apartment development (414 S. Conkling Street). One block west on Eastern Avenue, a former restaurant was redeveloped into Highland Haus, a modern, 65-unit apartment building by Garver Development Group. All apartments have been leased and a small boutique wine shop is expected to open on the street level this month. The former Pemco site, one mile east, is being converted into a 2.2 million-square-foot mixed use project, Yard 56. The project will open its first phase in mid-2019 with an LA Fitness gym and months later, a 17,000-square foot upscale grocery store, several restaurants and 286 parking spaces. Yard 56 will also hold 100,000 square feet of office space and two hotels with a total of 150 rooms. Numerous other small scale residential projects are in all directions surrounding the property and provide a logical use for redevelopment if the bank ever vacates. While the bank has occupied this building for decades, this offering has the benefit of being backed by Bank of America N.A., an “A” rated investment grade credit tenant by Standard & Poor’s. The bank has six, five-year option terms with structured rental increases. The lease requires the ownership to professionally manage the property and seek reimbursement for such costs including a management fee. Secondly, pursuant to the lease, the Landlord is responsible for capital expenditures to items that require replacement. The ownership is reimbursed for those pursuant to specific amortization time¬lines under the lease. (Please see the calculation on page four). The new ownership will inherit this income stream for several years.