4610 E City Ave | Philadelphia, PA 19131
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4610 E City Ave
Philadelphia, PA 19131
Retail Property For Sale
Investment Highlights
- No landlord responsibilities, ideal lease structure for passive net lease investors
- Two lane drive-thru situated on 0.55 acre site with dedicated parking. Exceptional long-term value in the dense Philadelphia submarket
- 238,362 residents with an average household income of $100,000+ within a 3-mile radius
- Lease is corporately guaranteed by Bank of America, N.A, with a Standard & Poor’s credit rating of A+ with a stable outlook
- High residual value in the overall site with potential for future redevelopment, pending zoning approval, with surrounding projects being redeveloped
- Directly across the street from Bala Cynwyd On City Avenue, currently being redeveloped into a mixed-use project with 300 residential units
Executive Summary
ABSOLUTE NNN GROUND LEASE WITH ATTRACTIVE RENT INCREASES
3+ years of base term remaining on an absolute triple net (NNN) ground lease with four, five-year option periods thereafter
CORPORATELY GUARANTEED BY INVESTMENT GRADE TENANT
Bank of America (NYSE: BAC) is one of the world’s leading financial institutions and the second largest bank in the United States with over $2.45 trillion in assets and 3,800+ branches
HIGH PERFORMING, LONG-TERM BANK OF AMERICA LOCATION
Bank of America has been operating in this location since 2008 with robust deposits of $276M, ranking second amongst all 17 Bank of America locations within Philadelphia County
EXCELLENT REAL ESTATE FUNDAMENTALS AND SITUATED WITHIN A DENSE RETAIL CORRIDOR
Located directly off City Avenue (Route 1) which is one of the submarkets main retail corridors and surrounded by large national retailers such as Target, LA Fitness, Michaels, ACME Markets, 7-Eleven, Honeygrow, AT&T, Starbucks, McDonald and Taco Bell, among others
DENSE AND GROWING SUBMARKET ANCHORED BY SAINT JOSEPH’S UNIVERSITY
Saint Joseph’s University is 0.8 miles (4-minute drive) from the property with a student population of 8,400+, serving as an economic anchor for the submarket
3+ years of base term remaining on an absolute triple net (NNN) ground lease with four, five-year option periods thereafter
CORPORATELY GUARANTEED BY INVESTMENT GRADE TENANT
Bank of America (NYSE: BAC) is one of the world’s leading financial institutions and the second largest bank in the United States with over $2.45 trillion in assets and 3,800+ branches
HIGH PERFORMING, LONG-TERM BANK OF AMERICA LOCATION
Bank of America has been operating in this location since 2008 with robust deposits of $276M, ranking second amongst all 17 Bank of America locations within Philadelphia County
EXCELLENT REAL ESTATE FUNDAMENTALS AND SITUATED WITHIN A DENSE RETAIL CORRIDOR
Located directly off City Avenue (Route 1) which is one of the submarkets main retail corridors and surrounded by large national retailers such as Target, LA Fitness, Michaels, ACME Markets, 7-Eleven, Honeygrow, AT&T, Starbucks, McDonald and Taco Bell, among others
DENSE AND GROWING SUBMARKET ANCHORED BY SAINT JOSEPH’S UNIVERSITY
Saint Joseph’s University is 0.8 miles (4-minute drive) from the property with a student population of 8,400+, serving as an economic anchor for the submarket
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
4,400 SF
Building Class
C
Year Built
2008
Price
$7,024,000
Price Per SF
$1,596
Cap Rate
7%
NOI
$491,725
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
0.53 AC
Zoning
CA2
Parking
25 Spaces (5.68 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signage
PROPERTY TAXES
| Parcel Number | 882963355 | Improvements Assessment | $628,710 |
| Land Assessment | $1,466,990 | Total Assessment | $2,095,700 |
PROPERTY TAXES
Parcel Number
882963355
Land Assessment
$1,466,990
Improvements Assessment
$628,710
Total Assessment
$2,095,700
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