Bank of America | 503 W Benjamin Holt Dr
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Bank of America 503 W Benjamin Holt Dr
17,372 SF 100% Leased Retail Building Stockton, CA 95207 $2,100,000 ($121/SF) 8.19% Cap Rate
Investment Highlights
- Existing Income with Upside and/or Owner-User Potential | NNN Lease to Bank of America (69% of GLA)
- Property Sits on a Large 1.89 Acre, Rectangular Shaped Lot | Priced Below Replacement Cost at $129 per Square Foot
- Low Rent and Early Lease Extension | Bank of America Exercised 5-year Option Commencing on 10/1/24
- Lease up of 5,303 Vacant Space at $0.95 NNN / Month Equates to 8.19% Proforma Cap Rate
- High Deposits | This Bank of America location has reported over $589 Million in Deposits as of June 30, 2022(per FDIC)
- Located at Signalized, Hard Corner Intersection with Combined Traffic Counts of 14,896 Vehicles
Executive Summary
Situated in the Lincoln Village Area and surrounded by prominent retail establishments, this Bank of America site boasts an exceptional location directly off the heavily traveled Pacific Avenue. The property holds significant potential for growth, given its status as a low-rent, high-deposit location with convenient accessibility.
Bank of America has recently exercised an early 5-year extension, commencing in 2024, and has multiple 5-year options with built-in rent increases. The additional space available within the Bank of America building provides an investor existing income with immediate upside or Owner-User potential. Lease up of 5,303 Vacant Space at $0.95 NNN / Month Equates to 8.19% Proforma Cap Rate. An opportunity rarely found in core investments with credit tenants in a prime location.
Bank of America has recently exercised an early 5-year extension, commencing in 2024, and has multiple 5-year options with built-in rent increases. The additional space available within the Bank of America building provides an investor existing income with immediate upside or Owner-User potential. Lease up of 5,303 Vacant Space at $0.95 NNN / Month Equates to 8.19% Proforma Cap Rate. An opportunity rarely found in core investments with credit tenants in a prime location.
Property Facts Under Contract
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
17,372 SF
Building Class
B
Year Built
1985
Price
$2,100,000
Price Per SF
$121
Cap Rate
8.19%
NOI
$172,005
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.21
Lot Size
1.89 AC
Opportunity Zone
Yes
Zoning
GC - OFFICE SPACE
Parking
169 Spaces (1 Space per 1,000 SF Leased)
Amenities
- Banking
Walk Score ®
Walker's Paradise (91)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 081-260-52 | Improvements Assessment | $1,230,217 |
| Land Assessment | $858,829 | Total Assessment | $2,089,046 |
PROPERTY TAXES
Parcel Number
081-260-52
Land Assessment
$858,829
Improvements Assessment
$1,230,217
Total Assessment
$2,089,046
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Bank of America | 503 W Benjamin Holt Dr
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