Bank Of America 4220 W Green Oaks Blvd 6,926 SF Retail Building Arlington, TX 76016 $7,724,175 CAD ($1,115.24 CAD/SF) 5.64% Cap Rate
INVESTMENT HIGHLIGHTS
- Investment Grade Tenant |
- Consistent Rent Growth | 2% Annual Escalations
- 2.05 Acre Site | Potential For Future Pad Site Development
- Minimal Landlord Responsibility | Stable Cash Flow
- Top Performing Branch | Ranks 4th In Total Deposits of All Bank of America Locations In Tarrant County
EXECUTIVE SUMMARY
RECENT PRICE REDUCTION | UPCOMING RENT INCREASE
- Price recently reduced to $5,430,000.00 (5.63% CAP)
- 2.00% Base Rent Increase Effective November 1, 2024 (NOI Increase to $305,774.92)
SECURE INVESTMENT GRADE TENANT
- Bank of America, National Association (NYSE: BAC) holds credit ratings of Aa2 (Moody’s), A+ (S&P), and AA (Fitch)
- Currently the 2nd largest financial institution in the United States holding $2.40 trillion in assets (FDIC 2021)
MINIMAL LANDLORD RESPONSIBILITIES | STABLE CASH FLOW
- Landlord’s annual expense responsibility is capped at $92,946.92, which was established at the inception of the Lease (2003)
- Additionally, Landlord is responsible for maintenance of roof and structure
- Tenant is responsible for all operating expenses in excess of established cap and all other maintenance
TOP PERFORMING BRANCH | STRONG DEPOSITS
- The subject branch has substantial deposits totaling in excess of $331,000,000.00
- Total branch deposits rank 4th among all Bank of America branches in Tarrant County (33 total)
- Annual deposits have increased nearly 195% from 2003 to 2023, including a 35% increase between 2018-2022
PROVEN RENT GROWTH
- By the end of the most recent extension term (October 2027), annual base will have increased 55% since lease inception (2003)
- Based on previous lease extension, it is anticipated rent will continue to increase no less than 2.00% annually
IRREPLACABLE LOCATION
- The subject branch services a densely populated area of Souther Arlington, in one of the cities busiest areas along the I-20 corridor
- The closest Bank of America branches are 5+ miles to the East and over 10 miles to the West
- Current retail inventory in the trade area is low = high barriers to entry
TENANT COMMITMENT TO LOCATION
- Bank of America has completed multiple interior/exterior remodels, at their own cost, with the most recent occurring in 2021
- Extension options have been exercised consistently, well in advance of expiration date and additional 5-year extension were added in connection with the most recent renewal
POTENTIAL FUTURE REDEVELOPMENT
- Total site size is 2.05 acres, which is larger than most traditional freestanding bank sites
- Future redevelopment as multiple pad sites for QSR use could be of interest to a potential buyer
- Price recently reduced to $5,430,000.00 (5.63% CAP)
- 2.00% Base Rent Increase Effective November 1, 2024 (NOI Increase to $305,774.92)
SECURE INVESTMENT GRADE TENANT
- Bank of America, National Association (NYSE: BAC) holds credit ratings of Aa2 (Moody’s), A+ (S&P), and AA (Fitch)
- Currently the 2nd largest financial institution in the United States holding $2.40 trillion in assets (FDIC 2021)
MINIMAL LANDLORD RESPONSIBILITIES | STABLE CASH FLOW
- Landlord’s annual expense responsibility is capped at $92,946.92, which was established at the inception of the Lease (2003)
- Additionally, Landlord is responsible for maintenance of roof and structure
- Tenant is responsible for all operating expenses in excess of established cap and all other maintenance
TOP PERFORMING BRANCH | STRONG DEPOSITS
- The subject branch has substantial deposits totaling in excess of $331,000,000.00
- Total branch deposits rank 4th among all Bank of America branches in Tarrant County (33 total)
- Annual deposits have increased nearly 195% from 2003 to 2023, including a 35% increase between 2018-2022
PROVEN RENT GROWTH
- By the end of the most recent extension term (October 2027), annual base will have increased 55% since lease inception (2003)
- Based on previous lease extension, it is anticipated rent will continue to increase no less than 2.00% annually
IRREPLACABLE LOCATION
- The subject branch services a densely populated area of Souther Arlington, in one of the cities busiest areas along the I-20 corridor
- The closest Bank of America branches are 5+ miles to the East and over 10 miles to the West
- Current retail inventory in the trade area is low = high barriers to entry
TENANT COMMITMENT TO LOCATION
- Bank of America has completed multiple interior/exterior remodels, at their own cost, with the most recent occurring in 2021
- Extension options have been exercised consistently, well in advance of expiration date and additional 5-year extension were added in connection with the most recent renewal
POTENTIAL FUTURE REDEVELOPMENT
- Total site size is 2.05 acres, which is larger than most traditional freestanding bank sites
- Future redevelopment as multiple pad sites for QSR use could be of interest to a potential buyer
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
6,926 SF
Building Class
C
Year Built/Renovated
2003/2021
Price
$7,724,175 CAD
Price Per SF
$1,115.24 CAD
Cap Rate
5.64%
NOI
$435,362 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
2.05 AC
Zoning
CC - Community Commercial
Parking
63 Spaces (9.1 Spaces per 1,000 SF Leased)
AMENITIES
- Dedicated Turn Lane
- Pylon Sign
- Drive Thru
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Finance and Insurance
-
99,999 SF
-
$9.99
-
Jan 0000
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving many million consumer and small business clients with retail financial centers, approximately ATMs (automated teller machines) and award-winning digital banking with millions verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
|
|
Finance and Insurance | 99,999 SF | $9.99 | Jan 0000 |
Walk Score®
Very Walkable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 40360377 | Total Assessment | $3,649,609 CAD |
| Land Assessment | $1,375,468 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $2,274,141 CAD | Tax Year | 2024 |
