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Bank of America (GL)

1672 East 2nd Street, Beaumont, CA 92223

$3,000,000

Cap Rate 6.32%

Updated: 12.20.23 Posted: 09.15.23 Status: Sold

Summary

Price $3,000,000
Built/Renov 2008
Tenant Bank of America (GL)
Cap Rate 6.32%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,405
Lease Start 08-27-2008
#Units 4,600
Price/SF $555.04
Expiration 08-26-2028
Tenant Type Bank/Financial
NOI $189,665
R. Term 3.3
Ownership Ground Lease
Rent/SF $35.09
Increases 0.0%/5/yrs
Pop 5Mi 88,977
Lot/AC 0.36
Options 4/5yrs
AHHI 5Mi $99,152

Eric Carlton
Colliers NNN Group
Contact

Jereme Snyder
Colliers NNN Group
Contact

Lease Highlights

  • Bank of America has been operating at this location for 15+ years
  • Deposits have increased 70% in the last 5 years ($75M in 2017 to $245M in 2022)
  • Ground lease features 4 (5-year) renewal options with FMV increases
  • Absolute NNN | Zero landlord responsibilities
  • Investment grade tenant (S&P: A-)
  • Corporate guaranteed lease

Location Description

This 5,405 SF building on a 15,541 SF pad is strategically positioned as an outparcel to Marketplace Beaumont Shopping Center. The Best Buy, ALDI, Petco, and Ross anchored shopping center is located on the hard corner signalized intersection of South Highland Springs Avenue and East Second Street (30,300 VPD) and is directly adjacent to Interstate 10 which sees over 140,000 VPD. The subject...

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Key Features

  • Signalized intersection

  • Dense retail corridor

  • Shopping Ctr out-parcel

  • Strategically located

  • Freeway close

  • Long operation history

  • Absolute NNN

  • Traded and rated company

  • Corporate Guarantee

  • Investment grade tenant

    • ...

Links

Bank of America Wikipedia Bank of America Wikipedia Beaumont, California Zip Code 92223 Broker Site Page

Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Bank of America
  • Guarantor:Corp T and Rated
  • # Units:4,600
  • Tenant S&P: A-
  • Moody’s: A2
  • 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 : 9,969 57,411 90,926
2023 Total Population : 9,925 56,287 89,075
2023 Employed Civilian Pop : 3,358 23,649 37,335
2023 Total Businesses : 387 1,194 1,824
2023 Average Household Income : $ 87,101 $ 94,414 $ 99,106
2023 Total Consumer Spending : $ 315 M $ 1630 M $ 2641 M
2023 Median Age : 51 43 42
2023 Total Households : 4,220 19,878 30,683
2023 Pop Age 25+: Bachelor's Degree : 1,695 6,486 9,332
2023 Average Home Value : $ 545,746 $ 505,755 $ 533,618
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
2nd St S Highland Springs Ave 2004 100 0.03 mi
S Highland Springs Ave 2nd St 2004 23,200 0.14 mi
I 10 2021 125,500 0.24 mi
10 2018 135,000 0.24 mi
Highland Springs Ave W Ramsey St 2004 30,300 0.33 mi
Westward Ave Highland Springs Ave 2006 1,800 0.38 mi
E 6th St Allegheny Ave 2004 13,600 0.42 mi
W Ramsey St Apex Ave 2006 19,500 0.50 mi
Highland Springs Ave W Wilson St 2006 13,700 0.55 mi
10 2018 140,000 0.55 mi

Listing Broker

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