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Bank of America, San Luis Obispo, CA

Bank of America

San Luis Obispo, CA

Price $13,440,000
Cap Rate 3.75%
NOI $504,000
Lease Term 15 Years With 12 Years Remaining
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All The Maintenance To The Premises
Rental Increases 12% Rental Increases Every Five (5) Years
Year Built 2018
Building Size 5,000 SF
Lot Size .56 Acres (24,590 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

RARE LONG-TERM ABSOLUTE NNN GROUND LEASE WITH CORPORATE GUARANTY
» Guaranteed by Bank of America, National Association (NYSE: “BAC”)
» Rated “A+” by Standard & Poor’s and “Aa2” by Moody’s
» Absolute NNN lease with no landlord management, providing an ideal investment for an out-of-area investor
» 12% rental increases every five years, providing an excellent hedge against inflation

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Bank of America generated $88.5 billion in revenue in 2020
» Second largest bank in the United States and a component of the S&P 100 and S&P 500
» Bank of America services approximately 11 percent of all American bank deposits
» Returned $12 billion of capital to shareholders through common dividends and share repurchases during 2020

HARD CORNER IRREPLACEABLE INFILL LOCATION IN DENSELY POPULATED AND AFFLUENT AREA
» Hard corner location at the signalized four-way intersection of Higuera Street and Santa Rosa Street, which experience a combined 29,463 vehicles per day in front of the site
» 60,796 residents within a five-mile radius, giving Bank of America an ample customer base
» Immediate access to U.S. Route 101, a major coastal north–south thoroughfare along the Pacific coast, allowing commuter traffic and tourists easy banking access
» Average household income of $91,056 within five miles of the location
» Within one mile of 30 hotels, greatly increasing visibility to the site

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND TOURIST ATTRACTIONS
» Two miles from California Polytechnic State University (22,188 students, 3,000 employees, $469 million regional economic impact)
» Within one mile of Sierra Vista Regional Medical Center and French Hospital Medical Center (combined 276 beds, 1,200 employees)
» Central location in Downtown San Luis Obispo near multiple tourist attractions, including Bubblegum Alley, the Madonna Inn, and Mission San Luis Obispo de Tolosa
» Gateway to Irish Hills National Reserve and 15 minutes from the Pacific Ocean, increasing tourist traffic to the location



Property Description

The property has a hard-corner location at the signalized four-way intersection of Higuera Street and Santa Rosa Street, which experiences a combined 29,463 vehicles per day in front of the site. The location maintains nearby access to U.S. Route 101, a major coastal north–south thoroughfare along the Pacific Coast, which experiences a high traffic count of 56,000 AADT. The property benefits from its location in a populous area, with 60,796 residents living within a five-mile radius of the property. The location also resides in an affluent area, with an average household income of $91,056 within five miles of the site.

Increased traffic is aided by the property’s central location in Downtown San Luis Obispo, two miles from California Polytechnic State University, which has 22,188 students, 3,000 employees, and generates $469 million in regional economic impact. The site is within one mile of Sierra Vista Regional Medical Center and French Hospital Medical Center (combined 276 beds, 1,200 employees). Visibility is increased by the site’s location near multiple tourist attractions, including Bubblegum Alley, the Madonna Inn, and Mission San Luis Obispo de Tolosa. The location serves as a gateway to Irish Hills National Reserve and is 15 minutes from the Pacific Ocean, significantly increasing tourist traffic to the location.

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