The subject investment is the opportunity to acquire a net-leased Bank of America. The asset is 100% leased to Bank of America with approximately 13.4-years remaining on the initial term of the 15-year double-net (NN) lease. This Bank of America provides an investor with a prime New York City Metro asset located just outside of the Bronx in New Rochelle, the second biggest city in Westchester County. The asset offers the owner an opportunity to purchase a best of class location generational asset with a credit tenant.
The building features 9,583 square feet of interior space on approximately 1.13 acres. The NOI is $740,800 annually ($61,733 monthly) and features annual increases until 2024, transitioning to every five (5) years from there. The asset is conveniently located immediately off Interstate 95 and is located less than one mile from New Rochelle Station.