30 Smith Ranch Rd - Bank FOR SALE


San Rafael, CA 94903
$5,700,000 USD
415-269-0599
30 Smith Ranch Rd, San Rafael, CA for Sale
$5,700,000 USD
Bank - FOR SALE
1/7
null | 5.5% Cap Rate

30 Smith Ranch Rd
San Rafael, CA 94903


HIGHLIGHTS

  • Corporate lease to Bank of America National Association
  • Over 6-years left on a NNN ground lease with a 10% rent increase coming up in December 2024 providing solid rent growth and a hedge against inflation
  • Two – Ten-year options to renew
  • Strong Deposits Increasing from $234,000,000 in 2020 to $261,000,000 in 2022
  • Located on Smith Ranch Road adjacent to the on/off ramp for Highway 101 at the north end of the North San Rafael business park
  • San Rafael is the county seat of Marin County, and most of the County offices are in the nearby Frank Lloyd Wright designed Civic Center

OVERVIEW

Cushman and Wakefield is pleased to present an approx. 8,589 SF (6,338 SF grnd fl and 2,251 SF mezz) Bank of America bank branch on a large +/-1.45 acre lot with a drive-thru. The property is located at the corner of Smith Ranch Road and Redwood Highway with immediate access to Highway 101, the main commuter arterial in Marin County, which connects both Marin and the other northern Bay Area counties to San Francisco. Hwy 101 boasts high traffic counts of 173,700 vehicles per day. The site has excellent demographics with a population of 52,030 and an average household income of $173,189 within three miles. The site is within the commercial corridor around 101. Tenants in the surrounding area include Kaiser Permanente, AAA, Cinemark, and many other national tenants. North San Rafael offers a blend of suburban charm and urban convenience. Although most of the area is residential, the retail corridors are packed with national tenants and boutique shops. The Northgate Mall is a fixture of the location and is home to Macy’s, Restoration Hardware, Chipotle, Peet’s Coffee, Cinemark, Rite Aid, Kohl’s, and HomeGoods. A nearby strip center is home to Safeway, Walgreens, and Starbucks. North San Rafael is also home to the Marin County Civic Center, a county administrative building that houses officials from many departments, and hosts various events throughout the year, including a farmers market every Sunday. Residents in the area also have incredible access to numerous parks and open spaces like China Camp State Park. These areas provide ample opportunity for outdoor activities. The desirability of area has resulted in very low vacancy rates of 3.2% in the retail sector across the county.

FOR SALE DETAILS

PRICE

$5,700,000 USD

PRICE/SF

$684 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Bank of America Ground Lease

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Bank

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1982

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.43 AC

LAND SF

62,291 SF

ZONING

-

APN/PARCEL ID

155-121-03

ASK ABOUT THIS PROPERTY

Andrew BogardusCushman & WakefieldMore Info
415-269-0599

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Andrew BogardusCushman & WakefieldMore Info
415-269-0599

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.