This exceptional investment opportunity presents a 3,669 square foot Bank of America branch located at 915 Rhode Island Ave NE, Washington, DC 20018. The property is situated on a 15,291 square foot lot and operates under an absolute NNN ground lease, eliminating landlord responsibilities. Bank of America, a credit-rated tenant, has occupied the space for over 20 years, recently renewing their lease with a 5-year extension. The lease includes a 3% annual rent increase, with a significant 16.72% jump in the first option year starting September 2029. The current asking price is $4,500,000, representing a 5.83% cap rate and a NOI of $262,253. The property boasts a prime location, steps from the Rhode Island Ave-Brentwood Metro Station and a major roadway with high vehicle traffic. The surrounding area is experiencing significant residential and commercial development, including 4,800 recently constructed residential units and an additional 5,100 units planned. The property's MU-5A zoning allows for high density development, offering substantial residual value. The branch itself is a high-performing location, holding the second-highest deposit volume in its zip code ($83M) and experiencing substantial deposit growth since 2018. This is a rare opportunity to acquire a stable, high-performing investment in a rapidly developing area of Washington, D.C. The property's proximity to major economic drivers, including a large USPS facility, GSA buildings, and a recently constructed mixed-use development, further enhances its long-term value.
Highlights
Bank of America (NYSE: BAC) branch, in place since 2003, recently renewed lease for 5 years, demonstrating strong commitment.
Rare D.C. ground lease; no landlord responsibilities; includes drive-thru.
Second-highest deposits ($83M) in zip code; $37.383M increase (82%) since 2018.
Annual 3% rent increases; $48,000 increase at first option renewal in September 2029.
High residual value; 15,291 SF (0.351 acres), MU-5A zoning (3.5 FAR/4.2 FAR with IZ); area has seen significant residential development (4,800 units built, 5,100 planned).
Convenient location; steps from Rhode Island Ave-Brentwood Metro Station (Red Line); easy access to all Metro lines.
Property Details
for 915 Rhode Island Ave
Property type
Retail properties, Banks
Square Feet
3,669 SF
Units
1
Location Insight
City
Washington
County
District Of Columbia
State
District of Columbia
Latitude
38.92215968
Longitude
-76.99317301
915 Rhode Island Ave, Washington, District of Columbia
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Contacts
Andy Stape
Christopher Burnham
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915 Rhode Island Ave, Washington, District of Columbia, 20018
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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915 Rhode Island Ave
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