915 Rhode Island AveWashington, DC 20018

  • Retail properties
  • 3,669 SF
For Sale
$4,500,000 View listing

Property Details for 915 Rhode Island Ave

Year built
1981
Construction
BRICK
Lot size
0.35 AC
Property size (Sq ft)
3,669 SF
Zone code
MU-5A
Property type
Retail properties
Property subtype
Banks
APN
3848 0056
APU
38480056

Description

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.

915 Rhode Island Ave, Washington, District of Columbia

Location Insight

City
Washington
County
District Of Columbia
State
DC
Latitude
38.9219
Longitude
-76.9932
CBSA code
47900
CBSA name
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$40,223
$1,197,130
$1,244,790
$2,441,920
-
$1,197,130
$1,244,790
$2,441,920

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