915 Rhode Island AveWashington, DC 20018

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

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.

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

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