Red Bank (Office)
Sale
[metaslider id=1041]
| Asset Type | Commercial | ||
| Starting Bid | $1,400,000 | ||
| Bid Deposit Amount | $10,000 | ||
| Property | Red Bank (Office) | ||
| Property Description | A 23,856 SF Bank Building in Red Bank, NJ | ||
| Square Footage | 23,856 | ||
| Net Rentable Area | 23,856 | ||
| Lot Size (acres) | 3.33 | ||
| Year Built | 1966 | ||
| Occupancy | 100.0({13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232}) | ||
| Occupancy As of Date | 12/01/2015 | ||
| Net Operating Income (NOI) | $175,170 | ||
| NOI As Of Date | 12/31/2014 | ||
| Buyer’s Premium | 5{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232} of Winning Bid Amount (A minimum of $10,000 will apply) | ||
INVESTMENT-GRADE TENANT: Wells Fargo Bank, N.A (S&P: AA-) is the primary U.S. operating subsidiary of Wells Fargo & Co., a financial services company with over $1.72 trillion in assets and over 8,700 branches
LONG-TERM LEASE: 100{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232} leased to Wells Fargo until 9/30/2024
SUPERIOR DEPOSITS: Incredibly strong deposits of almost $2.4 billion. The subject Wells Fargo branch has the highest deposits out of the 11 banks within the 07701 Zip Code, leading the second highest bank by $1.9 billion.
STRONG RESIDUAL VALUE: Situated on a large 4.17 acre site
MARKET: Red Bank, one of New Jersey’s most affluent areas, is a noted social and commercial destination, filled with high-end boutiques, designer clothing and home stores, parks, and restaurants located just five miles inland from the Atlantic Ocean and approximately 24 miles south of the tip of Manhattan
DOMINANT RETAIL, COMMERCIAL & RESIDENTIAL CORRIDOR: Approximately 3.6 million square feet of retail, 5.2 million square feet of office, 1.2 million square feet of industrial, and 2.1 million square feet of multifamily within a 3-mile radius
DYNAMIC DEMOGRAPHICS: 3-mile population and average household income of 58,843 and $129,387, respectively.
Auction Starts 01/25/2016
Auction Ends 01/27/2016
- Property Type: Land
- Furnishing: Not Applicable
- Tenure: Not Applicable