Listing Agency: Newmark

Listed By: Bill Bauman · License #CA RE Lic. #00969493 Show Phone

Source: Nmrk

Added: Jan 27 Changed: Oct 15 Last Checked: Oct 16 at 6:39AM

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Investment Insights

Based on property information with market context.

This single-tenant Bank of America property offers an opportunity for qualified investors. The property features a 13,548-square-foot building on a 0.74-acre parcel. The current lease expires in January 2028, presenting a potential mark-to-market or redevelopment opportunity. The bank is currently paying $6.43 per square foot annually, while market rents in the Claremont submarket range from $60 to $72 per square foot, depending on use and location within Claremont Village. Bank of America has been a long-term tenant at this location and holds a significant deposit base of over $479,000,000. The property is located in the Claremont Village, which features 150 shops, restaurants, and art galleries. The property consists of two parcels, totaling 0.74 acres, with the potential to expand the existing improvements and/or redevelop into a mixed-use project. Claremont is home to several private colleges and universities, including Pomona College, Claremont McKenna, Harvey Mudd, Scripps College, Pitzer College, Claremont Graduate University, and Keck Graduate Institute.

Key Highlights

• Significant mark‑to‑market rental upside in 2.5 years, current rent at $6.43/sq ft annually compared to market rents of $60-$72/sq ft.
• Strong credit tenant: Bank of America, a leading financial institution with a $299.37 Billion market cap.
• High deposit base: The Bank of America location holds over $479,000,000 in deposits, significantly above the national median.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$321,154

Cap Rate

2.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,423,080 $6.4M

Cap Rate 7%

$4,587,914 $4.6M

Cap Rate 9%

$3,568,378 $3.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,548 SF

Gross rent

$458.5K $33.84/SF

− Vacancy

−$30.3K −$2.23/SF

EGI

$428.2K $31.61/SF

− OpEx

−$107.1K −$7.90/SF

NOI

$321.2K $23.70/SF

Area

Los Angeles County, CA

Vacancy

6.60%

Lease Rate

$33.84 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,423,080

Cap Rate 7%

$4,587,914

Cap Rate 9%

$3,568,378

Alternative Uses

Best Use

Specialty Retail

$4.59M

$4.01M – $5.35M (±1% cap)

NOI $321,154 @ 7.0% cap · market cap 2.82%

Second Best

Retail

$4.28M

$3.75M – $5.00M (±1% cap)

NOI $299,744 @ 7.0% cap · market cap 2.63%

Theoretical Best

Office A

$7.25M

$6.35M – $8.46M (±1% cap)

NOI $507,748 @ 7.0% cap · market cap 4.45%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Mortgage, Bank of America Loan Service Bank of America ATM Atm Bank of America Financial ... Bank

Suggested Use

Top Pick Auto Parts Store Grocery & Convenience Store Storage Facility Pharmacy (Bike/Boat/Book/etc) Store HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,837

Businesses Nearby

66k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 78% Dining 16% Beauty & Spa 6%

Bank of America Shops & Services

17,017 visits/mo 0.1 miles

Dollar Tree Shops & Services

15,962 visits/mo 0.5 miles

Chevron Shops & Services

10,149 visits/mo 0.4 miles

Village Grill Dining

6,403 visits/mo 0.1 miles

Chase Bank Shops & Services

4,625 visits/mo 0.1 miles

Demographics for 91711, CA

38,122

Population

13,219

Households

2.9

Avg Household Size

39

Median Age

59%

College-Educated

95%

High-School Grad

14.9 sq mi

ZIP Area

2,559

Density / Sq Mi

$121,970

Median Household Income

$50,978

Median Earnings

$2,135

Median Rent

$870,300

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Bank - Single tenant Bank of America on 0.74 acres in Claremont.

Where is this bank located?

The property is located at 339 North Yale Avenue Claremont, CA.

What is the asking price?

The asking price for this property is $11,400,000.

What are key features of this property?

This property features: Significant mark‑to‑market rental upside in 2.5 years, current rent at $6.43/sq ft annually compared to market rents of $60-$72/sq ft.; Strong credit tenant: Bank of America, a leading financial institution with a $299.37 Billion market cap.; High deposit base: The Bank of America location holds over $479,000,000 in deposits, significantly above the national median.