30 Smith Ranch Rd San Rafael, CA 94903

Property Details for 30 Smith Ranch Rd

Year built

1982

Lot size

1.03 lot acres

Property size

8,202 SF

Property type

Commercial real estate

APN

155-121-03

APU

15512103

Description

This exceptional investment opportunity presents a single-tenant, 8,589 square foot Bank of America branch located on a 1.45-acre lot in San Rafael, California. The property boasts a highly desirable location at the corner of Smith Ranch Road and Redwood Highway, providing immediate access to Highway 101, a major commuter artery with over 173,700 vehicles per day. The building, constructed in 1982 and renovated in 2018, features a drive-thru and is situated within a thriving commercial corridor. The property benefits from a strong demographic profile, with an average household income exceeding $173,189 within a three-mile radius and a population of 52,030. The Net Lease (NNN) structure offers a passive income stream, with a current NOI of $312,814 and a 5.50% cap rate. The lease with Bank of America, a credit-rated tenant, has a remaining term of five years, with two ten-year renewal options and a 10% rent bump scheduled for December 1, 2024. The property is zoned PD and includes a ground lease. Nearby amenities include the Northgate Mall, featuring major retailers like Macy's and Kohl's, and various other national and local businesses. This investment offers a compelling combination of strong tenant credit, a prime location, and significant upside potential. The asking price is $5,700,000, translating to $663.64 per square foot.

Location Insight

City

San Rafael

County

Marin

State

California

Longitude

-122.536

Latitude

38.0196

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments