Bank of America | Single Tenant NNN Leased Asset
22 Bull Street
Savannah, GA 31401
- Bank of America | NNN Lease
- NOI: $221,152.50
- 4.43% Cap Rate
- $202.24 PSF (Below Replacement)
- Significantly Below Market Rent
- $375 Million in Deposits, Representing 32% of Deposit Share for BOA in Savannah MSA
- Downtown Savannah | Johnson Square
The subject property represents a gross square footage amount of ±24,698 square feet, which is situated on ±7,920 square feet of land and 100% occupied by Bank of America with a lease expiration date of 6/30/2023 and tenant renewal options thereafter. Net Operating Income for 2021 is projected at $221,152.50, which is considered significantly below market at $9.00 per square foot annually. Bank of America is the 3rd largest bank in Savannah by deposit amount with over $1.185 billion. The subject property represents 1 of 9 Bank of America locations holding 32% of total deposits in the market with over $375 million.
Located in Historic Downtown Savannah on Johnson Square, which is the first square in Oglethorpe’s original plan. Johnson Square is known today as the hub of the financial district and most lending institutions with a presence in Savannah are located here. The property is surrounded by Bryan Street to the North, Bull Street to the West and Drayton Street to the East that includes a number of parking options for patrons. In addition, many tourists visit Johnson Square on their way to nearby attractions on Broughton Street, Bay Street and River Street, which are 2 blocks away.