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Wells Fargo (Recent Lease Renewal) 35 Banks Ford Pky 4,051 SF Retail Building Fredericksburg, VA 22406 $4,043,000 ($998.03/SF) 6.75% Cap Rate
Investment Highlights
- Corporate Ground Lease With 5.7 Years Remaining and 10 Percent Rental Increases in Option Periods
- Outparcel to Giant Food-Anchored Retail Center Within Celebrate Virginia North
- Located Between Washington, D.C. and Richmond
- Excellent Visibility Along Warrenton Road (US Route 17) – 59,963 VPD
- 19-Year Operating History at This Location
- Affluent Trade Area With $146K+ Average Household Income (Three-Mile Radius)
Executive Summary
Offered for sale is a ground lease Wells Fargo located in Fredericksburg, Virginia. The property features a 4,051-square-foot freestanding branch on a 1.33-acre parcel with direct frontage and signalized access along Warrenton Road (US Route 17). The site is an outparcel to the Giant Food-anchored Banks Ford Shopping Center within the Celebrate Virginia North mixed-use development and has operated at this location for 19 years. Nearby retailers include Lowe’s, Aldi, Wawa, CVS, Chick-fil-A, Panda Express, Five Guys, and Chase Bank.
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
4,051 SF
Building Class
C
Year Built
2006
Price
$4,043,000
Price Per SF
$998.03
Cap Rate
6.75%
NOI
$272,855
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.33 AC
Zoning
B2 - URBAN
Frontage
116’ on Banks Ford Parkway
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 44Y-4 | Improvements Assessment | $975,800 |
| Land Assessment | $923,500 | Total Assessment | $1,899,300 |
Property Taxes
Parcel Number
44Y-4
Land Assessment
$923,500
Improvements Assessment
$975,800
Total Assessment
$1,899,300
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Wells Fargo (Recent Lease Renewal) | 35 Banks Ford Pky
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