For Sale
For Sale
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Year Built
1982 (Renovated 2002)
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Overview
Wallace Properties as the exclusive representative of the Seller is pleased to offer for sale an extremely rare and unique property in the highly desirable downtown core of Mercer Island. This is the first time in 50 years that the subject property has been available to purchase. Bank of America (and its predecessor Sea-First Bank) has been a Ground Lease Tenant for 43 years. The lease provides the landlord with extremely favorable rental adjustment terms. The property provides reliable income from the second largest bank in the United States and the 32,992 square foot site zoned Town Center (TC-3) provides the opportunity for a future multi-level re-development.
For Lease
Bank of America Mercer Island Ground Lease Investment
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Time on Market
8 months
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Last updated
Apr 19, 2024
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Space ID
2144185
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Overview
Wallace Properties as the exclusive representative of the Seller is pleased to offer for sale an extremely rare and unique property in the highly desirable downtown core of Mercer Island. This is the first time in 50 years that the subject property has been available to purchase. Bank of America (and its predecessor Sea-First Bank) has been a Ground Lease Tenant for 43 years. The lease provides the landlord with extremely favorable rental adjustment terms. The property provides reliable income from the second largest bank in the United States and the 32,992 square foot site zoned Town Center (TC-3) provides the opportunity for a future multi-level re-development.
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Presented By
Wallace PropertiesJohn ZunickGrace Van Houten
Property Details
Wallace Properties as the exclusive representative of the Seller is pleased to offer for sale an extremely rare and unique property in the highly desirable downtown core of Mercer Island. This is the first time in 50 years that the subject property has been available to purchase. Bank of America (and its predecessor Sea-First Bank) has been a Ground Lease Tenant for 43 years. The lease provides the landlord with extremely favorable rental adjustment terms. The property provides reliable income from the second largest bank in the United States and the 32,992 square foot site zoned Town Center (TC-3) provides the opportunity for a future multi-level re-development.
- Property TypeRetail
- Submarket
- Year Built1982Renovated 2002
- Total Building Size6,988RSF
- Total Available6,988RSF
- Largest Contiguous6,988RSF
- ZoningTC-3
- Will build to suitNo
- SewerNo
- Corner lotNo
- Last updatedApr 19, 2024
- Property ID2227978
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