Bank of America | NNN Long-Term Lease 1963 S Crater Rd

The Bank of America, situated at 1963 S Crater Road, is the ultimate hands-off investment in Petersburg, Virginia. Originally built in 1974 this asset has been a staple to the area for over 50 years. The single-story property features a simple brick façade with tall glass windows and noticeable building signage. Ringing in at 2,200 square feet, the property utilizes all on-site space. The bank comes equipped with three drive-thrus and two ATMs, creating a pleasant customer experience. The bank is zoned B-1 in Petersburg, which allows for many uses. Retail, Personal services such as beauty and barber shops, accounting and tax services, and attorney offices are all permitted. Bank of America has historical on-site occupancy with the original lease starting in 2000. The subject has a lease extension from May 2025 until May 2030, allowing for new ownership to reap the benefits of stable occupancy. The NNN lease allows buyers to be completely hands-off with the investment. Purchasers can come from a variety of places ranging from in town to out of state given the nature of the lease.

The Petersburg Retail Submarket is an excellent place for investors to enter just south of Richmond, Virginia. Petersburg's vacancy rate of 3.1% compares to the submarket's five-year average of 4.5% and the 10-year average of 5.5%. The Petersburg Retail Submarket has roughly 120,000 square feet of space listed as available, for an availability rate of 3.8%. Market rents currently sit at $11.80 per square foot and have changed by 2.1% year over year.

Petersburg greatly benefits as part of the greater Richmond market. Richmond's retail market is stabilizing, and vacancies remain at record lows. Total employment in Richmond exceeded the metro's pre-pandemic peak by spring 2022 and the local job market has only improved since then, even amid the recent economic turbulence. According to preliminary data, total nonfarm payroll employment for the metro is about 38,000 jobs higher in the summer of 2024 than in early 2020. Richmond benefits from a trio of growth factors that draw and retain corporate tenants: the presence of nearby universities, the region's affordable cost of living, and a business-friendly environment. All have contributed to promoting the metro's growth in recent years, particularly when it comes to driving population gains. The metropolitan area's population has grown by 2.6% compared to 1.6% nationally over the past three years. As of the first quarter of 2025, there is no retail space under construction in Petersburg.

Bank of America is strategically positioned just off Interstate 95, casting a broad net of patrons, both local and travelers. S Crater Road is a major thoroughfare for Petersburg, seeing high traffic counts per day and maximizing retail. Bank of America is located in Walnut Hill Plaza, which is home to other tenants AutoZone, Top’s China Restaurant, Butterworth’s Furniture, Ric Nails, and Octapharma Plasma. The property is minutes down the road from Downtown Petersburg, home to local shops, restaurants, and entertainment options.

Bank of America at 1963 S Crater Road presents the ideal investment for buyers seeking a cash-flowing, stable property to add to their portfolio.

Property tours are available by appointment only. Please contact the listing broker to schedule.

Property is listed by Brian Brockman - VA License # 225245999.