NNN Bank of America for Sale

Bank of America NNN Cap Rates and Lease Data

If you’re weighing a Bank of America property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.

On the tenant, the reports differ. Boulder shows an S&P rating of A- and Matthews shows A+; Bank of America’s investor relations page lists S&P A- for the parent company, so confirm which legal entity signs the lease.¹ Both reports show typical new leases at 15 years with a 10% rent increase every five years, which works out to about 2% a year. On structure, Boulder lists a ground lease, meaning you own the land and the bank owns the building, while Matthews lists triple net. Confirm which applies, and who handles roof and structure, before you rely on the lease.

That’s where cap rates come in. Boulder shows asking cap rates of 5.00% – 5.30% on a new 15-year lease, 5.75% – 6.05% with 10 years left, and 6.65% – 6.95% with 5 years left.² The pattern is worth knowing: as the remaining term gets shorter, the yield goes up, because you’re taking on the question of whether the bank renews or closes the branch.

Closed sales land in a similar place. Matthews reports 17 Bank of America sales in 2025 at an average of about 5.88%, with 7 to 10 years of lease remaining on average. The one sale reported so far in 2026 closed at 8.69% with 5 years left, too small a sample to read much into. Matthews also shows 32 properties on the market asking 5.76% on average, with asks ranging from 4.25% to 8.8%.³

In dollars, Boulder puts the average sale price at about $3.83 million with average rent of about $230,000 a year. On a typical 4,000 SF branch, that works out to roughly $958 per square foot, and $230,000 on $3.83 million is a yield of about 6.0%.⁴ Matthews shows a lower average rent of $192,035 and a typical branch of about 4,200 SF, so check the actual rent and size of any property against both.