10504 Warwick Blvd
Newport News, VA 23601

Investment Highlights: *Prime Banking Center *Redevelopment Opportunity *Value Add Opportunity Investment Overview: Ten-x is pleased to present the opportunity to acquire the fee simple interest in a well-located, highly functional retail/office building (the "Property") owned by Bank of America and formerly operated as a retail bank branch. The Property has been identified as surplus corporate real estate and is currently vacant. The Property will be acquired at a very attractive price point, with the Starting Bid being the sellers reserve price. The Property is ideally suited to an investor or an owner/user that can occupy The Property for its own purposes. Investors interested in a value-add opportunity can utilize an understanding of the local market dynamics and aggressively employ leasing expertise to reposition The Property, then hold for cash flow, or sell for capital appreciation and substantial risk-adjusted returns. The Property provides the opportunity to acquire a high-quality asset priced massively below replacement cost, offering investors an asset with a competitive advantage over other properties with a higher investment basis. Specifically, the low cost basis will help mitigate downside risk while simultaneously allowing a new owner to offer lower rental rates compared to other properties in the market. There is no existing debt on The Property, allowing the purchaser to obtain new financing, pay all cash, or 1031 exchange into the property. With interest rates at historic lows, this provides a great opportunity to lock in low long-term debt and help investors realize significant leveraged returns. Investors will also enjoy the fact that The Property is of a size and complexity that will not require expensive third-party management and can be outsourced at a more manageable rate, or self-managed by the new owner, thereby helping to keep operational costs low and further boosting returns. The Site consists of an approximately 1.09-acre parcel of land that is developed with a 3,182 square foot two-story banking center (Site Building), surface parking, and landscaped areas. The Site banking center currently has four covered drive-thru tellers and one covered drive-thru ATM located along the northwest portion of the Site Building. The main entrance is located along the southwestern portion of the Site Bu