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DOM: 256 Updated: 07.10.24 Posted: 10.28.23 Status: Sold 07.10.24

Summary

Price $5,500,000 $5,760,000
Built/Renov 2023
Tenant U.S. Bank (GL)
Cap Rate 5.24% 5.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,500
Lease Start 03-01-2024
#Units 2,494
Price/SF $1,222.22 $1,280.00
Expiration 03-01-2034
Tenant Type Bank/Financial
NOI $288,000
R. Term 8.10
Ownership Ground Lease
Rent/SF $64.00
Increases 15.0%/5/yrs
Pop 5Mi 166,341
Lot/AC 1.11
Options 4/5yrs/15%
AHHI 5Mi $157,893

Lease Highlights

  • Brand new 2023 construction
  • U.S Bank recently singed a brand new 10-year lease with 4 (5-year) options to extend
  • Lease features rare 15% rental increase every 5 years throughout the initial term and at the start of each option
  • Absolute NNN ground lease | Zero landlord responsibilities
  • Corporate guarantee by US Bancorp (NYSE: USB)

Location Description

This newly constructed U.S. Bank is conveniently located along North Pima Rd. and N. 87th St., and just steps from the hard corner, signalized intersection of N. Pima Rd. and E. Raintree Dr., which see a combined 46,130+ vehicles passing by daily. The property is adjacent to 330 brand-new luxury apartment units, is surrounded by office and business parks, and is within immediate proximity to...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: U.S. Bank
  • Guarantor:Corp T and Rated
  • Company:US Bancorp
  • # Units:2,494
  • Tenant S&P: A+
  • Moody’s: A2
  • Stock: NYSE: USB

About Tenant

U.S. Bancorp (NYSE: USB) is an American bank holding company and the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust and payment...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 10,523 73,127 168,131
2023 Total Population : 9,699 68,787 164,182
2023 Employed Civilian Pop : 6,000 37,689 87,721
2023 Total Businesses : 1,595 7,200 11,781
2023 Average Household Income : $ 128,377 $ 172,461 $ 170,863
2023 Total Consumer Spending : $ 539 M $ 4537 M $ 10623 M
2023 Median Age : 42 46 48
2023 Total Households : 4,936 31,307 73,807
2023 Pop Age 25+: Bachelor's Degree : 2,728 19,316 46,511
2023 Average Home Value : $ 539,089 $ 659,331 $ 695,051
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
E Raintree Dr 2021 15,578 0.08 mi
E Raintree Dr 2021 14,914 0.10 mi
North Pima Road E Raintree Dr 2021 11,425 0.10 mi
Pima Fwy 2021 19,724 0.16 mi
E Raintree Dr 2021 17,792 0.22 mi
E Raintree Dr Raintree Cir Dr 2010 32,007 0.22 mi
E Raintree Dr N 87th St 2014 31,100 0.23 mi
North Pima Road E Raintree Dr 2021 14,615 0.28 mi
SR-101 Front E Frank Lloyd Wright Blvd 2020 12,968 0.28 mi
2015 15,213 0.28 mi

Listing Broker

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