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Views: 27 DOM: 118 Updated: 05.20.24 Posted: 02.15.24 Status: Active

Summary

Price $5,876,000
Built/Renov 2009
Tenant Social Security Administration
Cap Rate 7.50%
Lease Type Modified Gross
Guarantor Corp Rated
Size/SF 13,928
Lease Start 02-24-2023
#Units 1,318
Price/SF $421.88
Expiration 02-24-2035
Tenant Type Government
NOI $440,705
R. Term 10.8
Ownership Fee Simple
Rent/SF $31.64
Increases 0.0%/0/yrs
Pop 5Mi 166,890
Lot/AC 2.08
Options 1/5yrs
AHHI 5Mi $99,808

Lease Highlights

  • Long-term occupancy | SSA has occupied this facility since 2010
  • SSA has 11 years remaining on its current lease term with 1 (5-year) option to extend
  • Lease features rental increases every 2 years
  • SSA is a top Federal Govt. agency with $1.4 trillion in budgetory resources
  • Lease guaranteed by the United States of America

Location Description

Social Security Administration is strategically located on Reading Road, with access to 16,772 vehicles passing by daily. It is in close proximity to well-known national tenants such as Fifth Third Bank, Arby's, GameStop, Starbucks, Chipotle, Sherwin-Williams, and more. The 5-mile trade area is supported by a population of 166,890 residents with an average household income of $99,808....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Social Security Administration
  • Guarantor:Corp Rated
  • Company:U.S. Federal Government
  • # Units:1,318
  • Tenant S&P: AA+
  • Moody’s: Aaa
  • Stock:Private

About Tenant

The United States Social Security Administration (SSA) is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 1,484 52,017 170,272
2023 Total Population : 1,516 52,273 170,644
2023 Employed Civilian Pop : 725 25,743 86,497
2023 Total Businesses : 260 4,250 11,255
2023 Average Household Income : $ 207,849 $ 113,493 $ 111,628
2023 Total Consumer Spending : $ 105 M $ 2185 M $ 6866 M
2023 Median Age : 54 43 44
2023 Total Households : 606 22,370 71,371
2023 Pop Age 25+: Bachelor's Degree : 413 9,026 34,046
2023 Average Home Value : $ 415,839 $ 307,207 $ 297,705
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Glendale Milford Road Kingsport Dr 2021 12,020 0.41 mi
Glendale Milford Rd Medallion Dr 2009 35,827 0.42 mi
Reading Road Glendale Milford Rd 2021 14,645 0.51 mi
Medallion Dr Glendale Milford Rd 2000 1,600 0.58 mi
Reading Rd Cooper Rd 2013 16,980 0.65 mi
2002 10,400 0.89 mi
RAMP FROM IR75 NB TO GLENDALE-MILFORD RD Glendale Milford Rd 2021 3,345 0.98 mi
ACCESS RD/RAMP TO IR75 NB (14.50) 2021 7,442 0.99 mi
I- 75 2005 154,400 1.00 mi
I- 75 South Access Rd Glendale Milford Rd 2013 9,266 1.02 mi

Listing Broker

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