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Views: 78 DOM: 229 Updated: 06.03.24 Posted: 10.27.23 Status: Contract 04.03.24

Summary

Price $1,889,000
Built/Renov 2023
Tenant Chase Bank (GL)
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,293
Lease Start 10-31-2023
#Units 5,100
Price/SF $573.64
Expiration 10-30-2043
Tenant Type Bank/Financial
NOI $85,000
R. Term 19.4
Ownership Ground Lease
Rent/SF $25.81
Increases 10.0%/5/yrs
Pop 5Mi 65,361
Lot/AC 0.48
Options 4/5yrs/10%
AHHI 5Mi $94,605

Lease Highlights

  • Brand-new state-of-the-art construction
  • Chase Bank recently signed a new 20-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and options
  • Absolute NNN | Zero landlord responsibilities
  • Corporately guaranteed lease | Investment grade tenant (S&P: A+)

Location Description

This newly constructed Chase Bank is strategically located at the signalized, hard corner intersection of North Avenue and Mullen Road which sees a combined traffic count of 53,650 VPD. The subject property is located within a highly desirable retail corridor, surrounded by major nationals including Target, Home Depot, Kohl's, and many more. Additionally, it is located near I-49 with 58,350...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chase Bank
  • Guarantor:Corp T and Rated
  • Company:JPMorgan Chase & Co.
  • # Units:5,100
  • Tenant S&P: A-
  • Moody’s: A1
  • Stock: NYSE: JPM

About Tenant

JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank. Founded in 1877, The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000....


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 6,798 48,018 68,650
2023 Total Population : 6,193 45,913 66,749
2023 Employed Civilian Pop : 3,069 22,797 33,145
2023 Total Businesses : 346 1,033 1,441
2023 Average Household Income : $ 84,435 $ 101,950 $ 101,677
2023 Total Consumer Spending : $ 186 M $ 1601 M $ 2281 M
2023 Median Age : 36 37 38
2023 Total Households : 2,531 18,164 26,011
2023 Pop Age 25+: Bachelor's Degree : 660 6,103 9,115
2023 Average Home Value : $ 159,261 $ 253,009 $ 269,620
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Mullen Rd Larkspur Cir 2003 3,580 0.13 mi
E North Ave S Mullen Rd 2019 31,477 0.15 mi
East North Avenue Apple Valley Pkwy 2022 17,267 0.15 mi
S Mullen Rd Minnie Ave 2003 6,690 0.19 mi
US Hwy 71 E 171st St 2014 54,122 0.32 mi
South Outer Road E 171st St 2022 2,060 0.34 mi
E 171st St 2022 15,790 0.35 mi
S Outer Rd S Mullen Rd 2019 31,893 0.41 mi
E 171st St 2022 15,429 0.43 mi
E 171st St 2022 6,251 0.46 mi

Listing Broker

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