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Chase Bank (GL)
884 S Waukegan Rd, Lake Forest, IL 60045
$6,722,222
Cap Rate 4.50%
Summary
| Price $6,722,222 | Built/Renov 2018 | Tenant Chase Bank (GL) |
| Cap Rate 4.50% | Lease Type
Abs NNN | Guarantor Corp T and Rated |
| Size/SF
3,600
| Lease Start
12-11-2018
| #Units
4,784
|
| Price/SF $1,867.28 | Expiration
12-31-2038
| Tenant Type Bank/Financial |
| NOI $302,500 | R. Term 15.0 | Ownership Ground Lease |
| Rent/SF
$84.03
| Increases 10.0%/5/yrs | Pop 5Mi 100,933 |
| Lot/AC 0.95 | Options 3/5yrs/10% | AHHI 5Mi $214,240 |
| | |
Lease Highlights
- Chase Bank is original tenant: build-to-suit facility (2018)
- The tenant has 15 years remaining in its initial term with 3 (5-year) options to extend
- The lease features 10% rent increases every 5 years
- Zero landlord responsibilities- Absolute NNN lease
- Corporate guarantee by JP Morgan Chase Bank (NYSE: JPM)
- JP Morgan Chase Bank is an investment grade tenant (S&P: A+)
Location Description
This Chase Bank is strategically located along S. Waukegan Rd. which sees an average of 17,200 VPD. The property is situated adjacent to the METRA North line that takes commuters to and from downtown Chicago. The town of Lake Forest is one of the wealthiest towns in America, boasting an AHHI of over $384,000 within one mile of this site. The site benefits from an abundance of major...
...Features
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Signalized intersection
-
Dense retail corridor
-
Near major nationals
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Dense 100M+ pop 5 mi
-
Top 100 MSA
-
Affluent AHHI $100K 5 Mi
-
Long 15+ yr lease
-
Absolute NNN
-
Traded and rated company
-
Investment grade tenant
...
Maps
Tenant
- Tenant: Chase Bank
- Guarantor:Corp T and Rated
- Company:JP Morgan Chase Bank N.A.
- # Units:4,784
- 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....
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 3,075 | 28,949 | 108,580 |
| 2023 Total Population : | 3,070 | 29,294 | 108,534 |
| 2023 Employed Civilian Pop : | 1,255 | 13,068 | 52,929 |
| 2023 Total Businesses : | 126 | 1,548 | 6,588 |
| 2023 Average Household Income : | $ 301,131 | $ 277,855 | $ 222,883 |
| 2023 Total Consumer Spending : | $ 275 M | $ 2240 M | $ 7459 M |
| 2023 Median Age : | 50 | 48 | 46 |
| 2023 Total Households : | 1,120 | 9,851 | 40,370 |
| 2023 Pop Age 25+: Bachelor's Degree : | 888 | 7,650 | 29,387 |
| 2023 Average Home Value : | $ 1,045,466 | $ 879,577 | $ 673,004 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| S Waukegan Rd | Gloucester Xing | 2013 | 12,000 | 0.04 mi |
| S Waukegan Rd | Coventry Dr | 2007 | 21,000 | 0.16 mi |
| W Everett Rd | Telegraph Rd | 2011 | 6,850 | 0.16 mi |
| Coventry Dr | S Waukegan Rd | 2001 | 20,600 | 0.17 mi |
| S Waukegan Rd | Coventry Dr | 2009 | 16,100 | 0.23 mi |
| W Everett Rd | Mar LnDr | 2004 | 8,900 | 0.26 mi |
| S Waukegan Rd | Franz Dr | 2013 | 10,200 | 0.29 mi |
| Telegraph Rd | Bridgeview Ln | 2007 | 2,650 | 0.29 mi |
| Conway Rd | Leland Ct | 2011 | 1,900 | 0.31 mi |
| S Waukegan Rd | Lynette Dr | 2009 | 14,400 | 0.37 mi |
