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

Summary

Price $10,499,000
Built/Renov 2022/2024
Tenant U.S. Dept. of Veterans Affairs
Cap Rate 3.88%
Lease Type Modified Gross
Guarantor Corp Rated
Size/SF 17,504
Lease Start 05-01-2022
#Units 172
Price/SF $599.81
Expiration 09-30-2042
Tenant Type Government
NOI $407,547
R. Term 18.3
Ownership Fee Simple
Rent/SF $23.28
Increases 2.0%/1/yrs
Pop 5Mi 28,342
Lot/AC 3.70
Options 0/0yrs
AHHI 5Mi $65,895

Lease Highlights

  • New 2022 construction with an addition added in 2024
  • U.S. Dept. of Veterans Affairs has 18+ years remaining on the current lease term
  • The lease features 2% rental increases throughout the initial term along with a 9% increase in year 6, 8.3% in year 11 and 7.7% in year 16
  • Corporate guarantee | Investment grade tenant

Location Description

The U.S. Department of Veterans Affairs is strategically located on Three Bears Drive, with access over 3,400 vehicles passing by daily, near the I-90/I-15 Interchange. The property is adjacent to a large grocery store with a gas station, just three miles from Bert Mooney Airport. The 5-mile trade area is supported by a population of 28,342 residents with an average household income of...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: U.S. Dept. of Veterans Affairs
  • Guarantor:Corp Rated
  • Company:U.S. Federal Government
  • # Units:172
  • Tenant S&P: AA+
  • Moody’s: Aaa
  • Stock:Private

About Tenant

The United States Department of Veterans Affairs (VA) is a Cabinet-level executive branch of the federal government charged with providing lifelong healthcare services to eligible military...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,659 17,365 29,063
2023 Total Population : 2,457 17,093 28,796
2023 Employed Civilian Pop : 1,220 7,837 13,089
2023 Total Businesses : 24 641 1,461
2023 Average Household Income : $ 93,437 $ 80,345 $ 69,839
2023 Total Consumer Spending : $ 89 M $ 516 M $ 782 M
2023 Median Age : 46 46 44
2023 Total Households : 1,117 7,410 12,822
2023 Pop Age 25+: Bachelor's Degree : 551 2,569 3,947
2023 Average Home Value : $ 376,633 $ 271,136 $ 243,303
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
4 MILE VUE DR Continental Dr 2020 3,089 0.06 mi
Mount Highland Drive 2019 3,321 0.06 mi
Mount Highland Drive 2019 3,799 0.13 mi
Mount Highland Drive Four Mile Rd 2022 3,620 0.13 mi
Olympic Way 2022 1,208 0.17 mi
CONTINENTAL DR Four Mile Rd 2021 1,200 0.17 mi
Maude S Canyon 2022 1,536 0.24 mi
CONTINENTAL DR Saddle Rock Dr 2021 1,525 0.24 mi
Mount Highland Dr 2022 909 0.29 mi
Mount Highland Dr 2022 839 0.32 mi

Listing Broker

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