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Chase Bank (GL)
16767 Torrence Avenue, Lansing, IL 60438
$2,750,000
Cap Rate 5.00%
Summary
| Price $2,750,000 | Built/Renov 2010 | Tenant Chase Bank (GL) |
| Cap Rate 5.00% | Lease Type
Abs NNN | Guarantor Corp T and Rated |
| Size/SF
4,214
| Lease Start
01-01-2010
| #Units
4,784
|
| Price/SF $652.59 | Expiration
12-31-2030
| Tenant Type Bank/Financial |
| NOI $137,500 | R. Term 7.0 | Ownership Ground Lease |
| Rent/SF
$32.63
| Increases 10.0%/5/yrs | Pop 5Mi 242,936 |
| Lot/AC 0.24 | Options 4/5yrs/10% | AHHI 5Mi $76,564 |
| | |
Lease Highlights
- Chase Bank has been operating at this location since 2010 and there are over 6 years remaining on the primary lease term with 4 (5-year) options to extend
- The triple net ground lease presents zero landlord responsibilities and features 10% rental escalations every five years
- JP Morgan Chase Bank is an investment grade rate company (S&P: A+)
- Corporate guaranteed lease
Location Description
The 4,214 square foot building is strategically located along Torrance Avenue (21,700 VPD) and within proximity to Interstate 80 (150,700 VPD). The area is a dense retail corridor that hosts tenants such as Sam’s Club, Walmart, Burlington, ALDI, Culver’s, Burger King, and many more. The property is less than a half of a mile from the River Oaks shopping center, one of the region’s largest...
...Features
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In location for years
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Dense retail corridor
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Near major nationals
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Freeway close
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Dense 200M+ pop 5 mi
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Strong demographics
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Absolute NNN
-
Traded and rated company
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Investment grade tenant
...
Maps
Tenant
- Tenant: Chase Bank
- Guarantor:Corp T and Rated
- Company:JPMorgan 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 : | 5,836 | 113,481 | 237,822 |
| 2023 Total Population : | 6,036 | 115,481 | 241,933 |
| 2023 Employed Civilian Pop : | 2,433 | 52,437 | 107,314 |
| 2023 Total Businesses : | 460 | 3,115 | 6,780 |
| 2023 Average Household Income : | $ 66,192 | $ 74,576 | $ 74,811 |
| 2023 Total Consumer Spending : | $ 162 M | $ 2935 M | $ 6023 M |
| 2023 Median Age : | 49 | 39 | 38 |
| 2023 Total Households : | 2,829 | 45,362 | 92,573 |
| 2023 Pop Age 25+: Bachelor's Degree : | 783 | 12,114 | 24,923 |
| 2023 Average Home Value : | $ 283,023 | $ 196,405 | $ 197,902 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| US 6;IL 83 | 2021 | 22,200 | 0.18 mi | |
| Torrence Avenue | Ring Rd | 2019 | 22,100 | 0.20 mi |
| Torrence Ave | Ring Rd | 2013 | 26,500 | 0.34 mi |
| 170th St | Alley | 2010 | 8,400 | 0.37 mi |
| 167th St | River Pl | 2014 | 12,500 | 0.40 mi |
| 170th St | Exchange Ave | 2018 | 8,800 | 0.51 mi |
| 159th St | Torrence Ave | 2014 | 18,700 | 0.63 mi |
| 159th St | Torrence Ave | 2013 | 28,500 | 0.65 mi |
| Arcadia Ave | 172nd St | 2014 | 5,650 | 0.66 mi |
| East 170th Street | Merrill Ave | 2018 | 9,900 | 0.73 mi |
