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Fifth Third Bank (GL)

7200 West 87th Street, Bridgeview, IL 60455

$3,300,000

Cap Rate 7.04%

$3,717,120

Cap Rate 6.25%

DOM: 81 Updated: 12.26.23 Posted: 09.15.23 Status: Sold 12.05.23

Summary

Price $3,300,000 $3,717,120
Built/Renov 2012
Tenant Fifth Third Bank (GL)
Cap Rate 7.04% 6.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 6,894
Lease Start 10-17-2010
#Units 1,087
Price/SF $478.68 $539.18
Expiration 10-31-2030
Tenant Type Bank/Financial
NOI $232,320
R. Term 5.5
Ownership Ground Lease
Rent/SF $33.70
Increases 10.0%/2/yrs
Pop 5Mi 324,617
Lot/AC 0.86
Options 3/5yrs/10%
AHHI 5Mi $95,636

Randy Blankstein
The Boulder Group (HQ)
Contact

Jimmy Goodman
The Boulder Group (HQ)
Contact

Lease Highlights

  • Fifth Third Bank has 7 years remaining on their primary lease with 3 (5-year) options to extend
  • Lease features 10% rent increases in the primary term and 12.5% in the options
  • Absolute NNN ground lease I Zero landlord responsibilities
  • Corporate guaranteed lease
  • Fifth Third Bank is an investment grade tenant (S&P: A-)

Location Description

The 6,894 square-foot building benefits from its signalized, hard corner location along West 87th Street and Harlem Avenue, which experiences a combined daily traffic count of 67,500+ VPD. Fifth Third Bank is also positioned as an outparcel to Tony’s Fresh Market, one of the area’s main grocers that drives continual through traffic. The property is surrounded by several nationally recognized...

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Key Features

  • Signalized intersection

  • High traffic 50M+ VPD

  • Near major nationals

  • Dense 200M+ pop 5 mi

  • Top 100 MSA

  • Strong demographics

  • Absolute NNN

  • Traded and rated company

  • Corporate Guarantee

  • Investment grade tenant

    • ...

Links

Fifth Third Bank Wikipedia Fifth Third Bank Wikipedia Bridgeview, Illinois Zip Code 60455 Broker Site Page

Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Fifth Third Bank
  • Guarantor:Corp T and Rated
  • Company:Fifth Third Bancorp
  • # Units:1,087
  • Tenant S&P: A-
  • Moody’s: Baa1
  • Stock:NASDAQ: FITB

About Tenant

Fifth Third Bank is a subsidiary of Fifth Third Bancorp, a diversified financial services company. As of December 31, 2022, Fifth Third had $207 billion in assets and operates 1,087 full-service...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 18,826 134,435 315,811
2023 Total Population : 19,286 137,995 324,485
2023 Employed Civilian Pop : 8,258 64,990 157,432
2023 Total Businesses : 627 3,702 8,664
2023 Average Household Income : $ 85,851 $ 89,300 $ 95,418
2023 Total Consumer Spending : $ 478 M $ 3820 M $ 9551 M
2023 Median Age : 39 39 39
2023 Total Households : 6,449 49,866 117,101
2023 Pop Age 25+: Bachelor's Degree : 1,810 14,378 38,065
2023 Average Home Value : $ 238,828 $ 265,134 $ 266,481
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
West 87th Street S Harlem Ave 2018 27,800 0.04 mi
W 87th St Harlem Ave 2018 24,100 0.05 mi
W 87th St Harlem Ave 2014 26,400 0.08 mi
Harlem Ave 86th St 2013 42,700 0.15 mi
Harlem Ave Parking Lot Rd 2013 43,500 0.18 mi
Sayre Avenue Sayre Ave 2018 27,700 0.30 mi
Harlem Ave 2021 38,700 0.48 mi
West 87th Street S Oak PkAve 2018 2,800 0.49 mi
IL 43 2021 45,200 0.52 mi
South Oketo Avenue S Oketo Ave 2018 3,450 0.53 mi

Listing Broker

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