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Fifth Third Bank (GL)
7200 West 87th Street, Bridgeview, IL 60455
$3,717,120
Cap Rate 6.25%
Summary
| Price $3,717,120 | Built/Renov 2012 | Tenant Fifth Third Bank (GL) |
| Cap Rate 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 $539.18 | Expiration
10-31-2030
| Tenant Type Bank/Financial |
| NOI $232,320 | R. Term 6.10 | 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 |
| | |
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...
...Features
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Signalized intersection
-
High traffic 50M+ VPD
-
Near major nationals
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Dense 200M+ pop 5 mi
-
Top 100 MSA
-
Strong demographics
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Absolute NNN
-
Traded and rated company
-
Corporate Guarantee
-
Investment grade tenant
...
Maps
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...
...
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 |
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 |
