Chase Bank (GL)

56 W Mt Pleasant Ave, Livingston, NJ 07039

$4,833,000

Cap Rate 6.00%

Updated: 04.16.24 Posted: 11.17.23 Status: Sold

Summary

Price $4,833,000	Built/Renov 2009	Tenant Chase Bank (GL)
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 4,208	Lease Start 09-15-2009	#Units 4,784
Price/SF $1,148.53	Expiration 09-30-2034	Tenant Type Bank/Financial
NOI $290,000	R. Term 9.4	Ownership Ground Lease
Rent/SF $68.92	Increases 0.0%/0/yrs	Pop 5Mi 213,596
Lot/AC 0.53	Options 0/0yrs	AHHI 5Mi $206,657

Lease Highlights

Chase Bank has been operating in this location since 2009
Tenant recently extended a new 10-year ground lease term with no renewal options
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease | Investment grade tenant
This branch had $425M in deposits as of June 2023

Location Description

Chase Bank features significant frontage on W. Mt. Pleasant Avenue (30,795 VPD), just hundreds of feet from its signalized intersection with Livingston Avenue (21,439 VPD), and less than 1.5 miles from on/off-ramps to I-280 (75,729 VPD). Chase is located near major employers such as ADP, Prudential and Novartis Pharmaceuticals, multiple schools such as Livingston High School, Mount Pleasant...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Strategically located
Top 100 MSA
Strong demographics
Recently extended lease
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

Chase Bank Wikipedia Chase Bank Wikipedia Livingston, New Jersey Zip Code 07039 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Chase Bank (GL)
Guarantor:Corp T and Rated
Company:JPMorgan Chase & Co.
# 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. Chase...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	13,172	62,424	215,640
2023 Total Population :	13,488	62,019	213,596
2023 Employed Civilian Pop :	6,895	32,653	111,350
2023 Total Businesses :	477	2,963	9,646
2023 Average Household Income :	$ 267,839	$ 244,751	$ 206,657
2023 Total Consumer Spending :	$ 939 M	$ 4391 M	$ 13417 M
2023 Median Age :	45	47	43
2023 Total Households :	4,270	21,700	77,706
2023 Pop Age 25+: Bachelor's Degree :	3,147	15,422	47,815
2023 Average Home Value :	$ 734,053	$ 742,731	$ 738,788

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
W Mount Pleasant Ave	S Mitchell Ave	2013	30,795	0.02 mi
N Livingston Ave	Plz Pl	2013	21,439	0.15 mi
South Livingston Avenue	Oak St	2017	12,467	0.18 mi
S Livingston Ave	Oak St	2013	17,864	0.18 mi
NJ - 10 / West Mount Pleasant Avenue	Mount Pleasant Pkwy	2017	14,579	0.27 mi
South Livingston Avenue		2018	12,244	0.29 mi
E Mount Pleasant Ave	Glendale Ave	2013	19,039	0.30 mi
North Hillside Avenue	Surrey Ln	2019	3,677	0.39 mi
East Cedar Street	S Livingston Ave	2018	12,982	0.46 mi
Hillside Avenue		2018	3,098	0.51 mi

Listing Broker

Michael Shover

CBRE: NLPG Philadelphia

Contact

62 Listings
14288 Views
36 Sold

Matthew Gorman

CBRE: NLPG Philadelphia

Contact

62 Listings
14288 Views
36 Sold

Michael Shover

Michael Shover joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Shortly after, Michael was inducted into CBRE’s exclusive Net Lease Property Group, leading and specializing in the Mid-Atlantic area. The Net Lease Property Group comprises of a team of senior advisors located within major metropolitan areas throughout the United States who are dedicated to transacting single-tenant assets and net-l

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Matthew Gorman

Matthew Gorman joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Matthew and his team's primary goal is to execute for their clients at the highest level by representing their best interests professionally, honestly and with integrity in all aspects of the marketing and sales process. Shortly after joining CBRE, Matthew was inducted into the exclusive Net Lease Property Group, leading the Philadel

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