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Views: 86 DOM: 164 Updated: 11.08.24 Posted: 07.10.24 Status: Active

Summary

Price $2,033,000
Built/Renov 2006
Tenant Wells Fargo (GL)
Cap Rate 5.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,692
Lease Start 11-01-2006
#Units 6,968
Price/SF $433.29
Expiration 10-31-2031
Tenant Type Bank/Financial
NOI $111,804
R. Term 6.10
Ownership Ground Lease
Rent/SF $23.83
Increases 10.0%/5/yrs
Pop 5Mi 56,658
Lot/AC 0.71
Options 3/5yrs/10%
AHHI 5Mi $116,444

Lease Highlights

  • Wells Fargo has been operating in this location since 2006
  • The tenant has 6+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Wells Fargo is strategically located on North Dove Mountain Boulevard, with access to 27,600 vehicles passing by daily. The property benefits from a prime location positioned at the gateway to the affluent Dove Mountain Master-Planned Community, which will encompass 9,159 units upon completion. Additionally, it is situated within a shopping center boasting 95% occupancy of inline retail spaces...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Wells Fargo
  • Guarantor:Corp T and Rated
  • Company:Wells Fargo & Company
  • # Units:6,968
  • Tenant S&P: BBB+
  • Moody’s: A1
  • Stock: NYSE: WFC

About Tenant

Wells Fargo & Company is an American multinational financial services company with operations in 35 countries and over 70 million customers globally. The firm's primary subsidiary is Wells...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 4,192 14,770 61,111
2024 Total Population : 4,091 14,252 58,082
2024 Employed Civilian Pop : 1,705 5,966 27,101
2024 Total Businesses : 42 201 825
2024 Average Household Income : $ 145,444 $ 156,908 $ 139,442
2024 Total Consumer Spending : $ 233 M $ 811 M $ 2810 M
2024 Median Age : 54 54 46
2024 Total Households : 1,871 6,023 23,352
2024 Pop Age 25+: Bachelor's Degree : 1,260 3,587 13,006
2024 Average Home Value : $ 515,873 $ 545,284 $ 460,239
*ESRI data is presented for informational purposes only

Listing Broker

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