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Views: 239 DOM: 107 Updated: 08.31.24 Posted: 08.06.24 Status: Active

Summary

Price $2,947,000
Built/Renov 1973/2024
Tenant Chase Bank (GL)
Cap Rate 4.75%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,604
Lease Start 01-12-2025
#Units 5,100
Price/SF $1,131.72
Expiration 01-31-2040
Tenant Type Bank/Financial
NOI $140,000
R. Term 15.2
Ownership Ground Lease
Rent/SF $53.76
Increases 10.0%/5/yrs
Pop 5Mi 77,027
Lot/AC 0.98
Options 5/5yrs/10%
AHHI 5Mi $111,017

Lease Highlights

  • Brand-new 15-year ground lease with 5 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Chase Bank is strategically located at the signalized, hard-corner intersection of E Plaza Drive and N Broad Street, with access to a combined daily traffic count of 35,500 vehicles. The property benefits from a convenient right turn off of E Plaza into a wrap-around parking lot. Additionally, there is over 430,000 square feet of retail space within a 1-mile radius, boasting a 0% vacancy rate....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chase Bank
  • Guarantor:Corp T and Rated
  • Company:JPMorgan Chase & Co.
  • # Units:5,100
  • Tenant S&P: A-
  • Moody’s: Aa2
  • 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
2029 Total Population : 6,333 38,270 84,090
2024 Total Population : 5,658 35,721 77,027
2024 Employed Civilian Pop : 2,946 17,979 40,232
2024 Total Businesses : 295 1,679 3,504
2024 Average Household Income : $ 82,562 $ 95,223 $ 111,017
2024 Total Consumer Spending : $ 167 M $ 1156 M $ 2911 M
2024 Median Age : 34 38 39
2024 Total Households : 2,300 13,885 30,113
2024 Pop Age 25+: Bachelor's Degree : 867 6,740 16,577
2024 Average Home Value : $ 277,046 $ 355,165 $ 430,884
*ESRI data is presented for informational purposes only

Listing Broker

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