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Views: 112 DOM: 163 Updated: 01.22.24 Posted: 08.05.23 Status: Sold 01.16.24

Summary

Price $2,632,000
Built/Renov 1991/2023
Tenant Chase Bank
Cap Rate 6.25%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 9,261
Lease Start 11-01-1991
#Units 4,784
Price/SF $284.20
Expiration 12-31-2028
Tenant Type Bank/Financial
NOI $164,495
R. Term 4.2
Ownership Fee Simple
Rent/SF $17.76
Increases 10.0%/5/yrs
Pop 5Mi 329,290
Lot/AC 1.74
Options 2/5yrs/10%
AHHI 5Mi $85,175

Lease Highlights

  • New 2023 renovation
  • Chase Bank has a 30+ year operating history at this location
  • Tenant has 5+ years remaining on their current lease term with 2 (5-year) options to extend and 10% rental increases every 5 years
  • Favorable NN+ lease I Landlord responsible for roof and structure
  • This branch boasts an impressive deposit base of over $134M reported in 2022
  • Corporate guarantee by JPMorgan Chase Bank N.A. (NYSE: JPM)

Location Description

Chase Bank is strategically located on Edgebrook Drive with access to 13,430 vehicles passing per day. It is positioned near the intersection of I-45 and Edgebrook Drive with a combined traffic count of 194,000 VPD. National retailers in the immediate trade area include Walmart Supercenter, Ross, Marshalls, Adli, PetSmart, and many more. The subject property is located approximately 2.5 miles...

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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: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 : 20,840 131,226 318,044
2023 Total Population : 21,221 131,611 319,026
2023 Employed Civilian Pop : 9,534 60,637 145,105
2023 Total Businesses : 637 4,292 9,520
2023 Average Household Income : $ 69,290 $ 71,816 $ 76,185
2023 Total Consumer Spending : $ 419 M $ 2758 M $ 7044 M
2023 Median Age : 30 31 32
2023 Total Households : 6,846 43,497 105,003
2023 Pop Age 25+: Bachelor's Degree : 1,262 8,391 23,247
2023 Average Home Value : $ 200,821 $ 206,197 $ 220,418
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Edgebrook Dr Gulf Fwy 2011 28,480 0.07 mi
Clearwood Street Edgebrook Dr 2019 30,541 0.21 mi
Clearwood St Edgebrook 2011 29,190 0.26 mi
Rodney St Shawnee St 2014 1,400 0.26 mi
I- 45 Edgebrook Dr 2011 206,000 0.28 mi
Edgebrook Dr Rodney St 2014 35,574 0.28 mi
Edgebrook Clearwood St 2011 4,860 0.33 mi
Rodney St Edgebrook Dr 2014 1,664 0.33 mi
Shawnee St Gulf Fwy 2001 2,110 0.33 mi
Gulf Freeway Frontage Road Mosley Rd 2021 30,319 0.37 mi

Listing Broker

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