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Views: 212 DOM: 432 Updated: 11.08.24 Posted: 10.17.23 Status: Active 05.10.24

Summary

Price $3,360,000
Built/Renov 2023
Tenant U.S. Bank (GL)
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,500
Lease Start 05-01-2024
#Units 2,274
Price/SF $746.67
Expiration 05-01-2034
Tenant Type Bank/Financial
NOI $168,000
R. Term 9.4
Ownership Ground Lease
Rent/SF $37.33
Increases 10.0%/6/yrs
Pop 5Mi 343,681
Lot/AC 1.24
Options 4/5yrs/10%
AHHI 5Mi $91,860

Lease Highlights

  • New high-quality 2023 construction
  • Brand-new 10-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rent increases every 5 years
  • Absolute NNN lease | Zero landlord responsibilities
  • US Bank is an investment grade tenant (S&P: A+)
  • Corporate guaranteed lease

Location Description

U.S. Bank is situated at a hard corner, benefiting from excellent frontage along N Highly Road and E Michelle Way, with a combined daily traffic count of 38,280 vehicles. Adjacent to the property, a brand-new Valvoline and Whataburger are currently under construction, along with a two-story medical office in development. The subject property is located in City Gate Marketplace, anchored by...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

U.S. Bancorp (NYSE: USB) is an American bank holding company and the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and...


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Listing Broker

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