US Bank

5888 North Port Washington Road, Glendale, WI 53217

$4,281,000

Cap Rate 6.00%

Views: 76 DOM: 160 Updated: 09.16.24 Posted: 04.09.24 Status: Active

Summary

Price $4,281,000	Built/Renov 1991	Tenant US Bank
Cap Rate 6.00%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 6,760	Lease Start 11-01-1991	#Units 2,274
Price/SF $633.28	Expiration 10-01-2032	Tenant Type Bank/Financial
NOI $256,880	R. Term 8.0	Ownership Fee Simple
Rent/SF $38.00	Increases 10.0%/5/yrs	Pop 5Mi 274,541
Lot/AC 0.20	Options 1/5yrs/10%	AHHI 5Mi $84,314

Lease Highlights

US Bank has been operating in this location since 1991
The tenant has 8+ years remaining on the current lease term with 1 (5-year) options to extend
The lease features a 10.53% rental escalation in 2027 and 10% rental escalations at the start of each option period
Limited Landlord responsibilities | Declarant will maintain the parcel per the terms of the lease and landlord is responsible for Declarant’s CAM charges that are consistent with each tenant’s lease, ensuring the lease is NNN in nature - see OM for details 
Corporate guarantee | Investment grade tenant

Location Description

U.S. Bank is strategically located on Port Washington Road with clear visibility and access to 24,800 vehicles passing by daily. The property also fronts Interstate 43 (110,000 VPD), a major commuter route providing direct access into Downtown Milwaukee. Additionally, it is ideally situated within Bayshore, a mixed-use center home to Target, Kohl’s ACX Entertainment, Barnes & Noble, Trader...

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Key Features

Dense retail corridor
Near major nationals
Freeway close
Top 100 MSA
Strong demographics
Long operation history
Favorable NN+ lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

US Bank Wikipedia US Bancorp Wikipedia Glendale, Wisconsin Zip Code 53217 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: US Bank
Guarantor:Corp T and Rated
Company:US Bancorp
# Units:2,274
Tenant S&P: A+
Moody’s: A2
Stock: NYSE: USB

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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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	11,251	86,954	266,864
2023 Total Population :	11,106	87,820	269,084
2023 Employed Civilian Pop :	5,207	38,478	118,633
2023 Total Businesses :	664	3,105	7,628
2023 Average Household Income :	$ 173,774	$ 106,453	$ 85,390
2023 Total Consumer Spending :	$ 625 M	$ 3399 M	$ 8309 M
2023 Median Age :	44	38	34
2023 Total Households :	4,275	36,810	111,326
2023 Pop Age 25+: Bachelor's Degree :	3,056	14,786	36,089
2023 Average Home Value :	$ 422,691	$ 317,783	$ 272,228

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Lydell Ave	W Day Ave	2019	1,500	0.19 mi
N Port Washington Ave	W Northshore Dr	2016	3,900	0.21 mi
	W Northshore Dr	2019	3,400	0.21 mi
N Port Washington Ave	W Northshore Dr	2016	18,400	0.25 mi
North Port Washington Avenue	W Northshore Dr	2019	16,900	0.29 mi
N Port Washington Ave	W Bender Rd	2016	14,400	0.29 mi
	W Northshore Dr	2019	7,600	0.30 mi
		2016	7,800	0.30 mi
	I- 43	2019	7,500	0.31 mi
E Day Ave	N Shoreland Ave	2019	340	0.31 mi

Listing Broker

Dan Elliot

SRS National Net Lease Group

Contact

24 Listings
2411 Views
6 Sold

Sean Lutz

SRS National Net Lease Group

Contact

24 Listings
2411 Views
6 Sold

Dan Elliot

Dan joined SRS with nearly fifteen years of experience in real estate, both as an advisor and investor, and has worked exclusively with clients in the acquisition and disposition of leased investment properties nationwide. Dan, along with Sean Lutz, led the net lease group at SVN Commercial Real Estate Advisors, and has experience in single-tenant sales, anchored and unanchored shopping center sales, power center and portfolio dispositions and pre-development sales. He has a long list of repeat

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Sean Lutz

Sean joined SRS with more than fifteen years of experience in commercial real estate. Along with Dan Elliot, he was responsible for leading the net lease group at SVN Commercial Real Estate Advisors. He specializes in the disposition and sale of net leased investment properties across the country and has completed more than 500 transactions with a sales volume in excess of $1 billion. Sean has an extensive client list ranging from private investors to some of the largest U.S. investment funds a

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