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Views: 76 DOM: 129 Updated: 08.12.24 Posted: 07.15.24 Status: Active

Summary

Price $1,700,000
Built/Renov 2017
Tenant Verizon
Cap Rate 7.70%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 2,540
Lease Start 07-21-2017
#Units 800
Price/SF $669.29
Expiration 07-31-2027
Tenant Type Tel/Cell
NOI $130,983
R. Term 2.8
Ownership Fee Simple
Rent/SF $51.57
Increases 10.0%/3/yrs
Pop 5Mi 553,302
Lot/AC 0.62
Options 2/5yrs/10%
AHHI 5Mi $124,249

Lease Highlights

  • Verizon has 3 years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Corporate guarantee | Investment grade tenant

Location Description

Verizon is strategically located at the signalized, hard corner intersection of Harlem Ave and N Northwest Highway, with access to a combined daily traffic count of 34,690 vehicles. The property is in proximity to the fourth busiest commuter rail system in the U.S. It sits directly between two of Metra’s Union Pacific Northwest Stations: Norwood Park Station, less than one mile to the south,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Verizon
  • Guarantor:Corp T and Rated
  • Company:Cellular Sales of Knoxville, Inc.
  • # Units:800
  • Tenant S&P: BBB+
  • Moody’s: Baa1
  • Stock: NYSE: VZ

About Tenant

Verizon is the largest wireless telecommunications provider in the United States. The company offers the largest 4G LTE network in America and the nation’s largest high-speed 3G network. For...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 22,928 182,212 537,758
2024 Total Population : 23,704 187,858 553,302
2024 Employed Civilian Pop : 12,338 99,099 291,482
2024 Total Businesses : 770 6,980 18,966
2024 Average Household Income : $ 144,580 $ 138,575 $ 124,249
2024 Total Consumer Spending : $ 1290 M $ 8958 M $ 22737 M
2024 Median Age : 46 44 42
2024 Total Households : 10,422 75,335 211,986
2024 Pop Age 25+: Bachelor's Degree : 5,509 41,262 108,378
2024 Average Home Value : $ 461,827 $ 444,233 $ 414,614
*ESRI data is presented for informational purposes only

Listing Broker

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