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Views: 167 DOM: 155 Updated: 11.14.24 Posted: 07.19.24 Status: Active

Summary

Price $2,262,700
Built/Renov 2007
Tenant Chase Bank (GL)
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,397
Lease Start 07-15-2007
#Units 5,100
Price/SF $514.60
Expiration 06-18-2034
Tenant Type Bank/Financial
NOI $135,762
R. Term 9.6
Ownership Ground Lease
Rent/SF $30.88
Increases 10.0%/9/yrs
Pop 5Mi 99,825
Lot/AC 1.14
Options 4/5yrs/10%
AHHI 5Mi $118,797

Lease Highlights

  • Chase Bank has 9+ years remaining on the current ground lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years 
  • Location reports $180MM in Deposits (Per FDIC)
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Chase Bank is strategically located on Sashabaw Road, with access to 22,300 vehicles passing by daily. The property is in close proximity to well-known national tenants, including Kroger, CVS, Wendy's, McDonald's, Ace Hardware, and more. The 5-mile trade area supports a population of 99,825 residents with an affluent average household income of $118,797. Clarkston is a city in Oakland County,...

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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: 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....


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 5,965 41,012 99,821
2024 Total Population : 6,016 41,106 100,555
2024 Employed Civilian Pop : 3,504 22,576 53,017
2024 Total Businesses : 231 1,705 3,750
2024 Average Household Income : $ 104,082 $ 129,594 $ 122,898
2024 Total Consumer Spending : $ 239 M $ 1926 M $ 4448 M
2024 Median Age : 42 43 42
2024 Total Households : 2,632 17,118 41,670
2024 Pop Age 25+: Bachelor's Degree : 1,064 7,393 17,375
2024 Average Home Value : $ 379,209 $ 395,751 $ 395,444
*ESRI data is presented for informational purposes only

Listing Broker

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