Bank of America (GL)

3425 West 26th Street, Chicago, IL 60623

$4,461,000

Cap Rate 7.00%

Views: 285 DOM: 202 Updated: 10.24.24 Posted: 04.27.24 Status: Active

Summary

Price $4,461,000	Built/Renov 2004	Tenant Bank of America (GL)
Cap Rate 7.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 3,874	Lease Start 03-17-2004	#Units 3,845
Price/SF $1,151.52	Expiration 10-31-2029	Tenant Type Bank/Financial
NOI $312,301	R. Term 4.11	Ownership Ground Lease
Rent/SF $80.61	Increases 0.0%/0/yrs	Pop 5Mi 1,017,178
Lot/AC 0.55	Options 3/5yrs	AHHI 5Mi $88,782

Alan Cafiero

Marcus & Millichap

Contact

Lease Highlights

Bank of America has been operating in this location for 20 years
The tenant has 5 years remaining on the recently extended ground lease term with 3 (5-year) options to extend
The lease features FMV rental increases at the start of each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Bank of America is strategically located at the signalized, hard-corner intersection of West 26th Street and S Trumbull Avenue, with access to a combined daily traffic count of 14,893 vehicles. Situated in "Little Village," approximately 7 miles from downtown Chicago, the property enjoys proximity to well-known national retailers such as Walgreens, Dollar Tree, Advance Auto Parts, Dunkin'...

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Key Features

Signalized intersection
Hard corner intersection
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Long operation history
Recently extended lease
Traded and rated company
Investment grade tenant

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Links

Bank of America Wikipedia Bank of America Wikipedia Chicago, Illinois Zip Code 60623 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Bank of America
Guarantor:Corp T and Rated
Company:The Bank of America Corporation
# Units:3,845
Tenant S&P: A-
Moody’s: A1
Stock: NYSE: BAC

About Tenant

The Bank of America Corporation (commonly referred to as Bank of America; often abbreviated as BofA or BoA) is an American multinational investment bank and financial services holding company...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	64,741	314,334	1,029,212
2023 Total Population :	66,371	320,440	1,033,927
2023 Employed Civilian Pop :	22,985	128,758	494,507
2023 Total Businesses :	871	6,372	34,741
2023 Average Household Income :	$ 58,682	$ 66,415	$ 98,947
2023 Total Consumer Spending :	$ 990 M	$ 6257 M	$ 33568 M
2023 Median Age :	30	31	33
2023 Total Households :	19,312	107,640	391,558
2023 Pop Age 25+: Bachelor's Degree :	3,601	23,508	134,498
2023 Average Home Value :	$ 239,724	$ 283,420	$ 356,937

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
West 26th Street	S Karlov Ave	2022	12,700	0.05 mi
West 26th Street	S Homan Ave	2018	13,300	0.06 mi
W 26th St	S Spaulding Ave	2014	14,800	0.16 mi
West 26th Street	Alley	2022	12,700	0.18 mi
S Christiana Ave	W 27th St	2014	1,700	0.18 mi
W 26th St	S Millard Ave	2014	14,800	0.25 mi
W 28th St	S Spaulding Ave	2014	1,700	0.29 mi
South Kedzie Avenue	W 24th St	2022	13,500	0.36 mi
S Kedzie Ave	W 28th St	2018	2,050	0.38 mi
S Central Park Ave	W 30th St	2014	6,500	0.38 mi

Listing Broker

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