Chase Bank (GL)

2 West Northwest Highway, Mount Prospect, IL 60056

$4,950,000

Cap Rate 5.00%

$5,823,529

Cap Rate 4.25%

Views: 54 DOM: 71 Updated: 05.17.23 Posted: 11.15.22 Status: Sold 01.25.23

Summary

Price $4,950,000 $5,823,529	Built/Renov 2021	Tenant Chase Bank (GL)
Cap Rate 5.00% 4.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 3,989	Lease Start 09-01-2021	#Units 4,700
Price/SF $1,240.91 $1,459.90	Expiration 08-31-2036	Tenant Type Bank/Financial
NOI $247,500	R. Term 11.7	Ownership Ground Lease
Rent/SF $62.05	Increases 10.0%/4/yrs	Pop 5Mi 294,054
Lot/AC 0.33	Options 4/5yrs/10%	AHHI 5Mi $109,228

Lease Highlights

Tenant has 13.9 years remaining on their initial lease term with 4 (5-year) options to extend
Lease features 10% rental escalations every five years
Triple net ground lease presents zero landlord responsibilities
Relocation site for Chase Bank where deposits were $648,538,000 in 2020
JPMorgan Chase Bank is an investment grade rated tenant (S&P: A+)

Location Description

Chase Bank property was recently constructed in 2021 to relocate the Chase Bank site that was previously two blocks east of the new site. The 3,989 square foot building is strategically positioned at the signalized corner of West-Northwest Highway and Illinois Route 83 with a combined traffic count of 29,000 VPD. The property is positioned one block from the Mount Prospect Metra train station...

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Key Features

Signalized intersection
Relocation store
Dense 200M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
New development zone
Absolute NNN
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

Chase Bank Wikipedia Chase Bank Wikipedia Mount Prospect, Illinois Zip Code 60056 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Chase Bank (GL)
Guarantor:Corp T and Rated
Company:JPMorgan Chase Bank N.A.
# Units:4,700
Tenant S&P: A+
Moody’s: A3
Stock:NYSE: JPM

About Tenant

Chase Bank, is a subsidiary of JP Morgan Chase & Co., a diversified financial services company with roots dating back to 1799. Today, Chase Bank operates more than 4,800 branches in 48 states and...

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Demographics

	1 Miles	3 Miles	5 Miles
2027 Total Population :	17,853	128,617	300,069
2022 Total Population :	17,474	130,471	306,302
2022 Employed Civilian Pop :	9,928	72,019	168,981
2022 Total Businesses :	505	4,781	12,582
2022 Average Household Income :	$ 150,489	$ 128,261	$ 122,448
2022 Total Consumer Spending :	$ 818 M	$ 5645 M	$ 12440 M
2022 Median Age :	45	44	42
2022 Total Households :	6,568	52,187	120,370
2022 Pop Age 25+: Bachelor's Degree :	4,068	30,278	66,210
2022 Average Home Value :	$ 386,010	$ 383,480	$ 370,538

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
S Main St	W Prospect Ave	2012	15,700	0.06 mi
S Main St	E Busse Ave	2013	14,200	0.07 mi
South Emerson Street	E Prospect Ave	2018	2,950	0.12 mi
E Northwest Hwy	S Emerson St	2013	12,400	0.13 mi
West Central Road	S Wille St	2018	19,300	0.16 mi
W Northwest Hwy	S Elmhurst Ave	2013	13,300	0.19 mi
E Central Rd	N Maple St	2014	17,700	0.20 mi
W Central Rd	N Pine St	2014	17,700	0.23 mi
N Main St	W Henry St	2013	14,200	0.24 mi
S Emerson St	E Milburn Ave	2018	2,950	0.25 mi

Listing Broker

Randy Blankstein

The Boulder Group (HQ)

Contact

165 Listings
19804 Views
62 Sold

Jimmy Goodman

The Boulder Group (HQ)

Contact

168 Listings
20421 Views
65 Sold

Randy Blankstein

President of The Boulder Group, Blankstein is a senior commercial real estate executive with over 30 years of experience focused on advisory services in the single tenant net lease sector. Led The Boulder Group to a top 10 company national ranking for single tenant retail transactions by both CoStar and Real Capital Analytics from 2010-2021. Founded and managed net leased companies on both the advisory and principal sides that have been involved in over $7 billion in single tenant transaction

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Jimmy Goodman

Goodman is a partner at The Boulder Group, with over 15 years of experience in the investment real estate sector. His career began at PricewaterhouseCoopers in 2001 and afterward, he has been solely focused on investment real estate. He has been featured in multiple publications including Globe Street, Commercial Property Executive, Real Estate Forum and was a featured speaker at Real Share’s Net Lease Conference. He is a member of the International Council of Shopping Centers and received a Ba

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