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Bank

Midland States Bank

303 Section Line Rd, Manteno, IL 60950

Listing Price: $2,658,387

Cap Rate
7.00%
Tenant Name
Midland States Bank
Years Remaining On Lease
8.8
Guarantor
Corporate Guarantee
Rentable SF
8,100
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$22.97

Investment Overview

*Single-tenant NNN Midland States Bank with over 10 years remaining - located in Manteno, IL, approximately 50 miles South of downtown Chicago
*Incredibly high deposits of $159M, which is well above the national bank average - this branch holds 61% of the market share in Effingham County
*Midland States Bank is a publicly traded company (NASDAQ: MSBI) that was established in 1881 and currently operates 52 full-service banking offices and is headquartered in Effingham, IL
*Midland States Bank reported a net worth of over $663M and net income of $81M in 2021
*Annual rental increases of 2.0% throughout the initial term and two (2), ten (10) year option periods
*Property consists of 5 total tracts of land totaling 1.786 acres - the bank sits on tracts 4 & 5 which consists of .938 acres, the other tracts (1, 2, & 3) are raw land and total .847 acres - these tracts could be sold or developed
*The subject property is located approximately 1-mile off Interstate 57 (ADT of over 33,000 cars/day) - located near McDonald’s, Wendy’s, National Bank, Municipal Bank, Howard Johnson, and Manteno Middle School and High School (total of nearly 1,400 students)
*Strong income area - average household income is over $88,000 in the 1-mile radius, over $90,000 in 3 miles, and over $92,000 in 5 miles
*The Chicago MSA is one of the largest in the nation (only behind NYC and LA) with over 9.5 million people - home to 35 Fortune 500 companies including Boeing, Walgreens, Allstate, and McDonald’s
*The Chicago area is a major global tourist and convention destination - typically hosting more than 50 million people annually
*Chicago MSA has one of the biggest and most diverse economies in the country, buoyed by its distribution, finance, manufacturing operations, and growing high-tech sectors - Chicago’s median household income of $74,000 is above the national average of $65,700

Investment Highlights

  • Single-tenant NNN Midland States Bank with over 10 years remaining - located in Manteno, IL, approximately 50 miles South of downtown Chicago
  • Incredibly high deposits of $159M, which is well above the national bank average - this branch holds 61% of the market share in Effingham County
  • Midland States Bank is a publicly traded company (NASDAQ: MSBI) that was established in 1881 and currently operates 52 full-service banking offices and is headquartered in Effingham, IL

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Financing By

Bank

Midland States Bank

Listing Price: $2,658,387

Cap Rate
7.00%
Tenant Name
Midland States Bank
Years Remaining On Lease
8.8
Guarantor
Corporate Guarantee
Rentable SF
8,100
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$22.97

Investment Highlights

  • Single-tenant NNN Midland States Bank with over 10 years remaining - located in Manteno, IL, approximately 50 miles South of downtown Chicago
  • Incredibly high deposits of $159M, which is well above the national bank average - this branch holds 61% of the market share in Effingham County
  • Midland States Bank is a publicly traded company (NASDAQ: MSBI) that was established in 1881 and currently operates 52 full-service banking offices and is headquartered in Effingham, IL

Investment Overview

*Single-tenant NNN Midland States Bank with over 10 years remaining - located in Manteno, IL, approximately 50 miles South of downtown Chicago *Incredibly high deposits of $159M, which is well above the national bank average - this branch holds 61% of the market share in Effingham County *Midland States Bank is a publicly traded company (NASDAQ: MSBI) that was established in 1881 and currently operates 52 full-service banking offices and is headquartered in Effingham, IL *Midland States Bank reported a net worth of over $663M and net income of $81M in 2021 *Annual rental increases of 2.0% throughout the initial term and two (2), ten (10) year option periods *Property consists of 5 total tracts of land totaling 1.786 acres - the bank sits on tracts 4 & 5 which consists of .938 acres, the other tracts (1, 2, & 3) are raw land and total .847 acres - these tracts could be sold or developed *The subject property is located approximately 1-mile off Interstate 57 (ADT of over 33,000 cars/day) - located near McDonald’s, Wendy’s, National Bank, Municipal Bank, Howard Johnson, and Manteno Middle School and High School (total of nearly 1,400 students) *Strong income area - average household income is over $88,000 in the 1-mile radius, over $90,000 in 3 miles, and over $92,000 in 5 miles *The Chicago MSA is one of the largest in the nation (only behind NYC and LA) with over 9.5 million people - home to 35 Fortune 500 companies including Boeing, Walgreens, Allstate, and McDonald’s *The Chicago area is a major global tourist and convention destination - typically hosting more than 50 million people annually *Chicago MSA has one of the biggest and most diverse economies in the country, buoyed by its distribution, finance, manufacturing operations, and growing high-tech sectors - Chicago’s median household income of $74,000 is above the national average of $65,700

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

Financing By

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