Bank
Chase Bank Ground Lease | Abs NNN | Strong Deposits
6225 Stellhorn Rd, Fort Wayne, IN 46815
Listing Price: $1,017,000
Investment Overview
Marcus & Millichap is Pleased to Present for Sale Chase Bank in Fort Wayne, Indiana. Chase Bank Absolute Triple Net Ground Lease with Three and a Half Years Remaining. Bite-Size Deal: Cheap $61K Ground Rent, Low $1M Price Point and $364 per Square Foot on Building GLA. Outparcel to Target-Anchored Northwood Plaza with Pet Supplies Plus, Dollar Tree, Penn Station, SportClips, GameStop, USPS, and More. Strong Intrinsic Value in the Site: Prime 0.785- Acre Outparcel on Major Arterial, DirectlyAdjacent to Target Along Signalized Entrance Drive.
Chase Bank Ground Lease | Abs NNN | Strong Deposits
Investment Highlights
- Chase Bank Absolute Triple-Net Ground Lease with Three and a Half Years Remaining in Fort Wayne, Indiana
- Tenant Since 1975 – Nearly 50 Years of Tenancy with History of Five Renewals, All at Increasing Rents
- Strong Deposits of $155.3 Million as of June 2022 – Up 59 Percent in Trailing Five Years and 30 Percent Trailing Three Years; Averaging Double-Digit Deposit Growth YOY.
- True Absolute Triple-Net Ground Lease – Zero Landlord Responsibilities
- 10 Percent Rent Increase in One and a Half Years Adds 60 bps to CAP Rate (6.6 Percent at List Price); Additional 10 Percent Rent Increases in Each Option.
- Strong Traffic Counts of 23,300 Vehicles per Day on Maplecrest Road; Just North of Major Signalized Intersection at Stellhorn Road with a Combined 43,600 Vehicles per Day.
- Chase Bank has Top Market Share in the Fort Wayne Market with $2 Billion of Deposits Locally (21.5 Percent Market Share); Next Closest Major National Bank is PNC with 9.8 Percent Market Share.
Listing Price: $1,017,000
Investment Highlights
- Chase Bank Absolute Triple-Net Ground Lease with Three and a Half Years Remaining in Fort Wayne, Indiana
- Tenant Since 1975 – Nearly 50 Years of Tenancy with History of Five Renewals, All at Increasing Rents
- Strong Deposits of $155.3 Million as of June 2022 – Up 59 Percent in Trailing Five Years and 30 Percent Trailing Three Years; Averaging Double-Digit Deposit Growth YOY.
- True Absolute Triple-Net Ground Lease – Zero Landlord Responsibilities
- 10 Percent Rent Increase in One and a Half Years Adds 60 bps to CAP Rate (6.6 Percent at List Price); Additional 10 Percent Rent Increases in Each Option.
- Strong Traffic Counts of 23,300 Vehicles per Day on Maplecrest Road; Just North of Major Signalized Intersection at Stellhorn Road with a Combined 43,600 Vehicles per Day.
- Chase Bank has Top Market Share in the Fort Wayne Market with $2 Billion of Deposits Locally (21.5 Percent Market Share); Next Closest Major National Bank is PNC with 9.8 Percent Market Share.
Investment Overview
Marcus & Millichap is Pleased to Present for Sale Chase Bank in Fort Wayne, Indiana. Chase Bank Absolute Triple Net Ground Lease with Three and a Half Years Remaining. Bite-Size Deal: Cheap $61K Ground Rent, Low $1M Price Point and $364 per Square Foot on Building GLA. Outparcel to Target-Anchored Northwood Plaza with Pet Supplies Plus, Dollar Tree, Penn Station, SportClips, GameStop, USPS, and More. Strong Intrinsic Value in the Site: Prime 0.785- Acre Outparcel on Major Arterial, DirectlyAdjacent to Target Along Signalized Entrance Drive.
