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Bank

Chase Bank Ground Lease | Abs NNN | Strong Deposits

6225 Stellhorn Rd, Fort Wayne, IN 46815

Listing Price: $1,017,000

Cap Rate
6.00%
Tenant Name
Chase Bank
Years Remaining On Lease
4.3
Gross SF
2,795
Guarantor
No Guarantee
Rentable SF
2,795
Price/Gross SF
$363.86
Lease Type
NNN Ground Lease
Rent Per Square Feet
$21.82

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.

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.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Financing By

Bank

Chase Bank Ground Lease | Abs NNN | Strong Deposits

Listing Price: $1,017,000

Cap Rate
6.00%
Tenant Name
Chase Bank
Years Remaining On Lease
4.3
Gross SF
2,795
Guarantor
No Guarantee
Rentable SF
2,795
Price/Gross SF
$363.86
Lease Type
NNN Ground Lease
Rent Per Square Feet
$21.82

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.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

Financing By

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