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Bank

US Bank Ground Lease

36975 Cook St, Palm Desert, CA 92211

Listing Price: $2,321,282

Cap Rate
5.50%
Tenant Name
US Bank
Years Remaining On Lease
5.9
Gross SF
4,500
Guarantor
Corporate Guarantee
Rentable SF
4,500
Price/Gross SF
$515.84
Lease Type
NNN Ground Lease
Rent Per Square Feet
$28.77

Investment Overview

Marcus & Millichap is pleased to present for sale, an absolute net ground lease to U.S. Bancorp located at 36975 Cook Street, Palm Desert, Ca. The 18,730 sf (.43 acre) parcel was leased to U.S. Bancorp in 2007 and their 4,500-sf bank branch building with drive-thru was constructed and opened in 2008. U.S. Bancorp currently pays $121,867.30 per year in ground rent payable in monthly payments of $10,155.60. The ground rent adjusts upward by 6.25% every 30 months with the next adjustment occurring on April 30th of 2022. The ground lease was signed in 2007 for a period of 20 Years with the tenant having four options to renew for a period of 5-years each. All renewal options are subject to a 6.25% increase in ground rent every 30 months. U.S. Bancorp owns the building and is responsible for all building maintenance, property taxes and insurance. There are no landlord responsibilities. The property is located one mile west of the Interstate 10 (I-10) freeway on Cook Street and is an outparcel to the 88,000 sf Village at University Park retail, office and industrial park catering to university students and local residents. The University of California Riverside and the California State University San Bernardino Palm Desert campuses are located less than ¼ of a mile away and boast a combined enrollment of 26,948 students. Palm Desert is a city in Riverside County, California, United States, in the Coachella Valley, approximately 14 miles east of Palm Springs, 121 miles northeast of San Diego and 122 miles east of Los Angeles. The population was 53,275 at the 2020 census, up from 41,155 at the 2000 census. The city was one of the state's fastest growing in the 1980s and 1990s, beginning with 11,801 residents in 1980, doubling to 23,650 in 1990, 35,000 in 1995, and nearly double its 1990 population by 2000. A major center of growth in the Coachella Valley, Palm Desert is a popular retreat for "snowbirds" from colder climates (the Eastern and Northern United States, and Canada), who swell its population by an estimated 31,000 each winter. Palm Desert has seen more residents become "full-timers", mainly from the coasts and urban centers of California, who have come for both affordable and high-valued homes. The estimated median house or condo value in 2019 was $384,729 (it was $176,400 in 2000).

Investment Highlights

  • Refer to OM
  • Contact Agent
  • Refer to OM

Exclusively Listed By

Financing By

Listing Price: $2,321,282

Cap Rate
5.50%
Tenant Name
US Bank
Years Remaining On Lease
5.9
Gross SF
4,500
Guarantor
Corporate Guarantee
Rentable SF
4,500
Price/Gross SF
$515.84
Lease Type
NNN Ground Lease
Rent Per Square Feet
$28.77

Investment Highlights

  • Refer to OM
  • Contact Agent
  • Refer to OM

Investment Overview

Marcus & Millichap is pleased to present for sale, an absolute net ground lease to U.S. Bancorp located at 36975 Cook Street, Palm Desert, Ca. The 18,730 sf (.43 acre) parcel was leased to U.S. Bancorp in 2007 and their 4,500-sf bank branch building with drive-thru was constructed and opened in 2008. U.S. Bancorp currently pays $121,867.30 per year in ground rent payable in monthly payments of $10,155.60. The ground rent adjusts upward by 6.25% every 30 months with the next adjustment occurring on April 30th of 2022. The ground lease was signed in 2007 for a period of 20 Years with the tenant having four options to renew for a period of 5-years each. All renewal options are subject to a 6.25% increase in ground rent every 30 months. U.S. Bancorp owns the building and is responsible for all building maintenance, property taxes and insurance. There are no landlord responsibilities. The property is located one mile west of the Interstate 10 (I-10) freeway on Cook Street and is an outparcel to the 88,000 sf Village at University Park retail, office and industrial park catering to university students and local residents. The University of California Riverside and the California State University San Bernardino Palm Desert campuses are located less than ¼ of a mile away and boast a combined enrollment of 26,948 students. Palm Desert is a city in Riverside County, California, United States, in the Coachella Valley, approximately 14 miles east of Palm Springs, 121 miles northeast of San Diego and 122 miles east of Los Angeles. The population was 53,275 at the 2020 census, up from 41,155 at the 2000 census. The city was one of the state's fastest growing in the 1980s and 1990s, beginning with 11,801 residents in 1980, doubling to 23,650 in 1990, 35,000 in 1995, and nearly double its 1990 population by 2000. A major center of growth in the Coachella Valley, Palm Desert is a popular retreat for "snowbirds" from colder climates (the Eastern and Northern United States, and Canada), who swell its population by an estimated 31,000 each winter. Palm Desert has seen more residents become "full-timers", mainly from the coasts and urban centers of California, who have come for both affordable and high-valued homes. The estimated median house or condo value in 2019 was $384,729 (it was $176,400 in 2000).

Exclusively Listed By

Financing By

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