Chase Bank | Absolute Net (NNN) Ground Lease
2370 Broad Ripple Avenue, Indianapolis, IN 46220
Price: $3,294,000
Status: Sold
Cap Rate: 4.25%
Year Built: 2023
NOI: $140,000
Lot Size: 0.62 acres
Price Per Foot: $868
Lease Type: Triple-Net Ground
Remaining Term: 19+
GLA: 3,792 sqft
Property Intro
Lee & Associates Commercial Real Estate Company, Inc. (IN Broker’s License CO89200088), is pleased to exclusively offer for sale, the opportunity to acquire the fee simple interest (land only) of a Chase Bank investment property (ground lease) located in Indianapolis, Indiana (the “Property”). Currently under construction with an estimated completion date of June 1, 2023, the Property consists of a 3,792-squarefoot retail building (3 drive through lanes) that is situated on a 0.62-acre parcel.
The subject property is ground leased to publicly traded JPMorgan Chase Bank, N.A. (NYSE: JPM), which carries an investment grade credit rating of “A+” by Standard & Poor’s. Chase Bank is the largest banking company in the country with over 4,700 locations, over 240,000 employees, and $3.2 trillion in assets (2022).
The subject property is ground leased to publicly traded JPMorgan Chase Bank, N.A. (NYSE: JPM), which carries an investment grade credit rating of “A+” by Standard & Poor’s. Chase Bank is the largest banking company in the country with over 4,700 locations, over 240,000 employees, and $3.2 trillion in assets (2022).
investment highlights
- Chase corporate recently closed two branch locations within this trade area, with the intent to serve this submarket via the new Broad Ripple Avenue location (subject property).
- This investment provides an investor with new 20-Year ground lease with zero landlord responsibilities.
- The ground lease contains 10% rental increases every 5 years, providing a strong hedge against inflation.
- The building is currently in the final stages of construction and is using state-of-the-art materials.
- The subject property is located on the signalized hard corner location of N. Broad Ripple Avenue and N. Keystone Avenue, with visibility to over 44,000 vehicles per day.
listing agents
