Listed by Millennium Properties R/E
$975,000
PNC Bank, 4715, Indianapolis Boulevard
Details
Property Type Retail
Sub Type Bank
Square Footage 3,998
Cap Rate 6.25%
NOI $55,000
Tenancy Single
Brand/Tenant PNC Bank
Lease Type Absolute NNN
Lease Expiration 05/31/2025
Rent Bumps Yes
Lease Options Four 5-year renewal options each with 10% rent escalation
Year Built 2005
Buildings 1
Lot Size (SqFt) 31,050
Tenant Credit Credit Rated
Lease Commencement 05/31/2005
Ground Lease Yes
4715 Indianapolis Boulevard, East Chicago, IN 46312-3327
Marketing description
Built in 2005, this PNC Bank triple-net ground lease is a rare opportunity to invest in a single-tenant retail property leased to the eight largest bank in the country. Offering passive ownership, this property has scheduled 10% rent increases in years 11 and 16 to increase the yield in the initial 20-year term. There are four 5-year renewal options included in the lease, each with a 10% rent escalation.
The property is located in a high traffic corridor as an outlot for a Strack and Van-Til-anchored center in East Chicago. This 3,998 square foot branch includes three drive-thru lanes which are excluded from the square footage.
Investment highlights
- PNC Bank branch built in 2005
- Ground lease initial term thru June 2025
- Four 5-year renewal options with 10% rent escalations
- Outlot in high traffic corridor Strack and Van-Til-anchored center
- Annual Rent (2014): $55,000
- Increases to $60,500 June 2015
- Initial Cap Rate: 6.25%
- Avg. Cap Rate: 8.25% (over term of lease)
- Land Area: 31,050 SF
- Fixed rental rate increase every 5 years
Listing Contacts
Listed by Millennium Properties R/E
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$55,000.00
$4,583.33/mo
Valuation Metrics
0
DSCR
5.64%
Cap Rate
5.64%
ROI
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