Single Tenant Chase Bank | Paoli, PA
Opening October 29th, 2024!
The Opportunity
Summary
- Price: $4,200,000
- Cap Rate: 5.00%
- NOI: $210,000
- Lease Type: Fee Simple: NN
- Ownership Interest: Condominium
- Building Size: 4,700 SF
- Parcel Size: 0.11 Acres
- Year Built / Renovated: 1987 / 2024
- Remaining Lease Term: 15 Years
- Options: Two (2), Five (5) Year Options & One (1), Four (4) Year Eleven (11) Month Option
- Rental Increases: 10% Every Five (5) Years
Opening October 29th, 2024!
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple condominium interest in a single tenant property leased to Chase Bank, (the “Property”) in Paoli, PA a part of the Main Line of suburban Philadelphia. Chase Bank is estimated to commence a brand new 15-year lease in Q4 2024 which will feature rental increases of 10% every 5 years, including the option periods. Chase Bank will sit adjacent to a Dunkin’ along Route 30 (24,900 VPD) where the property benefits from excellent visibility from local traffic. Today, the towns that border the track encompass the prestigious Main Line area. The Main Line is a historical, yet upscale area with some of the wealthiest communities in the country.
Paoli is situated 18 miles northwest of Philadelphia and contained within the Philadelphia MSA; the 7th largest metro area in the country that is home to a population of over 6.25 million people. Furthermore, Paoli is located within Chester County, the most affluent county in Pennsylvania. The 1-mile surrounding the property boasts an average household income of over $187,000 while the 3 and 5-mile area surrounding the property boasts an average household income of over $217,000.
Chase Bank stands as one of the highest rated retail tenants commonly seen in the net lease market with a credit rating of A+ (S&P). Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states. Parent company, JP Morgan Chase & Co., currently sits as the largest financial institution in the United States with approximately $3.9 trillion in assets under management (as of 2024). Today, Chase offers more than 4,700 branches and 15,000 ATMs nationwide (February 2024) and is one of the most well-capitalized banks in the world and ranks 5th on Fortune Magazine’s list of “World’s Most Admired Companies” for the second consecutive year.
Investment Highlights:
Tenant
Chase Bank
Ownership: PUBLIC (NYSE: JPM)
Credit Rating: A+ (S&P)
Headquarters: NEW YORK, NY
#of Locations: 4,700+
Market Cap: $496.2 BILLION
J.P. Morgan Chase Bank, N.A., doing business as Chase Bank, is a national bank headquartered in New York, New York, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase & Co. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and The Manhattan Company in 1955. Chase Bank stands as one of the highest rated retail tenants commonly seen in the net lease market. Chase Bank provides a broad range of financial services to almost half of America's households. Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states. Today, Chase serves nearly 80 million consumers and nearly 6 million small businesses.
Parent company, JP Morgan Chase & Co., currently sits as the largest financial institution in the United States with approximately $3.9 trillion in assets under management (as of 2024). Chase offers more than 4,700 branches and 15,000 ATMs nationwide (February 2024). JPMorgan Chase & Co. has 240,000 employees and operates in more than 100 countries. It is one of the most well-capitalized banks in the world and ranks 5th on Fortune Magazine’s list of “World’s Most Admired Companies” for the second consecutive year.
