Address: 4411 211th Street, Matteson, Illinois, United States 60443
Cap Rate: 5.40%
Lease Type: Absolute Triple Net (NNN)
Annual Rent: $199,650
Net Operating Income: $199,650
Lease Term Remaining: 19 Years
Rental Increases: 10% Every Five Years
Options: Four (4), Five (5)-Year Options
Year Built: 2007
Rentable Sq/Ft: 4,335 SF
Rent Sq/Ft: $46.06
Price Sq/Ft: $854
Lot Size: +/-1.00 Acres
Marcus & Millichap is pleased to exclusively market for sale the subject single-tenant Chase Bank ground lease located at 4411 211th Street in Matteson, Illinois. The property is made up of a 4,335 square feet building and is situated on approximately 1.00 acre of land. The investment opportunity is subject to an absolute triple-net (NNN) lease which has approximately 19 years of term remaining. The current rent is $199,650 and is subject to 10% rental increases every five years, including through the four, five-year tenant renewal options. The lease is guaranteed by JPMorgan Chase Bank, N.A.
JPMorgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States, and the sixth largest bank in the world by total assets, with the amount of $2.534 trillion. It is the world’s most valuable bank by market capitalization. As of 2017, the bank is one of the largest asset management companies in the world with US$2.789 trillion in assets under management and US$30 trillion in assets under custody. At US$47.7 billion in assets under management, the hedge fund unit of JPMorgan Chase is the fourth largest hedge fund in the United States.
This Chase Bank ground lease is located at 4411 211th Street in Matteson, Illinois. Matteson is a village in Cook and Will Counties. It is bordered by Park Forest and Olympia Fields to the east, Country Club Hills and Tinley Park to the north, Frankfort to the west, and Richton Park to the south.
The subject property is well-positioned in an active commercial corridor, benefitting from its proximity to major national retailers and various points of interest. Major national retailers in the area include: Home Depot, Ihop, Panera Bread, Dollar Tree, PetSmart, Olive Garden, Quality Inn, Hampton Inn & Suites, Aldi, White Castle, Panda Express, Dunkin Donuts, Burger King, LA Fitness, McDonald’s, CitiTrends, Sally Beauty Supply, KFC, JCPenney, DaVita Dialysis, Pizza Hut, Chipotle, Five Guys, Potbelly, Wendy’s, OfficeMax, Chuck E Cheese’s, Bar Louie, Hertz, as well as many others. Various automotive dealerships in the surrounding area include: Toyota, Buick, Nissan, Kia, Ford, Lincoln, Honda, Mitsubishi, Hyundai, Chrysler, Jeep, Dodge, Ram. Sieden Prairie Elementary School and Colin Powell Middle School are in the surrounding area and serve over 900 students.
There are approximately 64,256 people within a three-mile radius of this property and 164,120 within a five-mile radius. The property is situated on 211th Street off of Lincoln Highway, also known as U.S. Route 30. Lincoln Highway has traffic counts in excess of 40,000 vehicles per day. Nearby U.S. Interstate 57 has additional traffic counts of over 102,000 vehicles per day.
Matteson is located approximately thirty miles south of downtown Chicago. Chicago is the third largest city in the United States as well as the county seat of Cook County. Located where the Chicago River meets Lake Michigan, Chicago is known as the “Windy City” due to the weather caused by the nearby bodies of water. Chicago is the second largest business district and the most balanced economy in the nation. Multiple Dow 30 companies are based in the Chicago Metropolitan Area, such as Boeing, Kraft, and McDonald’s. Every year, over 50 million people visit the city. With three-time World Series winners the Chicago Cubs, the six-time Stanley Cup winning Chicago Blackhawks, and six-time NBA championship winning Chicago Bulls, the city has a tradition of excellence in all sports. Chicago is also home to several universities such as Northwestern University, University of Chicago, the Art Institute of Chicago, DePaul University, and several others with a combined total enrollment of over 60,000 students.
Broker of Record: Steven Weinstock – License # 471.011175