Great Neck, NY - Chase Bank

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Chase Bank investment property located in Great Neck, NY. The tenant, JPMorgan Chase N.A., recently executed a 10-year lease extension. Corporate guaranteed lease by JPMorgan Chase Bank, NA., an established bank and an investment grade tenant (S&P: A+). The lease features a 10% rental increases, generating NOI and hedging against inflation. Absolute NNN lease with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. Investor benefits from fee-simple ownership of the building and land. Fee-simple ownership will allow the buyer to benefit from depreciation. According to the FDIC this location had approximately $420,000,000 in deposits during 2022. Long-term bank location, Chase Bank and its successors have occupied the location since 1963 showing a strong commitment to the location

Subject property is strategically fronting Northern Blvd, the primary thoroughfare serving Great Neck and averaging 42,000 vehicles passing by daily. Chase Bank is less than 2 miles North of Long Island Expressway (192,700 VPD), the dominant Interstate Highway serving Long Island. The asset benefits from significant street frontage along Northern Blvd, promoting excellent visibility and ease of access. The 5-mile trade area is supported by a population of over 541,000 and 225,000 employees. Average household income of $167,317 within a 1-mile radius.