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10 Huntington Ln
Wheeling, IL 60090 Des Plaines/Arlington Hts Corridor

$3,100,000

Bank For Sale  •  5,905 Sq Ft

Property Details

  • Property Type Bank
  • Total Building Size 5,905 Sq Ft
  • Lot Size 1.46 ac
  • Building Class C
  • Year Built 1990
  • Cap Rate 6.86 %
  • Tenancy Single
  • Zoning B-2
29 Transit Score
74 Walk Score

Description

EXCELLENT TENANT
• Corporately guaranteed lease by BMO Harris Bank with over 12 million customers and 600 branches nationwide.
• 8th largest bank in North America ranked by assets; $774 Billion in total assets at YE 2018.
• Leading investment grade credit profile among net lease assets (S&P:A+ | Moody’s Aa2).
NNN LEASE
• Pure NNN Lease with approximately six (6) years left on the lease with no options to renew. 10% rent increase on February 1st, 2021
• Tenant currently paying $36 / SF which is comparatively lower than other similar bank branches in the surrounding area. Others range in the neighborhood of $46/SF to $70/SF.
• Subject property has experienced exponential growth in deposits since 2008.
• Deposits have grown at a 47.76% CAGR over the past ten years as more and more residents in the vicinity adopt this branch.
• Deposits have grown 19% from 2017 to 2018, indicating sustained growth in the branch’s customer base. Current deposits are approximately $127,946,000 as of June 2019.
• This location ranks in the 76th percentile for BMO Harris locations in Cook County based on deposit numbers.
FIVE DRIVE-THRU LANES WITH OVER 50 PARKING SPACES
EXCELLENT HARD CORNER LOCATION
• The Property is located directly off of Dundee Road, a main commercial artery, which has traffic counts of approximately 33,400 vehicles per day.
AFFLUENT SURROUNDING AREA DEMOGRAPHIC
• Wheeling, Il is a family-oriented northern suburb of Chicago, 29 miles from downtown.
• 260,000 residents within a 5-mile radius with an Average Household Income of $126,148.
• Average Household size of 2.6 within a 5-mile radius indicates a strong family oriented-market in need of bank.
• Asset is in close proximity to the Dundee Point Shopping Center with retailers Garden Fresh Market, FedEx Office and Others.

Highlights

Cap Rate will be 7.5% in 2021 after 10% rent increase and NOI will be $233,838.00

Property Flyers

Cap Rate: 6.86 %

Major Tenants

Tenant SF Occupied Lease End Date
BMO Harris Bank 5,905 SF 1/31/2026

Amenities

  • Pylon Sign
  • Drive Thru

Public Transportation

Commuter RailDriveWalkDistance
Wheeling Station Commuter Rail (North Central Service) 4 min - 1.8 mi
Buffalo Grove Station Commuter Rail (North Central Service) 7 min - 3.5 mi
AirportDriveWalkDistance
Chicago O'Hare International Airport 26 min - 15.1 mi
Chicago Midway International Airport 51 min - 37.9 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Paul Brehme 310-899-2700 Lee & Associates - West LA
Paul Brehme 310-899-2700 Lee & Associates - West LA