1550 W Jefferson Street, JOLIET IL 60435 Photo 1 1550 W Jefferson Street, JOLIET IL 60435 Photo 2 1550 W Jefferson Street, JOLIET IL 60435 Photo 3 1550 W Jefferson Street, JOLIET IL 60435 Photo 4 1550 W Jefferson Street, JOLIET IL 60435 Photo 5 1550 W Jefferson Street, JOLIET IL 60435 Photo 6
Listing Courtesy of Sperry Van Ness

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1550 W Jefferson Street - Absolute NNN Bank of America Ground Lease w/ rental bumps in Joliet, IL. Improvements include a 4,944sf single story, single tenant bank branch building built for, owned & occupied by Bank Of America, the second largest bank in the US.The offering is secured by a 25yr absolute NNN ground lease requiring zero landlord maintenance responsibilities and includes a fee simple interest in the land. The lease currently has 14+ fixed years remaining on the initial term, followed by five renewal options at 5 years increments. The lease also includes rental increases of 10% every 5 years providing a strong inflation hedge. Recently reduced price to 5.25% CAP rate. Built in 2005, the property is located in downtown Joliet, IL, along the area's dominant thoroughfare, surrounded by numerous national retailers. Joliet is located in Will County, which has much lower commercial real estate taxes than other areas in the Chicago MSA.

Listing information

  • MLS® ID: 09298051
  • Status: Active
  • New Construction: No
  • County: Will
  • Style: Retail / Hospitality / Service
  • Stories: 1
  • Foreclosure: No
  • Year Built: 2005
  • Parking Type Description: None 0 cars
  • Estimated Annual Taxes: $24,296

Features

Air Conditioning Central Individual
Approximate Age 7-15 Years
Electrical Service Circuit Breakers
Fire Protection Other
Franchisor Feed(y/n) No
Geographic Locale South Suburban
Heat/Ventilation Central Heat/Indiv Controls
Information No Sign on Property
Other # Of Drive In Doors - 0, # Of TL Docks - 0, Approx Total Bldg Sq Ft - 4944, Gross Rental Income $ - 35205, Net Oper Income $ - 35205, Tax Year - 2015, Total Annual Exp - 24296, Total Annual Income - 352053, Township - Joliet, Zoning Type - Commr
Outdoor Parking 31-50 Spaces
Property Offered For Sale Only
Property Type Retail/Stores
Tenant Pays Air Conditioning, Common Area Maintenance, Electric, Heat, Insurance, Janitorial, Operating Stops, Other, Real Property Taxes, Recapture Fee, Repairs and Maintenance, Roof, Scavenger, Structure, Tax Stops, Water/Sewer
Listing Courtesy of Sperry Van Ness