Chase Bank - Rockville, MD | 460 Hungerford Dr
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Chase Bank - Rockville, MD 460 Hungerford Dr
3,320 SF Retail Building Rockville, MD 20850 $10,795,000 ($3,252/SF)
Investment Highlights
- 15-year True NNN lease, 10% rental increases
- Two drive-thru lanes
- Highly adaptable 1.23 acre parcel in dense retail trade area
- New construction – high barriers to entry
- S&P A+ Investment grade tenant
- Directly on major commuter route (115,400 ADT)
Executive Summary
• The lease is corporate guaranteed by JPMorgan Chase Bank, NA., an investment grade (S&P: A+), nationally recognized, and an established bank with over 5,100 locations and 16,000 ATMs Nationwide
• Brand new 15-year lease with 3 (5-year) options to extend
• The ground lease features 10% rental increases every 5 years and at the beginning of each option, growing NOI and hedging against inflation
• Tenant pays for CAM, taxes, insurance, and maintains all aspects of the premises
• No landlord responsibilities
• Investor benefits from fee-simple ownership of the land
• The subject property is strategically positioned on the signalized, hard corner intersection of Hungerford Drive and Dawson Avenue, a retail and commuter thoroughfare averaging roughly 54,000 vehicles passing by daily
• Chase Bank is adjacent to Rockville Town Square, which offers a shopping, entertainment and leisure destination for residents, families and professionals
• Located within a dense residential consumer base with more than 121,000 households within a 5-mile radius
• Less than 1 mile south of Montgomery College which has more than 55,000 total students enrolled
• Brand new construction with state-of-the-art bank features
• This asset is equipped with a two-lane drive-thru ATM, allowing for contactless transactions as well as providing ease and convenience for guests
• More than 326,000 residents and 190,000 employees support the trade area
• $154,057 average household income
• Brand new 15-year lease with 3 (5-year) options to extend
• The ground lease features 10% rental increases every 5 years and at the beginning of each option, growing NOI and hedging against inflation
• Tenant pays for CAM, taxes, insurance, and maintains all aspects of the premises
• No landlord responsibilities
• Investor benefits from fee-simple ownership of the land
• The subject property is strategically positioned on the signalized, hard corner intersection of Hungerford Drive and Dawson Avenue, a retail and commuter thoroughfare averaging roughly 54,000 vehicles passing by daily
• Chase Bank is adjacent to Rockville Town Square, which offers a shopping, entertainment and leisure destination for residents, families and professionals
• Located within a dense residential consumer base with more than 121,000 households within a 5-mile radius
• Less than 1 mile south of Montgomery College which has more than 55,000 total students enrolled
• Brand new construction with state-of-the-art bank features
• This asset is equipped with a two-lane drive-thru ATM, allowing for contactless transactions as well as providing ease and convenience for guests
• More than 326,000 residents and 190,000 employees support the trade area
• $154,057 average household income
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
3,320 SF
Building Class
B
Year Built
2024
Price
$10,795,000
Price Per SF
$3,252
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.19 AC
Frontage
92 FT on Hungerford Drive
Walk Score ®
Very Walkable (89)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 04-00144477 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $5,808,700 |
PROPERTY TAXES
Parcel Number
04-00144477
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$5,808,700
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Chase Bank - Rockville, MD | 460 Hungerford Dr
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