375 Chatham Heights Road, Fredericksburg, Virginia
Ownership Type:
Fee Simple
Price:
$2,842,000
Cap Rate:
4.75%
Current Rent:
$135,000
Tenancy:
Single Tenant
Lease Type:
Ground Lease
Lease Expiration Date:
Approx. 15 years
Renewal Options:
Four, 5 Year Options
Building Sq. Ft.:
2,659 SF
Rent Increases:
10% every 5 years
Site Size:
0.66 Acres
Investment Highlights
INVESTMENT GRADE CREDIT | NEW 15 YEAR CHASE BANK NNN GROUND LEASE: New construction Chase Bank pad site at Chatham Square, backed by JPMorgan Chase Bank, N.A. (S&P: AA-). The property features a new 15 year ground lease (absolute NNN) with 4×5 year renewal options and a double drive-thru configuration. JPMorgan Chase operates more than 5,000 branches nationwide.
EXCEPTIONALLY AFFLUENT TRADE AREA: The property benefits from exceptional surrounding demographics, with Average Household Income of approximately $156,763 within a 1-mile radius. The localized affluent customer base is particularly well suited for a Chase Bank location, supporting deposits, lending, wealth management and other financial services.
HIGH GROWTH SUBURBAN LOCATION: The property serves a rapidly growing suburban population of more than 54,000 residents within 3 miles and 96,000 residents within 5 miles, with population projected to grow by more than 6% within 1 and 3 miles of the subject property through 2030.
HEAVY COMMUTER TRAFFIC EXPOSURE: The site sits near the highly trafficked intersections of Butler Road (34,170 VPD) and Cool Springs Road (23,500 VPD).
SECURE INCOME GROWTH & INFLATIONARY HEDGE: The corporately guaranteed Chase lease features 10% increases every 5 years throughout the 15-year base term and 4×5-year options. This allows for significant yield growth over the term that will offset inflation.
ADJACENT TO MAJOR REGIONAL HEALTHCARE DEMAND DRIVER: The property is immediately adjacent to a major driver in the shopping center: Mary Washington Medical Oncology and Mary Washington Hospital Outpatient Infusion at 405 Chatham Heights Road. This location provides chemotherapy, immunotherapy, targeted therapy and other specialized oncology/infusion services. Functioning as part of Mary Washington Healthcare, an integrated regional healthcare system with 80+ locations and anchored by a 471-bed hospital.
PROMINENT PAD SITE TO CHATHAM SQUARE: The property is prominently positioned as a pad site to Chatham Square, benefiting from a diverse mix of daily needs, service and restaurant tenants including Dollar Tree, Papa Johns, Subway, State Farm, Molly Maid and other neighborhood oriented uses likely to drive & support site visits to Chase bank.
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