Net Leased Citibank For Sale | The Boulder Group

8/10/2019 Net Leased Citibank For Sale | The Boulder Group

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CITIBANK (S&P: A-)136 North York Street, Elmhurst, IL 60126 (Chicago MSA)

NET LEASE INVESTMENT OFFERING


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TABLE OF CONTENTS

I. Executive Summary

Executive SummaryInvestment HighlightsProperty Overview

II. Location Overview

AerialMaps

III. Market & Tenant Overview

Citibank Pro leLocation OverviewDemographics


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EXECUTIVE SUMMARY

The Boulder Group is pleased to exclusively market for sale a single tenant Citibank located in an af uent suburb ofthe Chicago MSA. The property is centrally located in downtown Elmhurst at a prominent signalized intersection. The

average annual household income in a one mile radius of the Citibank is in excess of $125,000. There are over eight yearsremaining on the Citibank lease that expires June 30, 2023. The lease features a 10% rental escalation in the primary termand in each renewal option period. Citibank is an investment grade rated tenant (S&P: A-) and is publicly traded (NYSE:C) with a market capitalization in excess of $158 billion.

The 4,300 square foot Citibank is strategically located at the signalized intersection of North York Road and SchillerStreet. The Citibank is centrally located along the main north-south thoroughfare in downtown. The property is located inthe immediate proximity to the Elmhurst Metra train station. Metra is the commuter rail division that serves the Chicagometropolitan area with over 80 million passengers per year. The Citibank will bene t from a large municipal parking garagethat is currently being constructed immediately behind the property. The surrounding area is af uent with approximately

17,000 people living within a one mile radius earning average annual household incomes in excess of $125,000. Approximately 120,000 people live within a three mile radius of the property. Interstate 290, which experiences trafccounts in excess of 145,000 vehicles per day, is located approximately three-fourths of a mile north of the Citibank.

Downtown Elmhurst has an eclectic mix of both national and local retailers, restaurants, boutique shops and businesses. Across the street from the property is a Chipotle, Buffalo Wild Wings, and Walgreens. Jewel-Osco is located just to theeast of property providing an additional draw to the immediate area. The downtown corridor is surrounded by numerousmulti-family housing developments providing for constant foot traf c.

Citibank has over eight years remaining on the primary term of their lease that expires June 30, 2023. The lease featuresa 10% rental escalation in the primary term and in each of the four ve-year renewal option periods. Citibank is aninvestment grade rated company (S&P: A-) and is publicly traded with a market capitalization in excess of $158 billion.

EXECUTIVESUMMARY:


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INVESTMENT HIGHLIGHTS

Located within the Chicago MSA

Investment grade tenant (S&P: A-)

10% rental escalations in the primary term and in each renewal option period

Approximately 17,000 people living within a one mile radius earning average annual household incomesin excess of $125,000

Centrally located in downtown Elmhurst across the street from a Jewel-Osco, Walgreens, Chipotle, andBuffalo Wild Wings

Located in the immediate proximity to the Elmhurst Metra train station

A large municipal parking garage is currently under construction immediately behind the property

Close proximity to access to Interstate 290 which experiences traf c counts in excess of 145,000 vehiclesper day

Positioned at a signalized intersection

Elmhurst College (3,500 students) is located less than one-half mile from the property

INVESTMENTHIGHLIGHTS:


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PROPERTY OVERVIEW

Price: $3,215,385

Cap Rate: 6.50%

Net Operating Income: NOI Escalation Date $209,000

$229,900 7/1/2018 $252,890 7/1/2023 Option 1 $278,179 7/1/2028 Option 2 $305,997 7/1/2033 Option 3 $336,597 7/1/2038 Option 4

Additional Income: $10,450* (Excluded From Above NOI)

Rental Escalations: 10% Every Five Years

Renewal Options: Four 5-Year

Lease Commencement Date: June 25, 2008

Lease Expiration Date: June 30, 2023

Tenant: Citibank

Credit: A- (S&P)

Year Built: 1998 (Gut Rehabbed)

Lease Type: NN

Rentable Square Feet: 4,300 SF (1st Floor Only Vertical Subdivision)

*Tenant pays to landlord a 5% ($10,450) management fee. Current ownership has self-managed this property for seven years andhas no offsetting expenses against the management fee.

PROPERTYOVERVIEW:


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AERIAL

N

ELMHURSTCITY HALL

145,000 VPD

ELMHURSTPUBLIC LIBRARY

ELMHURST ART MUSEUM

ELMHURST COLLEGE(3,500 STUDENTS)

ELMHURSTTRAIN STATION

North York Road

S c

h i l l e r

S t r e e

t


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MAPS

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MAPS

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Population 1 Mile 3 Mile 5 Mile

Total Population 16,792 118,297 304,398

Total Households 5,760 41,187 105,722

Income 1 Mile 3 Mile 5 Mile

Median Household Income $100,709 $66,984 $61,570

Average Household Income $125,567 $89,160 $80,979


DEMOGRAPHICS

DEMOGRAPHICREPORT:


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Net Leased Citibank For Sale | The Boulder Group

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