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BMO Harris Bank 10500 W Cermak Rd 11,457 SF Retail Building Westchester, IL 60154 $3,300,000 ($288.03/SF) 7.25% Cap Rate
Investment Highlights
- Recently Extended: Originally a 10-year sale leaseback, BMO recently executed its first renewal option through November 30, 2031
- Substantial Deposit Base: $142 million in deposits / 25% market share within 1-mile radius / largest BMO deposit base within 3-mile radius
- Rental Growth: BMO’s rent escalates 1.50% annually
- Investment Grade Rated Tenancy: BMO Bank (S&P: A+) is the 2nd largest bank in Illinois with $106 billion in deposits, representing 15% of all Illinois
- Absolute NNN Lease: Long-term income with no landlord responsibilities for capital repair or replacement
- Dense, Infill Location: Significant commercial activity and a local area population exceeding 340,000 residents within a 5-mile radius
Executive Summary
CBRE, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the fee-simple interest in the BMO Bank branch located at 10500 W Cermak Road in Westchester, Illinois. The Property is a freestanding, single-tenant retail bank branch net-leased to BMO Bank N.A., the United States operating arm and subsidiary of the Bank of Montreal (“BMO Financial Group”), one of North America’s leading financial institutions. Operating continuously as a bank since 1964, the branch occupies a signalized hard corner along Cermak Road, adjacent to a Jewel-Osco and within an established, affluent retail corridor. The offering presents a rare opportunity to acquire a passive, absolute-NNN asset backed by an investment-grade, market-leading financial institution that has recently reaffirmed its commitment through a renewal extending to November 30, 2031.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
11,457 SF
Building Class
B
Year Built
1964
Price
$3,300,000
Price Per SF
$288.03
Cap Rate
7.25%
NOI
$239,334
Tenancy
Single
Building Height
2 Stories
Building FAR
0.31
Lot Size
0.86 AC
Zoning
B-1
Parking
70 Spaces (6.11 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Banking
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $147,212 | |
| Land Assessment | $140,666 | Total Assessment | $287,878 |
Property Taxes
Parcel Numbers
Land Assessment
$140,666
Improvements Assessment
$147,212
Total Assessment
$287,878
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BMO Harris Bank | 10500 W Cermak Rd