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Chase Bank 6249 College Dr 5,458 SF Retail Building Suffolk, VA 23435 $5,250,000 ($961.89/SF) 4.19% Cap Rate
Investment Highlights
- Corporate Lease Guaranty from Chase Bank (NYSE: JPM) | S&P “AA-“ Investment Grade Credit Rating | $182 Billion in Revenue (2024)
- Affluent Hampton Roads MSA | 1.8 Million People in Major Mid-Atlantic Coastal Metro | $130,000 Average Household Incomes within 5-mile Radius
- Co-Tenancy Includes Kohl’s, Dick’s Sporting Goods, TJ Maxx, Burlington Coat Factory, and HomeGoods
- New 15 Year Absolute NNN Ground Lease | No Landlord Responsibilities | Full Building Remodel in 2025 | 10% Rent Increases Every 5 Years
- Outparcel to Busy Harbour View East Shopping Center | Anchored by High Performing Walmart Supercenter
Executive Summary
Lee & Associates and Bang Realty are pleased to present for sale a newly renovated Chase Bank located in Suffolk, Virginia within the affluent Hampton Roads MSA. The property consists of a 5,458 square foot freestanding retail building situated on approximately 1.55 acres at 6249 College Drive within the highly trafficked Harbour View East retail corridor. Originally constructed in 2003 and fully reconverted in 2025 into a modern Chase prototype branch with a dedicated drive-thru ATM, the asset is secured by a new 15-year absolute NNN ground lease with JPMorgan Chase Bank, N.A. (NYSE: JPM), one of the largest and most creditworthy financial institutions in the world carrying an S&P credit rating of “AA-.”
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
5,458 SF
Building Class
B
Year Built
2003
Price
$5,250,000
Price Per SF
$961.89
Cap Rate
4.19%
NOI
$220,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
1.55 AC
Zoning
B2
Parking
75 Spaces (13.74 Spaces per 1,000 SF Leased)
Frontage
159’ on College Dr
Amenities
- Dedicated Turn Lane
- Freeway Visibility
- Pylon Sign
- Signage
- Signalized Intersection
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 304936400 | Improvements Assessment | $1,006,400 |
| Land Assessment | $1,162,500 | Total Assessment | $2,168,900 |
Property Taxes
Parcel Number
304936400
Land Assessment
$1,162,500
Improvements Assessment
$1,006,400
Total Assessment
$2,168,900
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Chase Bank | 6249 College Dr
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