For Sale
$3,053,271

13398 Preston RdDallas, TX 75240

High-yield bank property, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 3,843 square foot Chase Bank branch located at 13398 Preston Rd, Dallas, TX 75240. Built in 2011, this property sits on approximately 10.42 acres of land and boasts three drive-thru lanes, ensuring high traffic flow and excellent visibility along Preston Road, which sees approximately 154,100 vehicles per day. The current lease with Chase Bank expires January 1, 2032, offering a remaining term of 7.1 years. The lease includes four, five-year renewal options, potentially extending the lease for an additional 20 years. Rent increases by 10% every five years, beginning February 1, 2027. The property generates a Net Operating Income (NOI) of $163,350, resulting in a 5.35% cap rate. The asking price is $3,053,271. This investment is further enhanced by Chase Bank's strong financial performance, reporting deposits of $248,225,000 in fiscal year 2024 and $51,862,000 in fiscal year 2023, and its A+ credit rating from the S&P 500 Index. The property's location benefits from the proximity to the Valley View Mall redevelopment project, a planned $80 million mixed-use development including 275 luxury condos. This presents a compelling opportunity for long-term, stable income growth and appreciation. The ground lease is in place.

Highlights

  • Strong tenant: Chase Bank, with $248.2M in deposits (FY2024) and $51.9M (FY2023).
  • Investment-grade tenant: Chase Bank has an A+ credit rating (S&P 500).
  • Significant rent growth: 10% rent increases every five years, starting 2/1/2027.
  • Proximity to the Valley View Mall redevelopment (275 luxury condos, $80M mixed-use development).
  • Long-term lease: Four, five-year lease options, potentially extending the lease by 20 years.
  • High-traffic location: Three drive-thru lanes, built in 2011.

Property Details for 13398 Preston Rd

Property type
Retail properties, Banks
Square Feet
3,843 SF
Year Built
2011

Location Insight

City
Dallas
County
Dallas
State
Texas
Latitude
32.9296444
Longitude
-96.8031975
13398 Preston Rd, Dallas, Texas

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13398 Preston Rd
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