The Boulder Group completed the sale of a single-tenant ground-leased Chase Bank located at 2943 Richland Ave. in Louisville, Kentucky, for $2.8 million. The property has operated as a Chase Bank branch since 2004 and sits within the Louisville MSA.
The property is located at 2943 Richland Avenue in Louisville, Kentucky, in Jefferson County, within the Louisville metropolitan statistical area. The Louisville MSA ranks 43rd in the United States by population size. The site sits just off the intersection of Taylorsville Boulevard and Breckenridge Lane. Taylorsville Boulevard carries approximately 32,000 vehicles per day. Breckenridge Lane carries approximately 37,000 vehicles per day. The location offers convenient access to Interstate 264, which carries approximately 166,000 vehicles per day, and Interstate 64, which carries approximately 128,000 vehicles per day. The property anchors a dense retail corridor that includes Kroger, TJ Maxx, HomeGoods, Starbucks, McDonald’s, Walgreens, CVS, Dollar Tree, and Goodwill. Nearby Hikes Point Plaza and McMahan Plaza add further national retail draw. Norton Children’s Medical Group and Advanced ENT & Allergy generate consistent daily traffic to the immediate trade area. The population within five miles of the property exceeds 249,000 residents. The average household income within five miles is approximately $106,000. The population within three miles is approximately 102,000 residents, with an average household income of approximately $98,000.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a private investor. The buyer was a Midwest-based investor. The transaction priced at a cap rate inside the retail net lease sector average of 6.60% for the second quarter of 2026 according to The Boulder Group’s Net Lease Research Report, reflecting the strength of the investment-grade tenant and the ground lease structure.
The property is secured by a triple net ground lease. The lease expires on January 29, 2034, leaving approximately seven years of remaining term. The lease includes two 10-year renewal options. Rent escalates every five years based on CPI with no cap, throughout both the primary term and the renewal options. As a ground lease structured on a triple net basis, the lease carries zero landlord responsibilities. Deposits at this Chase Bank branch surpassed $119,000,000 in 2025.
