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Views: 59 DOM: 92 Updated: 08.12.24 Posted: 06.16.24 Status: Active 06.16.24

Summary

Price $7,143,000
Built/Renov 1981/2006
Tenant Citibank
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 7,200
Lease Start 06-01-2006
#Units 4,600
Price/SF $992.08
Expiration 12-31-2033
Tenant Type Bank/Financial
NOI $500,000
R. Term 9.3
Ownership Fee Simple
Rent/SF $69.44
Increases 10.0%/5/yrs
Pop 5Mi 605,877
Lot/AC 0.60
Options 2/5yrs/10%
AHHI 5Mi $142,229

Lease Highlights

  • Citibank has a 17+ year operating history at this location
  • Tenant has 9+ years remaining on the current lease term with 2 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and each option period
  • Absolute NNN lease with zero landlord responsibilities
  • Corporate guarantee by Citigroup (NYSE: C)
  • Citibank is an investment grade tenant (S&P: A+)

Location Description

Citibank is strategically located at the signalized, hard corner intersection of South Western Avenue and West 95th Street which sees 63,957 vehicles per day. And minutes from Interstates 94 and 55 with a combined 406,849 vehicles passing per day. The property is situated directly across from Evergreen Plaza, an open-air shopping center featuring premium national and regional retailers,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Citibank
  • Guarantor:Corp T and Rated
  • Company:Citigroup
  • # Units:4,600
  • Tenant S&P: A+
  • Moody’s: Aa3
  • Stock: NYSE: C

About Tenant

Citibank, N.A. is the primary banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York. Despite a merger with First National...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 16,573 211,905 586,988
2023 Total Population : 17,083 217,389 600,686
2023 Employed Civilian Pop : 8,272 96,834 250,517
2023 Total Businesses : 637 4,243 11,345
2023 Average Household Income : $ 137,563 $ 91,378 $ 77,066
2023 Total Consumer Spending : $ 718 M $ 6471 M $ 14935 M
2023 Median Age : 42 41 38
2023 Total Households : 6,221 82,342 223,759
2023 Pop Age 25+: Bachelor's Degree : 3,483 27,544 60,748
2023 Average Home Value : $ 354,657 $ 261,648 $ 242,429
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Western Ave W 94th St 2014 31,400 0.04 mi
W 94th St S Oakley Ave 2014 1,325 0.14 mi
South Leavitt Street W 96th St 2018 1,100 0.27 mi
US 12;US 20 2021 28,300 0.28 mi
S Western Ave Alley 2014 28,600 0.33 mi
South Leavitt Street W 93rd St 2018 400 0.33 mi
US 12;US 20 2021 24,000 0.48 mi
Western Ave 2021 29,000 0.48 mi
91st St S Western Ave 2018 3,800 0.50 mi
W 96th St S Damen Ave 2014 1,900 0.52 mi

Listing Broker

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