Citizens Bank

554 Bloomfield Avenue, Montclair, NJ 07042

$2,095,000

Cap Rate 5.25%

Views: 78 DOM: 229 Updated: 07.26.24 Posted: 01.31.24 Status: Contract 04.23.24

Summary

Price $2,095,000	Built/Renov 1925/2020	Tenant Citizens Bank
Cap Rate 5.25%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,925	Lease Start 08-01-2020	#Units 1,100
Price/SF $716.24	Expiration 07-31-2030	Tenant Type Bank/Financial
NOI $110,000	R. Term 5.10	Ownership Fee Simple
Rent/SF $37.61	Increases 10.0%/1/yrs	Pop 5Mi 574,033
Lot/AC 0.06	Options 2/5yrs/10%	AHHI 5Mi $118,441

Alan Cafiero

Marcus & Millichap

Contact

Lease Highlights

Citizens Bank has 6+ years remaining on the current lease term with 2 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and each option period
Favorable NN+ lease with landlord responsible for roof & structure | 25-year roof warranty included
$101M+ deposits at this branch
Corporate guarantee | Investment grade tenant

Location Description

Citizens Bank is strategically located on Bloomfield Avenue, with access to 24,349 vehicles passing by daily. It is conveniently located near the signalized, hard corner intersection of Park Street, which sees 5,992 vehicles per day. The property is directly in front of a construction site for a 4-story apartment building with 74 units, and Valley & Bloom Apartments are adjacent to the...

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Key Features

Recent renovation
Roof guarantee
Dense retail corridor
Near major nationals
Strategically located
Top 100 MSA
Strong demographics
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Citizens Bank Wikipedia Citizens Bank Wikipedia Montclair, New Jersey Zip Code 07042 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Citizens Bank
Guarantor:Corp T and Rated
Company:Citizens Financial Group
# Units:1,100
Tenant S&P: A-
Moody’s: A3
Stock: NYSE: CFG

About Tenant

Citizens Bank, a subsidiary of Citizens Financial Group, Inc., is one of the nation’s oldest and largest financial institutions, with $222.2B in assets as of December 2023. Citizens offers a...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	22,243	194,923	594,741
2023 Total Population :	22,356	194,712	594,501
2023 Employed Civilian Pop :	12,835	104,504	298,224
2023 Total Businesses :	1,424	6,016	16,381
2023 Average Household Income :	$ 181,532	$ 157,319	$ 131,103
2023 Total Consumer Spending :	$ 1499 M	$ 10238 M	$ 25012 M
2023 Median Age :	40	41	39
2023 Total Households :	9,786	77,101	224,332
2023 Pop Age 25+: Bachelor's Degree :	5,737	42,431	102,777
2023 Average Home Value :	$ 746,069	$ 598,554	$ 560,212

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Bloomfield Avenue		2018	22,743	0.03 mi
Bloomfield Ave	Midland Ave	2013	28,125	0.07 mi
Orange Road	Hillside Ave	2019	2,989	0.16 mi
Orange Rd	Hillside Ave	2013	8,954	0.16 mi
Orange Road		2018	6,888	0.17 mi
Bloomfield Ave	Orange Rd	2013	26,331	0.20 mi
Glen Ridge Ave	Forest St	2001	1,310	0.20 mi
Glenridge Avenue	Forest St	2018	6,884	0.20 mi
Orange Road	Myrtle Ave	2017	6,794	0.23 mi
Bloomfield Ave	Seymour St	2001	20,070	0.24 mi

Listing Broker

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