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Citizens Bank

4 Cocasset Street, Foxborough, MA 02035

$2,500,000

Cap Rate 6.70%

Views: 172 DOM: 215 Updated: 10.25.24 Posted: 04.20.24 Status: Active

Summary

Price $2,500,000
Built/Renov 2000/2023
Tenant Citizens Bank
Cap Rate 6.70%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 3,600
Lease Start 05-01-2023
#Units 1,100
Price/SF $694.44
Expiration 04-30-2033
Tenant Type Bank/Financial
NOI $167,500
R. Term 8.5
Ownership Fee Simple
Rent/SF $46.53
Increases 10.0%/9/yrs
Pop 5Mi 71,073
Lot/AC 0.55
Options 3/5yrs/10%
AHHI 5Mi $182,406

Bob Horvath
Horvath & Tremblay: MA
Contact

Todd Tremblay
Horvath & Tremblay: MA
Contact

Lease Highlights

  • Citizen’s Bank has 8+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 10% rental increases throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • The Citizens Bank branch has total deposits in excess of $76.4 million (on 06/30/2023)
  • Corporate guarantee | Investment grade tenant

Location Description

Citizens Bank is strategically located at the signalized, hard corner intersection of Cocasset Street and Mechanic Street, with access to a combined daily traffic count of 23,300 vehicles. The property is conveniently located 2.3 miles from Interstate 95 and 2.8 miles from Gillette Stadium, home to the NFL’s renowned New England Patriots and Patriot Place. Additionally, it provides easy access...

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Key Features

  • Signalized intersection

  • Recent renovation

  • Near major nationals

  • Strategically located

  • Top 100 MSA

  • Affluent AHHI $100K 5 Mi

  • Favorable NN+ lease

  • Traded and rated company

  • Corporate Guarantee

  • Investment grade tenant

    • ...

Links

Citizens Bank Wikipedia Citizens Financial Group Wikipedia Foxboro, Massachusetts Zip Code 02035 Broker Site Page

Documents

Download OM

Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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 : 6,778 28,253 72,093
2023 Total Population : 6,740 27,752 71,172
2023 Employed Civilian Pop : 3,613 14,741 37,407
2023 Total Businesses : 353 1,352 2,788
2023 Average Household Income : $ 113,542 $ 149,786 $ 167,876
2023 Total Consumer Spending : $ 296 M $ 1384 M $ 3692 M
2023 Median Age : 42 43 42
2023 Total Households : 3,068 10,979 26,255
2023 Pop Age 25+: Bachelor's Degree : 1,483 6,377 17,047
2023 Average Home Value : $ 738,028 $ 650,531 $ 631,553
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Bird St Baker St 2000 1,700 0.07 mi
Mechanic St Railroad Ave 2000 11,200 0.14 mi
Railroad Ave Bird St 2000 1,900 0.15 mi
Cocasset St PkAve 2000 6,300 0.24 mi
Mechanic St Maple Ave 2000 9,000 0.26 mi
Leonard St Leonard Pl 2001 1,800 0.51 mi
Chestnut St Baker St 2000 5,100 0.70 mi
Chestnut St Baker St 2000 3,700 0.74 mi
Central Street Commerical St 2022 6,921 0.85 mi
CENTRAL STREET Commerical St 2020 6,186 0.85 mi

Listing Broker

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