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Views: 6 DOM: 5 Updated: 09.13.24 Posted: 09.13.24 Status: Active

Summary

Price $2,071,429
Built/Renov 1980
Tenant Citizens Bank
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 6,375
Lease Start 08-01-2023
#Units 1,100
Price/SF $324.93
Expiration 07-31-2028
Tenant Type Bank/Financial
NOI $145,000
R. Term 3.10
Ownership Fee Simple
Rent/SF $22.75
Increases 2.5%/1/yrs
Pop 5Mi 269,104
Lot/AC 1.56
Options 2/5yrs/2.5%
AHHI 5Mi $76,232

Lease Highlights

  • Citizens Bank has 3+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 2.5% annual rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Citizens Bank is strategically located on Greater Mack Avenue, benefiting from proximity to prominent national tenants such as CVS Pharmacy, Target, Walmart, Kroger, Meijer, and more. Key educational institutions within a 3-mile radius include Lakeview High School, South Lake High School, and Grosse Pointe North High School. The 5-mile trade area serves a population of 269,104 residents, with...

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Maps

  • 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 broad...


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Listing Broker

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