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Views: 125 DOM: 360 Updated: 07.26.24 Posted: 11.21.23 Status: Active

Summary

Price $4,071,450
Built/Renov 1981
Tenant Citibank (GL)
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,536
Lease Start 10-01-1981
#Units 4,600
Price/SF $1,151.43
Expiration 09-30-2027
Tenant Type Bank/Financial
NOI $285,000
R. Term 2.10
Ownership Ground Lease
Rent/SF $80.60
Increases 0.0%/4/yrs
Pop 5Mi 289,167
Lot/AC 0.68
Options 1/5yrs
AHHI 5Mi $187,004

Lease Highlights

  • Citibank has been operating in this location for over 40 years
  • Tenant has 3+ years remaining on the current ground lease with 1 (5-year) option to extend
  • Lease features FMV rental increase at the start of the option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease | Investment grade tenant

Location Description

Citibank is strategically positioned along the highly trafficked New York State Route 106 (N Broadway) that sees 53,000+ vehicles passing by daily. Additionally, it is less than one mile south from the on/off ramps for Northern State Parkway (95,800+ VPD) and Long Island Expressway/I-495 (187,800+ VPD). The property benefits from being less than one mile from Broadway Commons, a super-regional...

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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: BBB+
  • Moody’s: A3
  • 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 : 18,655 135,623 287,166
2023 Total Population : 18,794 137,191 289,362
2023 Employed Civilian Pop : 9,680 71,282 149,940
2023 Total Businesses : 1,393 6,975 14,424
2023 Average Household Income : $ 165,596 $ 186,227 $ 186,996
2023 Total Consumer Spending : $ 803 M $ 6454 M $ 14359 M
2023 Median Age : 43 43 44
2023 Total Households : 5,832 41,686 92,335
2023 Pop Age 25+: Bachelor's Degree : 4,086 29,149 60,224
2023 Average Home Value : $ 693,643 $ 676,844 $ 697,806
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Bethpage Rd Willet Ave 2016 10,651 0.07 mi
North Broadway Hicksville Jericho Rd 2021 54,358 0.08 mi
Bethpage Road Twinlawns Ave 2021 9,663 0.09 mi
Hicksville Jericho Rd Nevada St 2008 58,051 0.09 mi
Bethpage Rd 2021 508 0.20 mi
Willet Ave 2021 294 0.26 mi
Nevada Street Oxford Pl 2021 2,347 0.27 mi
Mabel St 2021 350 0.27 mi
Nevada St 2021 141 0.27 mi
Nevada Street Savoy Pl 2018 2,328 0.32 mi

Listing Broker

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