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Citizens Bank

7205 North Wayne Road, Westland, MI 48185

$1,660,000

Cap Rate 6.02%

Views: 123 DOM: 397 Updated: 10.31.24 Posted: 10.21.23 Status: Active

Summary

Price $1,660,000
Built/Renov 1965
Tenant Citizens Bank
Cap Rate 6.02%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,007
Lease Start 06-29-2020
#Units 1,100
Price/SF $552.05
Expiration 06-30-2026
Tenant Type Bank/Financial
NOI $100,000
R. Term 1.7
Ownership Fee Simple
Rent/SF $33.26
Increases 2.0%/1/yrs
Pop 5Mi 284,027
Lot/AC 1.10
Options 3/5yrs/2%
AHHI 5Mi $77,130

Max Lippitt
Landmark
Contact

Lease Highlights

  • Citizens Bank has been operating in this location since 2006
  • Tenant has 1 year remaining on the current lease term with 3 (5-year) options to extend
  • Lease features 2% annual rental increases
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee by Citizens Financial Group (NYSE: CFG)

Location Description

Citizens Bank is strategically situated at the signalized, hard corner intersection of N. Wayne Rd. and Warren Rd., which has a daily traffic count of 56,638 vehicles. This location offers convenient access from both roads and is directly accessible through the Westland Mall parking lot. Situated in the heart of Westland's bustling retail district, surrounded by nationally...

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Key Features

  • Signalized intersection

  • In location for years

  • High traffic 50M+ VPD

  • Shopping Ctr out-parcel

  • Top 100 MSA

  • Strong demographics

  • Absolute NNN

  • Annual rent increases

  • Traded and rated company

  • Investment grade tenant

    • ...

Links

Citizens Bank Wikipedia Citizens Bank Wikipedia Westland, Michigan Zip Code 48185 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 : 15,876 100,326 276,043
2023 Total Population : 15,954 101,968 281,281
2023 Employed Civilian Pop : 7,459 51,551 142,078
2023 Total Businesses : 438 3,154 8,956
2023 Average Household Income : $ 60,431 $ 83,750 $ 92,418
2023 Total Consumer Spending : $ 460 M $ 3366 M $ 9470 M
2023 Median Age : 40 42 42
2023 Total Households : 8,629 46,059 117,879
2023 Pop Age 25+: Bachelor's Degree : 1,730 13,807 43,587
2023 Average Home Value : $ 180,580 $ 195,045 $ 219,359
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Warren Road N Wildwood St 2022 27,742 0.04 mi
N Wayne Rd Hambleton St 2021 27,714 0.04 mi
N Wayne Rd Webster St 2003 33,310 0.08 mi
N Wayne Rd Warren Rd 2012 25,226 0.13 mi
Warren Rd Nankin Blvd 2010 23,310 0.34 mi
N Wayne Rd Nankin Blvd 2012 25,226 0.36 mi
Warren Rd Hawthorn St 2002 31,736 0.41 mi
N Wayne Rd Westland Estates Dr 2003 33,310 0.44 mi
WARREN RD Mohawk St 2020 21,251 0.53 mi
Warren Road Mohawk St 2022 22,354 0.53 mi

Listing Broker

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