Citizens Bank

6537 Castor Avenue, Philadelphia, PA 19149

$2,246,153

Cap Rate 6.50%

Views: 51 DOM: 92 Updated: 11.11.24 Posted: 09.21.24 Status: Active

Summary

Price $2,246,153	Built/Renov 1972	Tenant Citizens Bank
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 3,507	Lease Start 06-14-2007	#Units 1,100
Price/SF $640.48	Expiration 06-30-2030	Tenant Type Bank/Financial
NOI $146,000	R. Term 5.6	Ownership Fee Simple
Rent/SF $41.63	Increases 2.5%/1/yrs	Pop 5Mi 704,230
Lot/AC 0.19	Options 2/5yrs	AHHI 5Mi $77,637

Lease Highlights

Citizens Bank has been operating in this location since 2007
The tenant has 5+ 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, FMV at the start of each option period
Deposits in excess of $108MM, One (1) of only Four (4) Bank Branches in Northeast Philadelphia with deposits over $100MM
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Citizens Bank is strategically located at the hard corner intersection of Castor Avenue and Everett Avenue, with access to a combined daily traffic count of 16,390 vehicles. This property is situated in a highly commercialized area, surrounded by prominent national retailers such as Walgreens, AutoZone, Rite Aid, Target, Burlington, and more. Additionally, it is in close proximity to key...

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Key Features

Hard corner intersection
In location for years
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Absolute NNN
Annual rent increases
Traded and rated company
Investment grade tenant

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Links

Citizens Bank Wikipedia Citizens Bank Wikipedia Philadelphia, Pennsylvania Zip Code 19149 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 broad...

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Listing Broker

Bart Tantillo

Sands Investment Group

Contact

2 Listings
105 Views
0 Sold

Max Freedman

Sands Investment Group

Contact

60 Listings
5147 Views
8 Sold

Bart Tantillo

Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of investment properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 4,100 plus transactions worth more than $8 Billion in 48 states. Advisors with the company currently have over $1.4 billion in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experi

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Max Freedman

Max Freedman is a recognized industry leader focused on the Restaurant/C-Store real estate, heads the Austin office and the SIG Restaurant Group. Max is a founding partner and opened the first SIG office in Santa Monica, CA in 2009, with Chris Sands. He has excelled in building the company’s team culture and strategies you see today. Max has a strong team mentality and has had an integral part in recruiting several agents to Sands Investment Group. SIG’s restaurant group consists of nine agen

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Paul Messina

Sands Investment Group

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4 Listings
233 Views
1 Sold

Tom Gorman

Sands Investment Group

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16 Listings
1163 Views
1 Sold

Paul Messina

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Tom Gorman

I am a Managing Director with over 15 years of experience in real estate investing and advising. Excellent in leading high-performing brokerage teams, executing complex real estate transactions, and driving significant portfolio growth for clients. Skilled in strategic planning, market analysis, mentoring and coaching, and business development strategy. Knowledgeable in tax efficient commercial real estate investment strategies as well as effective acquisition and disposition of properties. Suc

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