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Views: 84 DOM: 77 Updated: 08.27.24 Posted: 07.04.24 Status: Active

Summary

Price $1,449,000
Built/Renov 1971
Tenant Citizens Bank
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,238
Lease Start 06-14-2007
#Units 1,100
Price/SF $447.50
Expiration 06-30-2029
Tenant Type Bank/Financial
NOI $94,138
R. Term 4.9
Ownership Fee Simple
Rent/SF $29.07
Increases 10.0%/5/yrs
Pop 5Mi 213,448
Lot/AC 1.89
Options 2/5yrs/10%
AHHI 5Mi $86,243

Lease Highlights

  • Citizens Bank has 4+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • This Citizens bank branch has operated for over 50 years and boasts an impressive deposit base in excess of $147 million as of June 30, 2023
  • Corporate guarantee | Investment grade tenant

Location Description

Citizens Bank is strategically located on York Road, with access to 13,362 vehicles passing by daily. The property is situated adjacent to Cuyahoga Community College’s 236-acre Western Campus, which has an enrollment of 12,000 students each year. The site is just feet from Family Dollar, Sunoco, Conrad’s Tire Express & Total Car Care, Blue Falls Car Wash, Shell, Marsella’s Pizza, and Southside...

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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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