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Views: 170 DOM: 170 Updated: 10.10.24 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 4.6
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 increases 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

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
2029 Total Population : 11,378 88,328 205,989
2024 Total Population : 11,662 90,253 210,605
2024 Employed Civilian Pop : 6,107 48,328 114,795
2024 Total Businesses : 107 2,176 7,651
2024 Average Household Income : $ 87,408 $ 92,489 $ 92,915
2024 Total Consumer Spending : $ 412 M $ 3262 M $ 7634 M
2024 Median Age : 46 45 43
2024 Total Households : 5,340 40,139 93,244
2024 Pop Age 25+: Bachelor's Degree : 1,390 14,114 31,536
2024 Average Home Value : $ 200,420 $ 221,475 $ 222,448
*ESRI data is presented for informational purposes only

Listing Broker

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