Listed by Marcus & Millichap - Indianapolis
$1,046,215
Citizens Bank
Details
Property Type Retail
Sub Type Bank
Square Footage 2,288
Net Rentable (SqFt) 2,288
Units 1
Cap Rate 6.50%
NOI $68,004
Tenancy Single
Brand/Tenant Citizens Bank
Lease Type NNN
Lease Term 15
Lease Expiration 06/30/2032
Remaining Term 6
Rent Bumps Yes
Lease Options Two, 5-Year Options
Price per SqFt $457
Class A
Year Built 2006
Acreage 0.590
Zoning Commercial
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 06/14/2007
Ground Lease No
Sale Condition N/A
Retail | 6.50% CAP | 2,288 SqFt
Marketing description
- 6 Years Remaining on Corporately Guaranteed NNN Lease | Guaranteed by Citizens Financial Group (NYSE: CFG) with $8.24B in 2025 Revenue and $228B in Assets | S&P Rating is A-
- This Branch Has Been Operating at This Location for Over 20 Years | Investment-Grade Tenant | Citizens Bank Has Over $49 Million in Deposits
- Property Occupies a Prominent Corner Parcel with Frontage on Broadway Ave (SR 14) | ~Two Miles from I-480 with 165,042 VPD
- Tenant Pays Well Below Market Bank Rent ($29.72 per Square Foot) | Recent Early Lease Extension by Tenant
- Near National Retailers Such as Walgreens, AutoZone, Dollar General, Burger King and More | Adjacent to Bedford's Auto Mile with Dealerships for Mitsubishi, Acura, Mercedez-Benz, Subaru, Toyota, Kia, Nissan, Honda, Volkswagen, and Chrysler/Dodge/Jeep.
- Located in Bedford, a Bedroom Community for the Cleveland, OH Metro | Surrounded by Established, Dense Residential Neighborhoods | Excellent Demographics: Five-Mile Population is 164,362 and Five-Mile Daytime Population is 209,440
- The Cleveland, OH MSA is Home to ~2.1 Million Residents, Making it the Largest Metro in Ohio and One of the Largest 35 MSAs in the US | The Broader Greater Cleveland Region Has a Trade Area of 3.7 Million Residents and a $266 Billion Economy, Ranking as the 3rd-Largest Economic Region in the Midwest
Investment highlights
- 6 Years Remaining on Corporately Guaranteed NNN Lease | Guaranteed by Citizens Financial Group (NYSE: CFG) with $8.24B in 2025 Revenue and $228B in Assets | S&P Rating is A-
- This Branch Has Been Operating at This Location for Over 20 Years | Investment-Grade Tenant | Citizens Bank Has Over $49 Million in Deposits
- Property Occupies a Prominent Corner Parcel with Frontage on Broadway Ave (SR 14) | ~Two Miles from I-480 with 165,042 VPD
- Tenant Pays Well Below Market Bank Rent ($29.72 per Square Foot) | Recent Early Lease Extension by Tenant
- Near National Retailers Such as Walgreens, AutoZone, Dollar General, Burger King and More | Adjacent to Bedford's Auto Mile with Dealerships for Mitsubishi, Acura, Mercedez-Benz, Subaru, Toyota, Kia, Nissan, Honda, Volkswagen, and Chrysler/Dodge/Jeep.
- Located in Bedford, a Bedroom Community for the Cleveland, OH Metro | Surrounded by Established, Dense Residential Neighborhoods | Excellent Demographics: Five-Mile Population is 164,362 and Five-Mile Daytime Population is 209,440
- The Cleveland, OH MSA is Home to ~2.1 Million Residents, Making it the Largest Metro in Ohio and One of the Largest 35 MSAs in the US | The Broader Greater Cleveland Region Has a Trade Area of 3.7 Million Residents and a $266 Billion Economy, Ranking as the 3rd-Largest Economic Region in the Midwest
Listing Contacts
Listed by Marcus & Millichap - Indianapolis
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$68,004.00
$5,667.00/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
Map
Zoning
B-2A CommercialSpecial CommercialAutomotive Business District
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