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Citizens Bank
Absolute NNN | 6.00% CAP | 3,007 SF
Listing Contacts
License: MI 6501395927
License: MI 6501335264
Active
Asking Price: $1,660,000
Address
7205 N Wayne Rd, Westland, MI 48185
Show on MapDate Added
Jun 13, 2023
Days on Market
641 days
Time Since Last Update
61 days
Details
Property TypeRetail
SubtypeBank
Lease TypeAbsolute NNN
Tenant CreditCredit Rated
TenancySingle
Brand/TenantCitizens Bank
Lease Commencement07/01/2020
Lease Expiration06/30/2026
Remaining Term1.3 years
Square Footage3,007
Cap Rate6.00%
Occupancy100%
NOI$100,000
Year Built1965
ZoningCB-2
Lot Size (acres)1.1
Lease OptionsThree (3), Five (5) Year Options
Marketing Description
- ABSOLUTE NNN LEASE:
Zero landlord responsibilities, Tenant responsible for all building repairs and replacements. - CREDIT TENANT:
Citizens Bank (NYSE: CFG) is one of the region’s largest financial institutions with over 1,100 bank branches and 17,500 employees. Citizens currently has over $151 Billion in deposits and an A-2 S&P Credit Rating. - REGIONAL TRADE AREA:
Subject property sits in the heart of Westland’s retail corridor surrounded by national tenants such as Lowe’s, Meijer, Target, Best Buy, Kohl’s, Ashley, Harbor Freight, Burlington, Five Below, etc. - LONG-STANDING TENANT:
Citizens Bank has been at this location since 2006 and recently signed a new lease renewal in May of 2020. - EXCELLENT ACCESS POINTS:
There are two access points into the property off Warren Road, one access off Wayne Road and one access through Westland Mall parking lot.
Valuation Calculator
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$100,000.00
$8,333.33/mo
Valuation Metrics
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0
DSCR
6.02%
Cap Rate
6.02%
ROI
Property History
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Due Diligence
Listing Contacts
- License: MI 6501395927
- License: MI 6501335264
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