Citizens Bank
PRICE
CAP RATE
SQUARE FOOTAGE
LEASE TERM

CONTACT US REGARDING THIS LISTING

Douglas Passon

Managing Partner

Robert Bender

Managing Partner

DOWNLOAD LINKS

Download Property Information

PROPERTY ADDRESS

21800 Greater Mack Ave., St. Clair Shores, MI 48080

PROPERTY INFORMATION

Price:
$1,785,700
Cap Rate:
7.0%
Term Remaining:
6 Years
Year Built:
1980
Status:
Available

INVESTMENT HIGHLIGHTS

  • Absolute NNN Lease Just Renewed By Tenant
  • Incredibly Strong Customer Deposits in Excess of $115M
  • Deposits Increased from $85M to $115M Last Year
  • Long Term Operating History at This Location
  • Investment Grade Tenant - Citizens Bank, N.A.
  • Extremely Rare Lot Size Ensures Very Long Term Residual Value
  • Rent Just Reduced by 30% and is Now Below Fair Market Rates
  • #1 Citizens Bank (By Deposits) In Macomb County - #1 of 23
  • Citizens Bank Averages $51M in Deposits In Macomb County

INVESTMENT SUMMARY

Fortis Net Lease is pleased to present a Citizens Bank located at 21800 Greater Mack Avenue in St. Clair Shores, MI. This absolute NNN lease has no landlord responsibilities and was recently extended until July 31, 2023. The lease features 2.50 percent rent increases (except during the initial extension year) to hedge against inflation. The bank has very strong deposits of $85.4 million and has a long term operating history at this location.

This investment property is surrounded by many national retailers such as : LA Fitness, Kroger, ACE Hardware, Walgreens, CVS, Buffalo Wild Wings, McDonalds and Kmart. The area is densely populated with 274,000+ residents within 5 miles. The median home value within one mile exceeds $98,000 and the average household income exceeds $73,000. This is an ideal opportunity for an investor to purchase a passive income real estate asset with absolutely zero management responsibilities.