- 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
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.