Investment Overview

Marcus & Millichap is pleased to exclusively present 3494 Delaware Ave, located in Buffalo, New York.? The Subject Property consists of 4,500 SF and currently operates as a Citizens Bank with an absolute NNN lease.? Citizens Bank recently signed the 7-year lease term, with 5% increases every three years and renewal options offering four (4) three (3) year terms.? Citizens Bank, one of the largest banks on the East Coast, backs the lease with a corporate guarantee, with an S&P A- credit rating.? Citizens Bank is the 13th largest retail bank in the United States.? From 2020 to 2021 Citizens Financial Group has seen a 5% increase in deposits at Citizen Banks.? The Subject Property’s location, which has been open since 2005 and backed by FDIC, has seen a 33% growth in deposits from 2020 ($76,240,000) to 2021 ($101,591,000).? The property is located on Delaware Ave, which sees approximately 22,150 VPD, and is just off a central retail corridor, Sheridan Dr, which sees 27,936 VPD.? Buffalo is the second-largest city in New York and has seen a population growth of 6.5% from 2010 to 2020.? The Subject Property is located within the heavily populated northern suburbs of the city, with over 140,000 Residents within a 3-mile radius.?