Skip to main content

Bank

Citizens Bank

850 Penn Ave, Turtle Creek, PA 15145

Listing Price: $1,714,000

Cap Rate
7.00%
Tenant Name
Citizens Bank
Years Remaining On Lease
6.1
Gross SF
5,433
Guarantor
No Guarantee
Rentable SF
5,433
Price/Gross SF
$315.48
Lease Type
Absolute Net
Rent Per Square Feet
$22.09

Investment Overview

Marcus & Millichap is Pleased to Present for Sale Citizens Bank Absolute Triple-Net Lease with Over Six Years Remaining in Suburban Pittsburgh, Pennsylvania. Lessee Entity Citizens Bank, N.A. Carries S&P "A-" High Investment-Grade Credit Rating with Stable Outlook. Located Along Penn Ave, Just 500 Feet off of the Tri-Boro Expressway (Major East-West Arterial) with 10,670 Vehicles per Day.

Investment Highlights

  • Citizens Bank Absolute Triple-Net Lease with Over Six Years Remaining in Suburban Pittsburgh, Pennsylvania
  • Citizens Just Executed Five Year Extension thru July 2030, Demonstrating Continued Commitment to the Site
  • Strong Deposits of $95 Million; Over 15 Perent Year-Over-Year Deposit Growth and Over 34 Percent Deposit Growth Over the Past Five Years
  • Absolute Triple-Net Lease - Zero Landlord Responsibilities
  • 1.0 - 2.5 Perent Annual Increases in Options (Based on CPI)
  • Citizens Bank has 17 to 316 Percent Greater Deposits in the Pittsburgh MSA than the #3 thru #7 Market Share Banks Having 37-75 Branches In-Market Each, Including First National Bank of Pennsylvania (locally HQ'd), Dollar Bank, Huntington Bank, KeyBank, and First Commonwealth Bank
  • 5,433-Square-Foot Brick Building with Ample Parking; Dual Drive-thru Teller Lanes as well as Drive-Thru ATM and Walk-Up ATM
  • Dense Infill Demographics with 10,000 in One Mile, 63,000 in Three Miles, and 200,000 in Five Miles Population Counts

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s) PA: RMR006104

    Pennsylvania

Financing By

Listing Price: $1,714,000

Cap Rate
7.00%
Tenant Name
Citizens Bank
Years Remaining On Lease
6.1
Gross SF
5,433
Guarantor
No Guarantee
Rentable SF
5,433
Price/Gross SF
$315.48
Lease Type
Absolute Net
Rent Per Square Feet
$22.09

Investment Highlights

  • Citizens Bank Absolute Triple-Net Lease with Over Six Years Remaining in Suburban Pittsburgh, Pennsylvania
  • Citizens Just Executed Five Year Extension thru July 2030, Demonstrating Continued Commitment to the Site
  • Strong Deposits of $95 Million; Over 15 Perent Year-Over-Year Deposit Growth and Over 34 Percent Deposit Growth Over the Past Five Years
  • Absolute Triple-Net Lease - Zero Landlord Responsibilities
  • 1.0 - 2.5 Perent Annual Increases in Options (Based on CPI)
  • Citizens Bank has 17 to 316 Percent Greater Deposits in the Pittsburgh MSA than the #3 thru #7 Market Share Banks Having 37-75 Branches In-Market Each, Including First National Bank of Pennsylvania (locally HQ'd), Dollar Bank, Huntington Bank, KeyBank, and First Commonwealth Bank
  • 5,433-Square-Foot Brick Building with Ample Parking; Dual Drive-thru Teller Lanes as well as Drive-Thru ATM and Walk-Up ATM
  • Dense Infill Demographics with 10,000 in One Mile, 63,000 in Three Miles, and 200,000 in Five Miles Population Counts

Investment Overview

Marcus & Millichap is Pleased to Present for Sale Citizens Bank Absolute Triple-Net Lease with Over Six Years Remaining in Suburban Pittsburgh, Pennsylvania. Lessee Entity Citizens Bank, N.A. Carries S&P "A-" High Investment-Grade Credit Rating with Stable Outlook. Located Along Penn Ave, Just 500 Feet off of the Tri-Boro Expressway (Major East-West Arterial) with 10,670 Vehicles per Day.

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s): PA: RMR006104

    Pennsylvania

Financing By

MM Texture Background
MM Textured Background Lower