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Bank

CitiBank

586 Connecticut Ave, Norwalk, CT 06854

Listing Price: $5,231,363

Cap Rate
5.50%
Tenant Name
CitiBank
Years Remaining On Lease
4.2
Gross SF
6,770
Guarantor
Corporate Guarantee
Rentable SF
6,770
Price/Gross SF
$772.73
Lease Type
Double Net
Rent Per Square Feet
$42.50

Investment Overview

About The Location: • Primary Retail Thoroughfare | Surrounded by National Tenants such as Walmart, Costco, Home Depot, Chick-Fil-A, Burger King, Starbucks, Sherwin Williams, PetSmart, Wendy’s, ShopRite and Stop & Shop • Signalized Intersection l Located on the corner of Connecticut Ave and Keeler Ave – this location sees 28,500+ vehicles per day; Citibank is less than one-mile off Exit 13 (Post Rd) of I-95 – the most traveled interstate in the Northeast • Excellent Upper-Middle Class Demographics | Located in the heart of Fairfield County with 164.5K Residents within a 5-mile radius with an Average Household Income of $135K+ • One Acre Parcel Size | The Subject Property sits on a (1+) Acre Parcel at a signalized intersection providing for numerous redevelopment options in the future if necessary • Centrally Located l Approximately 35 Miles from New Haven and 50 Miles from New York City About The Tenant/Brand: • Chain Overview | Citibank has over 2,600 locations in 19 counties, including 720+ branches in the United States • Firm Status | Citibank is the consumer division of financial services multi-national Citigroup; Citigroup (NYSE: C) is a publicly traded firm with an S&P Credit Rating of (A+) • Company Growth | Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the US • Diverse Business Verticals | Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transactions services, and wealth management

Investment Highlights

  • Corporate Lease with (4.5+) Years Remaining on Term and having (26+) Years of Operating History
  • Double Net (NN) Lease Structure with Limited Landlord Responsibilities
  • Attractive Rental Increases of 2% Annually and in Option Periods
  • Subject Bank Branch is the Number (1) performing location in the state of CT based on Foot Traffic
  • Citibank has seen increasing deposits Year over Year (44% Increase to $315M from 2019-2020)

Exclusively Listed By

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    (203) 672-3300

    License(s) CT: REB.0752012

    Connecticut

Listing Price: $5,231,363

Cap Rate
5.50%
Tenant Name
CitiBank
Years Remaining On Lease
4.2
Gross SF
6,770
Guarantor
Corporate Guarantee
Rentable SF
6,770
Price/Gross SF
$772.73
Lease Type
Double Net
Rent Per Square Feet
$42.50

Investment Highlights

  • Corporate Lease with (4.5+) Years Remaining on Term and having (26+) Years of Operating History
  • Double Net (NN) Lease Structure with Limited Landlord Responsibilities
  • Attractive Rental Increases of 2% Annually and in Option Periods
  • Subject Bank Branch is the Number (1) performing location in the state of CT based on Foot Traffic
  • Citibank has seen increasing deposits Year over Year (44% Increase to $315M from 2019-2020)

Investment Overview

About The Location: • Primary Retail Thoroughfare | Surrounded by National Tenants such as Walmart, Costco, Home Depot, Chick-Fil-A, Burger King, Starbucks, Sherwin Williams, PetSmart, Wendy’s, ShopRite and Stop & Shop • Signalized Intersection l Located on the corner of Connecticut Ave and Keeler Ave – this location sees 28,500+ vehicles per day; Citibank is less than one-mile off Exit 13 (Post Rd) of I-95 – the most traveled interstate in the Northeast • Excellent Upper-Middle Class Demographics | Located in the heart of Fairfield County with 164.5K Residents within a 5-mile radius with an Average Household Income of $135K+ • One Acre Parcel Size | The Subject Property sits on a (1+) Acre Parcel at a signalized intersection providing for numerous redevelopment options in the future if necessary • Centrally Located l Approximately 35 Miles from New Haven and 50 Miles from New York City About The Tenant/Brand: • Chain Overview | Citibank has over 2,600 locations in 19 counties, including 720+ branches in the United States • Firm Status | Citibank is the consumer division of financial services multi-national Citigroup; Citigroup (NYSE: C) is a publicly traded firm with an S&P Credit Rating of (A+) • Company Growth | Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the US • Diverse Business Verticals | Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transactions services, and wealth management

Exclusively Listed By

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    (203) 672-3300

    License(s): CT: REB.0752012

    Connecticut

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