NNN Citizens Bank - Recent 7 Year Renewal | High Deposit Location
For sale to qualified investors is the fee-simple interest in a recent long- term extension, freestanding Citizens Bank with double drive-thru in Mentor, Ohio. Citizens Bank has been a tenant at this location since 2006 and recently showed their commitment to this location by extending their lease for 7 additional years. According to the Federal Deposit Insurance Corporation (FDIC), this Citizens Bank location has annual deposits over $405 million, resulting in the largest branch office in Mentor and Lake County by a wide margin. This investment is being offered at an attractive 6% cap rate with a corresponding price of $1,816,667. The passive nature of this lease combined with the corporate guaranty make this an ideal 1031 replacement property or acquisition for an investor desiring a passive real estate investment.There are approximately 43,595 people within a three mile radius, with average incomes of $87,297. A few of the nearby retailers include Walmart, McDonald’s, Dairy Queen, CVS, Applebee’s Grill, Chipotle, Panda Express, T-Mobile, Huntington Bank, Bob Evans, Staples, Starbucks, Walgreens, Taco Bell, Kohl’s, Chick-fil-A, Lowe’s Home Improvements, Arby’s, Target, Goodwill, Bed Bath & Beyond, Grea tLakes Mall and many more.