Listing Contacts
David Laiter
License: PA RS335869
Asking Price
$525,000
Address
4708 Frankford Ave
Philadelphia, PA
Property Details
Asking Price
$525,000
Property Type
Retail
Sub Type
Free Standing Bank Building
Lease Type
Absolute NNN
Tenancy
Single
Lease Expiration
11/30/2021
Remaining Term
1.4 years
Square Footage
4,200
Price/Sq Ft
$125
Cap Rate
6.70%
Occupancy
100%
Parking (spaces)
14
Lease Options
One (1) Ten-year option remaining
Property Description
Equity Retail Brokers is pleased to offer qualified investors the opportunity to acquire a Citizens Bank branch in the Frankford neighborhood of Philadelphia. The Frankford neighborhood is located in Northeast Philadelphia, about 6 miles from Downtown Philadelphia. The subject property sits directly across the street from Septa’s Arrott Transportation Center, which allows for direct services to 7 different Septa Bus lines, as well as the Market-Frankford Elevated Railway. These bus and train lines provide over 213,000 average riders a day in addition to the 16,739 ADT.

Citizens Bank has an operating history of over 45 years at this location, on an absolute NNN lease, leaving the landlord with absolutely no financial responsibilities related to the property. With about 1.5 years remaining on the current term, there is one (1) additional 10-year option remaining. The lease is backed by a corporate guarantee from Citizens Financial Group, a publicly traded company headquartered in Providence, RI with an S&P 500 credit rating of A- and a Moody’s rating of Baa1 (NYSE - CFG).

Property Highlights
  • Price: $525,000
  • Building Size: 4,200 SF
  • Price/SF: $125.00
  • Property Type: Retail
  • Property Sub-type: Free Standing Bank Building
  • Term Remaining: 1.50 Years Remaining
  • Options: One (1) Ten-year option remaining
  • Cap Rate: 6.70%
  • Occupancy: 100%
  • Tenancy: Single
  • 2019 Deposits: $22,259,000