550 Hunts Point Ave
Bronx, NY 10474
Citibank · Retail Property For Sale

Stan Johnson Company is pleased to offer for sale to qualified investors the opportunity to acquire 550 Hunts Point Avenue - a corporate-guaranteed Citibank branch located in New York City in Bronx County. This Citibank branch has an NOI of $81,934 and a 15-year absolute NNN lease, with approximately 4+ years remaining on the original lease and zero landlord obligations. The lease calls for annual rent increases on May 1 based upon the U.S. City Average CPI index (CPI-U), capped at 3% per annum. The first renewal option for this branch is at fair market value (FMV). With over 25 years of operation, this freestanding, single tenant bank branch gives an investor a strong credit tenant, annual rent increases, quality underlying real estate and significant appreciation potential. Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. The United States is the largest single market with approximately 26% of branches, generating 51% of revenues. Citigroup Inc. is an American multinational banking and financial services corporation headquartered in Manhattan, New York City. Citigroup was formed from one of the largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998 (announced on April 7, 1998). As of FY2017 Citigroup Inc. had total revenues of $64.27B, net income of $6.72B and net worth of $181.48B. The company currently has an S&P rating of A/Stable. Zero Landlord Responsibilities: This lease features zero landlord responsibilities, creating a passive armchair investment for a cashflow-driven investor. NNN leases are especially attractive for those seeking management-free investment opportunities in the NYC area. Annual Rental Escalations: This offers an investor the opportunity to acquire a NNN property with extremely rare 3% annual escalations. This is more than double the typical national bank lease that offers either 10% increases every 5 years or 1.5% annual increases. Investment Credit Tenant: The lease is guaranteed by Citibank with an A credit rating by S&P. Population Density: The average household income within 5 miles is above $76,000 and there is a population over 842,539 within 3 miles. Location: Directly off Edgewater Road (24,733 VPD) at the intersection of Whitter Street and Hunts Points Avenue, this branch location has extremely high visibility with a combined total of over 32,678 VPD.