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- LoopNet Team
690 Richmond Rd
Richmond Heights, OH 44143
Citizens Bank | Strong Deposits | NNN Lease · Retail Property For Sale
PROPERTY FACTS
AMENITIES
- Pylon Sign
- Signage
- Drive Thru
ABOUT 690 RICHMOND RD , RICHMOND HEIGHTS, OH 44143
CBRE is pleased to exclusively present for sale this 3,650 square foot Citizens Bank situated on nearly 2 acres in Richmond Heights, Ohio. This is a NNN lease with no landlord responsibilities or expenses. Citizens Bank has been at this location since 2006, and recently extended its lease for an additional 5 years, leaving 6 years remaining in the base term with two, five year options to renew. The current net operating income is $109,659, however taking into consideration the rental decrease in 2018, this offering memorandum has based pricing on a 6 year average NOI of $84,437. Citizens Bank is an Investment Grade Credit Tenant rated A- by Standard & Poor's. Citizens Bank is located on Richmond Road, with excellent access and visibility and over 17,000 vehicles traveling by daily. It is situated across from Richmond Town Square, a super regional shopping center home to over 75 local and national stores. Additional surrounding tenants include Walgreens, CVS, Wendy's and Dollar Tree. This is a densely populated area with over 8,100 people within 1 mile, over 87,000 people within 3 miles and over 243,000 people within 5 miles. Richmond Heights is a city in Cuyahoga County Ohio, just 13 miles from Cleveland.
PROPERTY TAXES
| Parcel Number | 662-30-069 | Improvements Assessment | $169,610 |
| Land Assessment | $110,215 | Total Assessment | $279,825 |
PROPERTY TAXES
