830 Port Washinton Blvd
Port Washington, NY 11050
Citibank · Retail Property For Sale

Stan Johnson Company is pleased to offer for sale to qualified investors the opportunity to acquire 830 Port Washington Boulevard - a corporate-guaranteed Citibank branch located in the New York Metropolitan area of Long Island in Nassau County. This Citibank branch has an NOI of $325,386 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. Strong Demographics: The average household income within a 1-mile radius is above $206,998 and the population is over 183,092 within 5 miles. Extraordinary Bank Deposits: Competing with the top bank competitors, this Citibank branch location has the highest bank deposits by more than $200,000 in the immediate area. Strong performance indicates Citibank plans to exercise their renewal options to maintain their market share in NYC. Superior Location: This branch location has extremely high visibility along Port Washington Boulevard with over 34,176 VPD.