ADVISORY AND TRANSACTIONAL SERVICES FOR SELLERS AND INVESTORS

Citizens Bank – Gloucester, MA – NNN Lease

147 Main Street
Sold

SALE PRICE: $1,500,000
CAP RATE: 5.5%

PROPERTY HIGHLIGHTS:

  • PRIME RETAIL LOCATION — Main Street location within Gloucester’s historic downtown district — an easily walkable area with a concentration of specialty shops & restaurants. Overlooking the famous harbor & waterfront near other area attractions.
  • SUCCESSFUL CREDIT TENANT — Citizens Financial Group, Inc. is one of the nation’s oldest & largest financial institutions, with $147B in assets as of Sept. 30, 2016. They operate 3,200 ATMs & approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic & Midwest regions.
  • QUALITY INVESTMENT — Established location with zero landlord responsibilities & annual increases. New 5-year lease option exercised.
  • ACCESSIBLE TRADE AREA — Located on Cape Ann, Gloucester is home to America’s original seaport and serves as an important center of the fishing industry (one of the busiest fishing ports on the Eastern seaboard). Gloucester is a popular summer beach destination with increased population due to tourism. Short drive or train ride northeast of Boston with easy access to Boston-Logan International Airport (33M+ annual passengers in 2015).
  • There are no features available

$1,500,000

6,579 SF

Price:

$1,500,000

Cap Rate:

5.5%

Building Size:

6,579 SF

SF Land Area:

0.57 acres

Current NOI:

$82,500

Lease Type:

NNN

Remaining Term:

Six (6) Years

Status:

Closed

CONTACT BROKER

Michael O'Mara

(617) 239-3616

Download Offering Memorandum
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