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3494 Delaware Ave

4,500 SF Retail Building Tonawanda, NY 14217 $1,600,000 ($356/SF) 6.25% Cap Rate

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Investment Highlights

Absolute NNN Lease - No Landlord Responsibilities or Expenses
Delaware Ave Receives 21,509 VPD

31% Increase in Deposits from 2020 ($76,240,000) to 2024 ($99,995,000) at the Subject Property
Heavily Populated Area with Over 140,000 Residents within a 3 Mile Radius.

Executive Summary

SCOPE Commercial Real Estate Services, LLC “SCOPE” is pleased to exclusively present 3494 Delaware Ave, located in Buffalo, New York. The Subject Property consists of 4,500 SF and currently operates as a Citizens Bank with an absolute NNN lease. Citizens Bank signed a 7-year lease term in 2021 and has 4 remaining years, with 5% increases every three years and renewal options offering four (4) three-year terms. Citizens Bank, one of the largest banks on the East Coast, backs the lease with a corporate guarantee, with an S&P A- credit rating.
Citizens Bank is the 13th largest retail bank in the United States. From 2020 to 2021 Citizens Financial Group has seen a 5% increase in deposits at Citizen Banks. The Subject Property’s location, which has been open since 2005 and backed by FDIC, has seen a 31% growth in deposits from 2020 ($76,240,000) to 2024 ($99,995,000). The property is located on Delaware Ave, which sees approximately 22,150 VPD, and is just off a central retail corridor, Sheridan Dr, which sees 27,936 VPD. Buffalo is the second-largest city in New York and has seen a population growth of 6.5% from 2010 to 2020. The Subject Property is located within the heavily populated northern suburbs of the city, with over 140,000 Residents within a 3-mile radius.

Citizens Bank - OM

Offering Memorandum

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Bank

Building Size

4,500 SF

Building Class

Year Built/Renovated

1960/2016

Price

$1,600,000

Price Per SF

$356

Cap Rate

6.25%

NOI

$100,000

Tenancy

Single

Building Height

1 Story

Building FAR

0.27

Lot Size

0.38 AC

Zoning

Parking

10 Spaces (2.22 Spaces per 1,000 SF Leased)

Frontage

95 FT on Delaware Ave

MAJOR TENANTS

Finance and Insurance
4,500 SF
$22.22
Triple Net
Oct 2028

At Citizens, they're committed to putting their customers, colleagues, communities, and shareholders first, because when they succeed, Citizens succeed. Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $219.9 billion in assets as of June 30th, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.