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Citizens Bank

$ 1,590,000
Gloucester, Massachusetts
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Newly Listed

Address: 147 Main Street, Gloucester, Massachusetts, United States 01930

Type: Net Leased Bank

Cap Rate: 5.00%

Lease Type: Triple-Net (NNN) Lease

Annual Rent: $79,500

Net Operating Income: $79,500

Lease Term Remaining: 10.25 Years

Rental Increases: 2% Annual Increases

Options: Three (3), Five (5)-Year Options

Year Built: 1976

Rentable Sq/Ft: 4,596 SF

Rent Sq/Ft: $17.3

Price Sq/Ft: $346

Lot Size: 0.33 Acres

Marcus & Millichap is pleased to present the exclusive listing for the Citizens Bank located 147 Main Street in Gloucester, MA. The property was built in 1976 and consists of approximately 4,596 rentable square feet on 0.33 acres of land.
The true Triple-Net (NNN) lease was just extended by 10-Years with an expiration of March 31, 2030. Starting on April 1, 2020, the tenant will pay an annual rent of$79,500 which is scheduled to increase by 2% every year and will continue throughout the three, five-year option periods.

This Citizens Bank investment property is strategically located at 147 Main Street in Gloucester, MA. Gloucester is a city in Essex County and is part of Massachusetts’s prominent North Shore. Gloucester is an important center of the fishing industry and a popular summer destination. The town consists of an urban core on the north side of the harbor and the outlying neighborhoods surrounding the downtown area.

This Citizen Bank is uniquely positioned along Main Street and has a dedicated parking lot, which is rare on this street. The property also benefits from being well-positioned in a highly dense downtown area consisting of many local and national tenants, which include CVS, Walgreens, TD Bank, Bank of Gloucester, Dunkin Donuts, Shaw’s McDonald’s and many more. Gloucester High School is located less than one mile away and has nearly 1,000 students enrolled.
Main Streets benefits from average daily traffic counts of 16,300 and is a short drive from Yankee Division Highway which experiences over 27,100 vehicles per day. Additionally, there are nearly 13,000 individuals residing within a one-mile radius of the property and over 25,000 within a three-mile radius with an average household income of over $102,000 within a five-mile radius.

Gloucester is a town located roughly 36 miles North of downtown Boston. The town has grown to become popular bedroom community of Boston, which is the Massachusetts state capital, it is the largest city in New England, and the 23rd most populous city in the United States. Boston is also home to many colleges and universities that help make Boston an international center of higher education, including law, medicine, engineering, and business, and the city is considered to be a world leader in innovation and entrepreneurship with nearly 2,000 startups.

 

Broker of Record: John Horowitz License #1000303

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Glen Kunofsky

President, Founder
(212) 430-5115

Josh Kanter

Vice President, Investments
(212) 430-5189

Anthony D’Ambrosia

Vice President, Investments
(212) 430-5237