Hempstead, NY - Citibank

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased, Citibank investment property located in Hempstead, New York. The tenant recently signed a brand new 10 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to roof and structure making it an ideal, low-management investment opportunity for a passive investor. As of July, 2024, Citibank operated 663 branches primarily in the United States. Citigroup Inc. was founded in 1812 and is headquartered in New York, New York.

The subject property is located near the signalized, hard corner intersection of Main St and State Hwy 24 with a combined 30,500 VPD. The asset is located across the street from Hempstead Village Commons, a 100,000 SF retail center, that is anchored by Aldi, T.J. Maxx, Harbor Freight, and more. Other nearby national/credit tenants include Old Navy, Starbucks, Walgreens, 7-Eleven, Home Depot, Food Bazaar, Popeye’s and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the site is in close proximity to Hofstra University (6,200 students) and Aldelphi University (7,600 students), further increasing consumer traffic to the immediate trade area. The 5-mile trade area is supported by a population of over 628,000 and 265,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile trade area boast an affluent average household income of $175,520