Looking to buy a BMO Bank NNN property? 7 are observed for sale across 4 states, median asking cap rate 6.75%. View BMO Bank NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | BMO Bank N.A., Chicago; U.S. subsidiary of Bank of Montreal (NYSE and TSX: BMO) |
| S&P / Moody’s (Bank of Montreal issuer ratings) | A+ / Aa2 |
| Investment grade status | Holding company Rated Investment Grade (Bank of Montreal); confirm the lease guarantor |
| Bank of the West | Acquired February 1, 2023; BMO said customers would have access to over 1,000 U.S. branches in 32 states |
| Branch sale | 138 branches in 11 states sold to First Citizens Bank, completed September 4, 2026 |
| Fitch (Bank of Montreal) | AA- |
| Median asking cap rate | See the live table below |
BMO Bank Business Overview
BMO Bank N.A., formerly BMO Harris Bank, is the U.S. banking subsidiary of Bank of Montreal. BMO completed its acquisition of Bank of the West on February 1, 2023, having said customers would have access to over 1,000 U.S. branches in 32 states; its 2024 annual filing described a U.S. network of nearly 1,000 branches.
BMO has since reduced that network. It agreed in October 2025 to sell 138 branches in 11 states, including North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho and parts of Minnesota, to First Citizens Bank, which completed the acquisition on September 4, 2026. First Citizens Bank may now be the tenant at those branches, but the public filings do not say how each lease was handled, so confirm the current tenant on any former BMO branch.
BMO Bank Credit Profile
Our database shows Bank of Montreal’s issuer ratings, A+/Aa2, which it classifies as investment grade. BMO says its issuer rating applies to long-term senior unsecured debt excluded from the bail-in regime, and it lists separate ratings for its other senior debt and for BMO Bank N.A. on its fixed income investors page. A U.S. branch lease may name BMO Bank N.A. or another entity as tenant rather than Bank of Montreal, so confirm the tenant entity and which rating applies.
Ratings come from our tenant ratings database and update when agencies change them. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings A+, as of September 15, 2026; Moody’s Aa2, as of September 15, 2026; Fitch Ratings AA-, as of July 31, 2026. Ratings checked September 27, 2026.
BMO Bank NNN Cap Rates
Live asking cap rates for BMO Bank and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Fifth Third Bank | A- / A3 | 4.50% | 4.50% to 5.00% | 17 | −74 bps |
| JPMorgan Chase | AA- / Aa2 | 5.00% | 4.65% to 5.25% | 37 | −24 bps |
| PNC Bank | A / A2 | 5.10% | 4.75% to 6.25% | 21 | −14 bps |
| Wells Fargo | A+ / Aa2 | 5.15% | 5.06% to 5.83% | 7 | −9 bps |
| Bank of America | A+ / Aa2 | 5.25% | 5.00% to 6.10% | 21 | +1 bps |
| U.S. Bank | A / A3 | 5.59% | 5.19% to 6.00% | 8 | +35 bps |
| BMO Bank | A+ / Aa2 | 6.75% | 5.97% to 7.11% | 7 | +151 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.
Bank branch pricing varies, partly because some branch deals are ground leases, where the bank owns the building, and others are building leases. Compare a branch with listings of the same structure and similar remaining term.
What to Check in a BMO Bank Lease
- Tenant entity: BMO Bank N.A., another entity, or, for branches sold in 2026, First Citizens Bank.
- Ground lease or building lease: who owns the improvements and who pays for roof, structure and parking lot.
- Early termination rights: some bank leases allow the bank to close the branch and end the lease early.
- Branch deposits: FDIC Summary of Deposits data show deposits booked at each branch, one indicator of how important the branch is to the bank.
- Consolidation risk: banks can close overlapping branches, for example after mergers and branch sales.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Investment grade rated parent | BMO sold 138 branches to First Citizens Bank in 2026 |
| Parent files annual reports with the SEC (Form 40-F) | Some leases include early termination rights |
| Regulated bank tenant | Former BMO branches may now be leased to another bank |
Frequently Asked Questions
Is BMO Bank investment grade?
Its parent, Bank of Montreal, has issuer ratings of A+/Aa2 in our ratings database, and BMO lists separate ratings for BMO Bank N.A. Confirm which entity is the tenant and which rating applies.
How many U.S. branches does BMO have?
BMO said customers would have access to over 1,000 U.S. branches when it acquired Bank of the West in February 2023, and its 2024 annual filing described nearly 1,000. It sold 138 branches to First Citizens Bank in a sale completed September 4, 2026.
Who is the tenant on a branch BMO sold to First Citizens?
First Citizens Bank acquired the 138 branches effective September 4, 2026, so it may now be the tenant. Confirm with the lease, any assignment and an estoppel.
Sources: BMO news release on Bank of the West (Form 6-K furnished January 18, 2023); Bank of Montreal 2024 Annual Information Form (Form 40-F, December 2024); Bank of Montreal third quarter 2026 report (Form 6‑K, August 2026); First Citizens BancShares Form 8‑K filings of October 16, 2025 and September 8, 2026; ratings from InvestmentGrade.com’s ratings database.
BMO Bank Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market BMO Bank properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
BMO Bank NNN Properties Observed For Sale
7 active BMO Bank net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Sauk City, WI | $2,210,526 | 6.18% | 6,618 | n/a | View listing |
| Chilton, WI | $1,225,000 | 6.97% | 7,465 | 5.3 yrs | View listing |
| Westchester, IL | $3,300,000 | 7.25% | 11,457 | n/a | View listing |
| McHenry, IL | $4,424,000 | 5.75% | 4,891 | 14.4 yrs | View listing |
| Rancho Cordova, CA | $5,340,000 | 5.00% | 5,000 | n/a | View listing |
| Vallejo, CA | $2,106,000 | 6.75% | 3,900 | n/a | View listing |
| Saint Paul, MN | $2,995,000 | 8.00% | 5,222 | n/a | View listing |
Search all 7 observed BMO Bank listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
