Looking to buy a Citibank NNN property? 3 are observed for sale across 2 states, median asking cap rate 5.70%. View Citibank NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | Citibank, N.A. |
| Holding Company | Citigroup Inc. (rated lower than Citibank, N.A. by S&P, Moody’s and Fitch as of June 30, 2026, Form 10-Q) |
| Long-Term Credit Ratings (Citibank, N.A.) | S&P: A+ (Stable) / Moody’s: Aa3 (Stable) / Fitch: AA- (Positive) |
| Investment Grade Status | Investment Grade (Citibank, N.A.) |
| Sector | Banking / Global Financial Services |
| US Branch Count | 655 U.S. retail banking branches, concentrated in six metro areas (June 30, 2026, Form 10-Q) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies by lease; confirm the term and expense structure in each lease |
| Guarantee Type | Varies; confirm the tenant entity and any guarantee in each lease |
| Stock Ticker | C (NYSE) |
| Total Assets (Citigroup) | $2.89 trillion (June 30, 2026, Form 10-Q) |
Citibank Business Overview & NNN Investment Profile
Citibank, N.A. is Citigroup Inc.’s primary U.S. bank subsidiary; Citigroup reported total assets of $2.89 trillion as of June 30, 2026 (Form 10-Q). In the United States, Citi had 655 retail banking branches as of June 30, 2026, concentrated in six metropolitan areas: New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C. This concentrated branch model sets Citibank apart from the much larger branch networks of JPMorgan Chase, Bank of America and Wells Fargo and is a key variable in underwriting a Citibank property.
Citibank Credit Rating Analysis: Bank Entity vs. Holding Company
Citibank NNN investors must understand the critical distinction between two rating levels. Citigroup Inc., the publicly traded holding company, is rated lower than its bank subsidiary by S&P, Moody’s and Fitch. Citibank, N.A., the federally chartered national bank subsidiary, carries higher long-term ratings of A+/Aa3 from S&P and Moody’s. When evaluating a Citibank NNN lease, the operative credit is the entity named in the lease; confirm whether it is Citibank, N.A. or Citigroup Inc. (Ratings per Citigroup’s Form 10-Q for the quarter ended June 30, 2026.)
Source: S&P Global Ratings A+, Stable, as of June 30, 2026; Moody’s Aa3, Stable, as of June 30, 2026; Fitch Ratings AA-, Positive, as of June 30, 2026. Ratings checked October 8, 2026.
This rating distinction matters. The bank-entity long-term ratings of AA- from Fitch and Aa3 from Moody’s are well above the BBB-/Baa3 investment grade line; compare JPMorgan Chase, Bank of America and TD Bank in the table below. When Citibank, N.A. is the tenant or guarantor, evaluating the lease on the holding company’s lower rating understates the credit of the obligated entity. Understanding the full investment grade credit spectrum requires analyzing the specific guarantor, not just the parent brand.
Citibank’s US Branch Strategy: The Six-City Concentration
Under Jane Fraser, Citigroup’s CEO since March 2021, Citi has kept its U.S. retail branches concentrated in six key metropolitan areas rather than building a national branch network. Citi describes its Citigold and Retail Banking business as serving high net worth, affluent, retail and small business clients (Form 10-Q, June 30, 2026).
For NNN investors, this creates a bifurcated analysis framework. Citibank branches within the six core metropolitan markets (particularly infill urban and dense suburban locations in New York, Los Angeles, Chicago, San Francisco, Miami, and Washington D.C.) may carry stronger long-term occupancy prospects, given that Citi concentrates its retail branches in these markets. Any Citibank NNN property outside these six markets warrants heightened scrutiny regarding long-term renewal probability, because Citi’s retail branch network is concentrated in the six core markets.
Citibank NNN Lease Structure
Citibank lease terms, rent increases and expense structures vary by property, so confirm the initial term, renewal options, escalations, expense responsibilities and building size in each lease.
Pricing for urban Citibank properties reflects both the tenant credit and the underlying real estate, so compare each property with current listings and recent sales.
Citibank NNN Cap Rate & Pricing Trends
Live asking cap rates for Citibank and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| JPMorgan Chase | AA- / Aa2 | 5.00% | 4.75% to 5.38% | 35 | −24 bps |
| TD Bank | A+ / Aa1 | 5.00% | 5.00% to 5.25% | 5 | −24 bps |
| Wells Fargo | A+ / Aa2 | 5.12% | 5.00% to 5.15% | 5 | −12 bps |
| Bank of America | A+ / Aa2 | 5.25% | 5.00% to 6.10% | 21 | +1 bps |
| Citibank | A+ / Aa3 | 5.70% | 5.35% to 6.09% | 3 | +46 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 12, 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.
Asking cap rates vary with market, remaining lease term and rent; see the live table above for current asking cap rates in the listings we track.
Citibank NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Citibank, N.A. rated A+/Aa3, above the investment grade line | 655 U.S. retail branches (June 30, 2026): fewer properties than national banks |
| Branches concentrated in six large metro areas | Branches outside the six core markets may carry higher long-term renewal risk |
| Citigroup total assets of $2.89 trillion (June 30, 2026) | Holding company (Citigroup Inc.) is rated lower than the bank; confirm the tenant entity on each lease |
| Highly rated bank credit when Citibank, N.A. is the tenant or guarantor | Highly rated tenants can price at lower cap rates; see the live table |
| Branch sites in large metro areas, where the real estate can be evaluated on its own | A bank can close or consolidate branches; check the lease for any early termination right |
Comparable Bank Branch NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| JPMorgan Chase | AA-/Aa2 |
| Bank of America | A+/Aa2 |
| TD Bank | A+/Aa1 |
| Wells Fargo | A+/Aa2 |
What is Citibank’s credit rating for NNN leases?
When the tenant or guarantor is Citibank, N.A., the federally chartered bank subsidiary, the relevant long-term ratings are AA- from Fitch and Aa3 from Moody’s, higher than Citigroup Inc.’s holding company ratings. Investors must confirm the guarantor entity is Citibank, N.A. to benefit from the higher bank-entity credit quality.
How many US branches does Citibank operate?
655 U.S. retail banking branches as of June 30, 2026 (Form 10-Q), concentrated in six metropolitan areas: New York, Los Angeles, Chicago, San Francisco, Miami and Washington, D.C. Citibank is not a national retail bank; Citi describes its Citigold and Retail Banking business as serving high net worth, affluent, retail and small business clients.
Are Citibank NNN properties good investments?
Citibank properties within the six core metropolitan markets combine highly rated bank credit (when Citibank, N.A. is the tenant or guarantor) with urban infill real estate. Properties outside these core markets warrant careful analysis of long-term renewal probability, given that Citi’s retail branches are concentrated in the six core markets.
What is the difference between Citigroup and Citibank for NNN purposes?
Citigroup Inc. is the publicly traded holding company, rated lower than Citibank, N.A. by S&P, Moody’s and Fitch as of June 30, 2026 (Form 10-Q). Citibank, N.A. is the federally chartered bank subsidiary (S&P: A+ (Stable) / Moody’s: Aa3 (Stable) / Fitch: AA- (Positive)); confirm whether it is the entity that signs or guarantees the lease. When Citibank, N.A. signs or guarantees the lease, it is the relevant credit for an NNN investor, not Citigroup Inc.
Citibank Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Citibank 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
1031 bank-branch screen: credit tenant first, branch real estate second
For 1031 buyers comparing bank-branch NNN properties, the useful benchmark is not just the bank logo or the quoted cap rate. Start with the lease obligor, parent support, deposit-market relevance, remaining term, branch closure exposure, and whether the site could be reused if the branch strategy changes.
Compare this bank page against the best investment-grade NNN tenants for a 1031 exchange shortlist and the 2026 NNN cap-rate framework before trading credit certainty for extra basis points.
Deadline buyer note: a bank branch can be a strong replacement property when the credit, lease, deposits, and real estate all agree. If one of those four is weak, the cap-rate premium needs to be obvious.
Citibank NNN Properties Observed For Sale
3 active Citibank net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Brookfield, IL | $8,000,000 | 5.70% | 18,063 | 10.0 yrs | View listing |
| Oakland, CA | $3,120,122 | 5.00% | 3,151 | n/a | View listing |
| Glendora, CA | $2,500,000 | 6.47% | 4,062 | 2.5 yrs | View listing |
Search all 3 observed Citibank 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.
