Looking to buy a Citizens Bank NNN property? 5 are observed for sale across 3 states, median asking cap rate 6.50%. View Citizens Bank NNN properties for sale, cap rate bands and the 1031 buyer guide.
Citizens Bank is the banking subsidiary of Citizens Financial Group, Inc. (NYSE: CFG), headquartered in Providence, Rhode Island. For net lease investors, a branch lease signed by Citizens Bank, National Association is an obligation of a regulated bank; confirm the tenant entity in each lease, since the bank’s credit, the lease terms and the branch’s location drive value.
| Metric | Details |
|---|---|
| Parent company | Citizens Financial Group, Inc. (NYSE: CFG), Providence, Rhode Island |
| Bank subsidiary | Citizens Bank, National Association |
| S&P / Moody’s | A- / A3 |
| Investment grade status | Investment Grade |
| Branches | About 1,000 branches and about 3,000 ATMs in 14 states and the District of Columbia (June 30, 2026) |
| Footprint | Predominantly New England, the Mid-Atlantic and the Midwest, including the New York City metro area |
| Total assets | About $233.8 billion (June 30, 2026) |
| Median asking cap rate | See the live table below |
Citizens Bank Credit Profile
Ratings shown here are long-term issuer ratings for Citizens Bank, National Association, from our tenant ratings database: S&P A- and Moody’s A3. A rating at or above BBB‑/Baa3 is investment grade. Citizens Financial Group, Inc. and Citizens Bank, National Association carry separate ratings (Form 10-Q for the quarter ended June 30, 2026), and the ratings shown here are for the bank, so confirm the named tenant on a lease and which rating applies to it. For how the scale works, see the investment grade guide.
Source: S&P Global Ratings A-, as of June 30, 2026; Moody’s A3, as of June 30, 2026; Fitch Ratings BBB+, Positive, as of June 30, 2026. Ratings checked September 27, 2026.
Branch Network
Citizens Bank operates about 1,000 branches and about 3,000 ATMs in 14 states and the District of Columbia (June 30, 2026). Its retail branch footprint is predominantly in New England, the Mid-Atlantic and the Midwest (Form 10-K for 2025), and the company names the New York City metro area as a market where it aims to gain share (second quarter 2026 earnings presentation).
Citizens Bank NNN Cap Rates
Live asking cap rates for Citizens Bank and other bank 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 |
| Truist | A / A3 | 6.21% | 5.68% to 6.56% | 4 | +97 bps |
| KeyBank | BBB+ / n/a | 6.30% | 6.00% to 6.50% | 5 | +106 bps |
| Citizens Bank | A- / A3 | 6.50% | 6.44% to 6.75% | 4 | +126 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. Not shown because fewer than 3 active listings with a published cap rate were observed: Regions Bank, Huntington Bank.
Bank branch listings include ground leases, where the investor owns the land and the lease sets who owns the building, and building leases, where the landlord owns both; confirm improvement ownership in the lease. Compare a specific branch with listings of the same structure and similar remaining term.
What to Check in a Citizens Bank Branch Lease
- Tenant entity: whether the lease is signed by Citizens Bank, National Association or another entity, and any guarantee.
- Ground lease or building lease: who owns the improvements and who pays for roof, structure and parking lot.
- Term and options: remaining term, renewal options and the rent schedule for each option.
- Early termination rights: some bank leases allow the bank to close the branch and end the lease early.
- Branch deposits: deposit levels at the branch, which are published annually in the FDIC Summary of Deposits, show how important the branch is to the bank.
- Consolidation risk: banks close overlapping branches, especially after mergers; check for other branches of the same bank nearby.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Regulated bank tenant when Citizens Bank, National Association signs the lease; investment grade status in our database: investment grade | Banks can close or consolidate branches; Citizens reported net closures of 440 retail branches from 2015 to 2025 and said it expects a relatively stable retail branch count through 2035 (second quarter 2026 earnings presentation) |
| Branch buildings can suit other users; confirm size, drive-through and parking for re-use | On a ground lease where the bank owns the building, the investor’s land is not depreciable (Treasury Regulation section 1.167(a)-2) |
| Leases can include long terms and scheduled rent increases; confirm in the lease | Some leases include early termination rights |
Comparable Bank Tenants
Compare Citizens Bank with other bank tenants such as PNC Bank, Truist, U.S. Bank and JPMorgan Chase in the live table above, which includes a bank once at least three of its active listings in our data show an asking cap rate.
Frequently Asked Questions
What is Citizens Bank’s credit rating?
Our ratings database shows long-term issuer ratings for Citizens Bank, National Association: S&P A- and Moody’s A3. Check which entity, the holding company or the bank, is the tenant on a specific lease.
How many branches does Citizens Bank have?
Citizens Financial Group reported about 1,000 branches and about 3,000 ATMs in 14 states and the District of Columbia in its Form 10-Q for the quarter ended June 30, 2026.
What asking cap rates do Citizens Bank branch listings show?
The live table on this page shows the current median asking cap rate for Citizens Bank branches when at least three listings with a published cap rate are available. Ground leases and building leases price differently, and asking cap rates are not closed-sale cap rates.
What is a triple net (NNN) lease?
In a triple net lease the tenant pays property taxes, insurance and maintenance in addition to rent. Some bank leases leave roof, structure or parking lot costs with the landlord, so read the lease.
Sources: Citizens Financial Group Form 10‑K for 2025 and Form 10‑Q for the quarter ended June 30, 2026.
Citizens Bank Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Citizens 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
Citizens Bank NNN Properties Observed For Sale
5 active Citizens 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 | |
|---|---|---|---|---|---|
| North Haven, CT | $2,830,769 | 6.50% | 2,302 | 4.3 yrs | View listing |
| Rochester, NY | $775,000 | n/a | 7,453 | n/a | View listing |
| Wexford, PA | $2,269,000 | 6.25% | 2,944 | 6.0 yrs | View listing |
| Verona, PA | $1,269,230 | 6.50% | 4,388 | n/a | View listing |
| Grove City, PA | $1,050,000 | 7.50% | 4,567 | 1.9 yrs | View listing |
Search all 5 observed Citizens 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.
