This page tracks Citizens Bank net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Citizens Bank credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
Citizens Bank is investment grade. Citizens Bank, N.A. carries long-term issuer ratings of A- (Stable outlook) from S&P Global Ratings, A3 (Stable outlook) from Moody’s and BBB+ (Positive outlook) from Fitch Ratings, which places it in investment grade territory (BBB-/Baa3 or higher). Ratings checked September 27, 2026. Ratings change; confirm before relying on any figure here. See the Citizens Bank credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
10 Citizens Bank NNN properties observed for sale across 6 states as of October 2, 2026. Median asking cap rate 6.38% (range 4.73% to 7.54%). Median asking price $1.65M. Average remaining lease term 4.6 years (among 6 listings that state a term). Median building 4,478 SF. Figures update automatically from listing broker materials.
Citizens Bank NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant Citizens Bank properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Verona, PA | $1,269,230 | 6.50% | $82,500 | n/a | 1973 | Not stated | Get full property data |
| Rochester, NY | $1,409,091 | 5.50% | $77,500 | 9.8 yrs | 2026 | NNN | Get full property data |
| Wexford, PA | $2,269,000 | 6.25% | $141,827 | 6.0 yrs | 1975 | Absolute NNN | Get full property data |
| Grove City, PA | $1,050,000 | 7.50% | $78,750 | 1.9 yrs | 1912 | Absolute NNN | Get full property data |
| North Haven, CT | $2,830,769 | 6.50% | $184,000 | 4.3 yrs | 2020 | Absolute NNN | Get full property data |
| Downers Grove, IL | $3,400,000 | 5.35% | $182,000 | 3.5 yrs | 1980 | Absolute NNN | Get full property data |
| Bennington, VT | $995,000 | 7.54% | $75,000 | 2.1 yrs | 1987 | Gross | Get full property data |
Showing the 7 most recently listed of 10 observed listings; listings without a published asking price and cap rate are not shown here.
Search all 10 Citizens Bank properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
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New Citizens Bank net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own a Citizens Bank? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a free valuation benchmark against the live Citizens Bank listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
What You Are Actually Buying
Citizens does not franchise. The tenant on a branch lease is normally Citizens Bank, National Association, the operating bank under Citizens Financial Group, so the landlord is dealing directly with the rated institution rather than an operator. The risk that replaces operator risk is branch rationalization. Citizens grew its network through acquisitions in the Northeast and Mid-Atlantic and has closed overlapping branches afterward, and its strategy now emphasizes private banking and digital channels over branch count. Bank branch leases also tend to carry early termination or non-renewal rights that retail leases do not, so the remaining term and the branch’s role in the network matter more than the signatory.
Freestanding Citizens branches are typically 3,000 to 4,500 square feet on a half acre to one acre, a pad or corner site with drive-up lanes, concentrated in New England, the Mid-Atlantic and parts of the Midwest. A meaningful share of the network is in-store branches inside supermarkets, which do not trade as freestanding net lease assets. Initial terms on recent deals run around fifteen years, with older sale-leaseback branches often shorter. Escalations are usually periodic, often every five years, rather than flat, and the structure is generally NNN with the bank covering taxes, insurance and maintenance. Ground leases are common on shopping center pads.
Across the current inventory, roughly 11% of listings with a reported build year were delivered in the last four years, and about 0% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.
Citizens Bank Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| Under 5.00% | 1 | 10% | $10.00M |
| 5.00% to 5.49% | 1 | 10% | $3.40M |
| 5.50% to 5.99% | 1 | 10% | $1.41M |
| 6.00% to 6.49% | 1 | 10% | $2.27M |
| 6.50% to 6.99% | 2 | 20% | $2.05M |
| 7.00% and above | 2 | 20% | $1.02M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 5 | 50% | 6.76% |
| $1.5M to $2.5M | 2 | 20% | 6.25% |
| $2.5M to $3.5M | 2 | 20% | 5.93% |
| $5M and above | 1 | 10% | 4.73% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| Under 5 years | 4 | 6.72% |
| 5 to 10 years | 2 | 5.88% |
| Lease Type (as marketed) | Listings |
|---|---|
| Absolute NNN | 4 |
| Not stated | 3 |
| NNN | 2 |
| Gross | 1 |
How to read the pricing
The spread inside the Citizens Bank inventory runs from 4.73% to 7.54%, against a median of 6.38%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.
Where Citizens Bank NNN Properties Are For Sale
Current inventory spans 6 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| PA | 3 | 6.75% | $1.53M |
| CA | 2 | 4.73% | $5.95M |
| NY | 2 | 5.50% | $1.09M |
| CT | 1 | 6.50% | $2.83M |
| IL | 1 | 5.35% | $3.40M |
| VT | 1 | 7.54% | $1.00M |
Citizens Bank as a 1031 Exchange Replacement Property
The median asking price in the current Citizens Bank inventory is $1.65M, and about 40% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.
- Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
- Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage. Run your own debt numbers before you identify.
- Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
- Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
Citizens Bank NNN Due Diligence Checklist
These are the items that change the value of a Citizens Bank listing and are rarely resolved by the offering memorandum.
- Early termination rights. Read the termination clause closely. Bank leases often allow the tenant to exit with notice and a fee after a set year, and Citizens has trimmed branches after its acquisitions. Confirm no notice has been served.
- Branch overlap from acquisitions. Citizens added branches in the New York metro and Mid-Atlantic through acquisitions. Check whether another Citizens branch sits within a short drive, which is the usual trigger for consolidation.
- Ground lease and improvements. Many Northeast branch pads are ground leases where the bank owns the building. Confirm what transfers at expiration and whether the vault-heavy layout has a realistic second use.
- Escalation and option rent basis. Confirm the bump schedule and whether option rent is fixed or resets to market. Bank rents are often above market for the box, so a market reset can cut income sharply.
How Investment Grade Works With Citizens Bank Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Citizens Bank acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.
Owners of existing Citizens Bank properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.
Frequently Asked Questions
How many Citizens Bank NNN properties are for sale right now?
As of October 2, 2026, 10 single-tenant Citizens Bank net lease properties are observed for sale across 6 states. The count updates automatically as listings are added and removed.
Is Citizens Bank investment grade?
Citizens Bank, N.A. carries long-term issuer ratings of A- (Stable outlook) from S&P Global Ratings, A3 (Stable outlook) from Moody’s and BBB+ (Positive outlook) from Fitch Ratings, which places it in investment grade territory (BBB-/Baa3 or higher). Ratings checked September 27, 2026.
What cap rate do Citizens Bank NNN properties sell at?
The current median asking cap rate is 6.38%, with the inventory ranging from 4.73% to 7.54%. Longer term, stronger markets and absolute NNN structures price at the tight end.
How much does a Citizens Bank NNN property cost?
The median asking price in the current inventory is $1.65M, with listings from $0.78M to $10.00M. About 40% fall between 1.5 and 3.5 million dollars.
Who signs the lease on a Citizens Bank property?
Citizens does not franchise. The tenant on a branch lease is normally Citizens Bank, National Association, the operating bank under Citizens Financial Group, so the landlord is dealing directly with the rated institution rather than an operator. The risk that replaces operator risk is branch rationalization. Citizens grew its network through acquisitions in the Northeast and Mid-Atlantic and has closed overlapping branches afterward, and its strategy now emphasizes private banking and digital channels over branch count. Bank branch leases also tend to carry early termination or non-renewal rights that retail leases do not, so the remaining term and the branch’s role in the network matter more than the signatory.
Is a Citizens Bank property a good 1031 exchange replacement?
It depends on your equity, your debt replacement requirement and your hold period. The median asking price is $1.65M and roughly 40% of inventory sits in the 1.5 to 3.5 million dollar range that suits a typical exchange. Term, lease structure and certainty of closing matter more than headline cap rate on a 45-day clock.
Working a Citizens Bank acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
