Citibank

1840 M Street, Merced, CA 95340
$2,900,000
Status Sold
Price $2,900,000
Cap Rate 5.42%
NOI $157,280
Price/SF $391
Lease Type Absolute NNN
Lease Term 10 Years
Lease Start January 2014
Lease Expiration January 2024
Building Size 7,413 SF
Lot Size 37455 AC

Overview

The property is situated on a hard corner at the signalized intersection of M Street and West Nineteenth Street, an intersection trafficked by 26,000 vehicles per day. In addition to a 59 space parking lot this location also features a drive-thru ATM for customer convenience.

The asset is well-located within Merced’s primary business district amid a healthy mix of retail, office, and residential properties. Merced’s population and average household income within a 3-mile radius exceeds 84,000 and $55,000, respectively. This branch had substantial bank deposits of approximately $99 million, a testament to the long-term success at this location.