Citibank
1840 M Street,
Merced,
CA
95340
$2,900,000
| Status | Sold |
|---|---|
| Price | $2,900,000 |
| Cap Rate | 5.42% |
| NOI | $157,280 |
| 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.