High-grade bank credit in six major metro areas, and how to judge a single branch, from a buyer’s broker with 4 Citibank closings in 2 states.
A Citibank NNN property is a bank branch leased to Citibank on a net lease. Ground leases and building leases both trade, and building size varies widely, from small branches of about 3,000 square feet to much larger buildings. Citibank’s bank charter, Citibank, N.A., is rated A+ by S&P, Aa3 by Moody’s and AA- by Fitch, among the strongest credit of any NNN tenant. Its parent is Citigroup Inc. (NYSE: C).
Citibank is not a nationwide retail bank. It has about 650 U.S. branches, concentrated in six metro areas: New York, Los Angeles, San Francisco, Chicago, Miami and Washington, DC. In 2026 Citi said it does not plan to expand into new areas and expects its branch count to stay about the same, while it renovates a large share of its branches by 2028. That makes the branch’s market and its role in the network key on a 1031 exchange.
Solid Investments FL has represented buyers on 4 Citibank transactions in 2 states, including two branches in Miami, one in Key Biscayne, Florida and one in Orland Park, Illinois. See them in our track record. Our buyer representation is always free to you.
| Tenant | Usually Citibank, N.A. (the bank charter); confirm the tenant entity on each lease |
|---|---|
| Parent company | Citigroup Inc. (NYSE: C), New York, New York |
| Credit rating | Citibank, N.A.: S&P A+ / Moody’s Aa3 / Fitch AA- (June 2026). Citigroup Inc., the holding company, is rated lower |
| Branches | About 650 in the U.S. (2026) |
| Core markets | New York, Los Angeles, San Francisco, Chicago, Miami and Washington, DC |
| Branch strategy | No new markets planned; renovating a large share of branches by 2028 |
| Building size | Varies widely, from about 3,000 SF to much larger branches |
| Lease type | Ground leases and building leases both trade; terms vary by lease |
| Typical cap rate (2026) | About 5%–6.5%, depending on the market, remaining term and lease structure |
| Typical price range | About $2.5M–$8M |
Credit ratings and branch counts from Citigroup filings and news coverage as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Citibank’s strongest ratings belong to Citibank, N.A., the bank itself. The holding company, Citigroup Inc., is rated lower. Confirm the tenant entity on the lease; that’s whose credit you’re buying.
Citi’s branches are focused on six major metro areas. A branch inside those markets fits the bank’s plan. A branch outside them can carry more risk at renewal.
A branch’s deposit base (reported publicly by the FDIC) is the best sign of how important that location is to the bank. Strong, growing deposits point to a branch the bank will keep.
Some bank leases allow the tenant to end the lease early or close the branch. Read the lease for any termination or go-dark rights before you price the deal.
Ground leases and building leases both trade. Know which one you’re buying, what happens to the building at lease end, and whether you can depreciate the building.
Check the remaining term, the rent increases and the rent per square foot versus the local market. Well-located branch sites in dense metro areas hold value for other users.
We’ve helped buyers close 4 Citibank transactions in 2 states:
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Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 225+ NNN transactions, including 4 Citibank transactions in 2 states. We help investors and 1031 exchange buyers find, underwrite and close Citibank and other bank properties nationwide, and our buyer representation is free.
As of 2026, Citibank NNN properties generally trade around 5% to 6.5% cap rates, depending on the market, the remaining lease term, the lease structure and the branch's deposits.
Then you own the land and the tenant owns the building. The main drawback is that you can't depreciate the building. The upsides: the tenant paid to build the branch, so it has a strong vested interest in staying; ground rents are typically at or below market; and in most ground leases the building reverts to the landowner when the tenant vacates or the lease ends (verify it in your lease). That's why ground leases usually trade at lower cap rates.
As of June 2026, Citibank, N.A., the bank that typically signs branch leases, is rated A+ by S&P, Aa3 by Moody's and AA- by Fitch. The holding company, Citigroup Inc., is rated lower. Confirm the tenant entity on each lease.
About 650 in the U.S. as of 2026, concentrated in six metro areas: New York, Los Angeles, San Francisco, Chicago, Miami and Washington, DC. Citi has said it does not plan to expand into new areas and expects its branch count to stay about the same.
Citi expects its overall branch count to stay about the same and plans to renovate a large share of its branches by 2028. Like any bank, it can still close or consolidate individual branches, so check the branch's market, deposits and any early termination rights in the lease.
Confirm which entity signs the lease, whether the branch is in one of Citi's six core markets, the branch's deposits, any early termination rights, and whether it is a ground lease or a building lease.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ve closed Citibank deals in 2 states. Tell us your budget and timeline; our buyer representation is completely free.
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