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M&T Bank | Recent Extension | Corp Abs NNN 233 Genesee St 23,107 SF Retail Building Utica, NY 13501 $3,807,000 ($164.76/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Recently Exercised Option | Scheduled Rental Increase | Corporate Guaranteed | Well-Known & Established Brand
- Dense Retail Trade Area | Utica University | Wynn Hospital (373 Beds) | Nearby Sport Complexes
- Direct Residential Client Base
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Located Along Genesee Street | Centralized Location | Excellent Visibility & Access
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, M&T Bank investment property located in Utica, NY. The tenant recently exercised their first of 2 option periods, providing firm term through September 2029, demonstrating their commitment to the site. The lease features an 8% rental increase at the beginning of the next option, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity (NYSE: MTB | S&P: BBB+) and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1856, M&T Bank is an established financial holding company with over 1,400 locations throughout the Northeastern U.S. According to the FDIC, this branch has over $91.2 million in deposits as of June 2024.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
23,107 SF
Building Class
C
Year Built
1898
Price
$3,807,000
Price Per SF
$164.76
Cap Rate
6.50%
NOI
$247,450
Tenancy
Single
Building Height
2 Stories
Building FAR
0.55
Lot Size
0.97 AC
Opportunity Zone
Yes
Zoning
Central Business District - Central Business District
Parking
48 Spaces (2.08 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Corner Lot
- Freeway Visibility
- Signage
- Signalized Intersection
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- M&T Bank
- Finance and Insurance
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| M&T Bank | Finance and Insurance | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Walk Score®
Very Walkable (86)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 318-050-0002-022-000-0000 | Improvements Assessment | $905,500 |
| Land Assessment | $94,500 | Total Assessment | $1,000,000 |
PROPERTY TAXES
Parcel Number
318-050-0002-022-000-0000
Land Assessment
$94,500
Improvements Assessment
$905,500
Total Assessment
$1,000,000
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M&T Bank | Recent Extension | Corp Abs NNN | 233 Genesee St
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