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Freestanding NNN M&T Bank

235 N Genesee St, Utica, NY

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For Sale

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NNN leased M&T Bank with zero landlord responsibilities.

Type:RETAIL

Property size:

23,107 SF

Lot size:

0.97 Acres

Price / SF:

$164/SF

HighLights

Absolute NNN lease with zero landlord responsibilities, offering a management‑free, passive investment.
Corporate guarantee from M&T Bank (NYSE: MTB | S&P: BBB+).
Firm lease term through September 2029, demonstrating tenant commitment.
8% rental increase at the beginning of the next option period, growing NOI and hedging against inflation.
Established M&T Bank branch with over $91.2 million in deposits as of June 2024 (FDIC).
Freestanding building ownership (land & building).

We can help!

Listing Contact

Matthew Mousavi

For Sale

Contact for pricing

NNN leased M&T Bank with zero landlord responsibilities.

Type:RETAIL

Property size:

23,107 SF

Lot size:

0.97 Acres

Price / SF:

$164/SF

Added:: Feb 6, 2025
Days on Market:: 493
Last Refresh:: May 20 at 8:39 pm

Property Features for 235 N Genesee St

General Information

Standard status: Active
Size: 23,107 SF
Lot size: 0.97 Acres
Property subtype: RETAIL

We can help!

Listing Contact

Matthew Mousavi

Listing agent Matthew Mousavi License #CA 01732226

Listing office SRS Industrial - Newport Beach

Listing date Feb 6, 2025

Source Moodyscre

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of SRS Industrial - Newport Beach

HighLights

Absolute NNN lease with zero landlord responsibilities, offering a management‑free, passive investment.
Corporate guarantee from M&T Bank (NYSE: MTB | S&P: BBB+).
Firm lease term through September 2029, demonstrating tenant commitment.
8% rental increase at the beginning of the next option period, growing NOI and hedging against inflation.
Established M&T Bank branch with over $91.2 million in deposits as of June 2024 (FDIC).
Freestanding building ownership (land & building).

Overview

This freestanding property is an absolute NNN leased M&T Bank, located in Utica, NY. The tenant has exercised their first option, with firm term through September 2029. The lease, guaranteed by the corporate entity (NYSE: MTB | S&P: BBB+), features an 8% rental increase at the beginning of the next option. As an absolute NNN lease, there are zero landlord responsibilities. Founded in 1856, M&T Bank has 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. The property contains 23107 square feet.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$374.3k	$16.20
− Vacancy	−$19.5k	−$0.84
EGI	$354.9k	$15.36
− OpEx	−$88.7k	−$3.84
NOI	$266.2k	$11.52

23,107 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$3.80M

$3.33M – $4.44M (±1% cap)

NOI $266,151 @ 7.0% cap · market cap 6.99%

Second Best

Retail

$3.32M

$2.91M – $3.87M (±1% cap)

NOI $232,433 @ 7.0% cap · market cap 6.11%

Theoretical Best

Office A

$6.09M

$5.33M – $7.10M (±1% cap)

NOI $426,241 @ 7.0% cap · market cap 11.20%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Banks

Suggested Use

Location Insight

Map
Local Demand

City: Utica
County: Oneida
State: New York
Longitude: -75.2331
Latitude: 43.1002

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For sale
Banks
NY
Utica
235 N Genesee St

What type of property is this?

Bank - NNN leased M&T Bank with zero landlord responsibilities.

Where is this bank located?

The property is located at 235 N Genesee St Utica, NY.

What is the asking price?

The asking price for this property is $3,807,000.

What are key features of this property?

This property features: Absolute NNN lease with zero landlord responsibilities, offering a management‑free, passive investment.; Corporate guarantee from M&T Bank (NYSE: MTB | S&P: BBB+).; Firm lease term through September 2029, demonstrating tenant commitment.

235 N Genesee St, Utica, NY

NNN leased M&T Bank with zero landlord responsibilities.

Property Features for 235 N Genesee St

General Information

We can help!

HighLights

Overview

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Multi-Tenant Retail and Office Plaza

Historic Downtown Bar and Lofts

Updated Three-Family Investment Property

Two-Family Residential Investment Property

Village Duplex with Cottage

Remodeled Two-Family Duplex

Utica Duplex with Income Potential

Brick 8-Unit Apartment Building

Two-Unit Property with Detached Garage

Two-Family Residential Income Property

Turnkey Two-Unit Multifamily

Mixed-Use Building in East Utica

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