Utica, NY - M&T Bank

Description:

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.

M&T Bank is strategically located along Genesee Street with clear visibility and access to an average of 23,400 vehicles passing by daily. The property also benefits from nearby access onto State Highway 5A (24,800 VPD), State Highway 12 (35,700 VPD), Interstate 90 (26,400 VPD), and other major commuter routes, making this a centralized location. The property is ideally situated within Downtown Utica with a large presence of additional retail tenants including O’Reilly Auto Parts, The Home Depot, ALDI, Walmart Supercenter, Bass Pro Shops, AutoZone, Dunkin’, and others. The strong tenant presence drives a steady stream of loyal, local consumers to the area, promoting crossover exposure and contributing to the local economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Macartovin Apartments (66 units), Historical Park (110 units), Kennedy Plaza (204 units), and others, providing a direct residential client base. The 5-mile trade area is supported by over 104,000 residents and 60,700 daytime employees, with a healthy average household income of $85,467.