Chase Bank
Retail | 5.50% CAP | 4,120 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a Chase Bank ground lease located at 149 Amity Road in New Haven, Connecticut (the “Property”). Chase Bank has occupied this location since it was constructed in 2013; the Property is improved by a 4,120 square foot building with three (3) drive-thru lanes on a corner parcel. Chase Bank has 6+ years remaining on their Absolute NNN Ground Lease with four (4), five-year renewal options. The Lease call for attractive 10% rent increases every five years throughout the base term and at the start of each renewal option period.
The Property is positioned at 149 Amity Road in New Haven's desirable Westville submarket, a densely populated and affluent area that serves as a key residential and commercial corridor for western New Haven and neighboring communities. Located near the intersection of Amity Road (Route 63) and Whalley Avenue (Route 243), the Property benefits from convenient access to major regional thoroughfares, including the Wilbur Cross Parkway (Route 15), Interstate 95, and Interstate 91, providing excellent connectivity throughout the Greater New Haven region.
The surrounding area is supported by a diverse economic base anchored by Yale University and Yale New Haven Hospital, two of Connecticut's largest employers, as well as a substantial concentration of healthcare providers, educational institutions, professional services firms, and research organizations. The Property is also within close proximity to numerous public and private schools and benefits from a large population of students, faculty, healthcare professionals, and area residents. As the economic and educational hub of south-central Connecticut, New Haven attracts a highly educated workforce and a broad base of consumers, creating strong demand for retail banking, lending, wealth management, and business banking services.
The combination of dense surrounding neighborhoods, strong household incomes, excellent transportation access, and proximity to major employment and educational centers makes this an outstanding location for Chase Bank and supports long-term branch performance within one of Connecticut's most established and economically vibrant markets.
Investment highlights
LONG-TERM TENANCY: Chase Bank has 6+ years remaining on their Absolute NNN Ground Lease with four (4), 5-year renewal options.
ATTRACTIVE RENT INCREASES: The lease calls for 10% rental increases every five years through the current term and at the start of each renewal option period, providing the investor with an attractive increase in revenue and a hedge against inflation.
BEST-IN-CLASS CREDIT TENANT: JPMorgan Chase Bank stands as one of the highest rated retail tenants in the net lease market and boasts a high investmentgrade long-term credit rating of AA- (S&P) and Aa2 (Moody’s).
GROUND LEASE: Chase Bank has an Absolute NNN Ground Lease and is responsible for all operating expenses, repairs, maintenance, and replacements to the entire property (building and grounds).
OUTSTANDING LOCATION: Chase Bank enjoys outstanding frontage and visibility along Amity Road (CT Route 63), one of the area’s primary commercial and commuter corridors. The Property is across from Amity Plaza, a Stop & Shop, Dollar Tree and Planet Fitness anchored shopping center, and is surrounded by national and local retailers and restaurants, all of which drive traffic to the area. Chase Bank is seconds from Ct Route 15 (Wilbur Cross Parkway), convenient to CT Routes 69, 243, 313, and 10, 1.8 miles from Central Connecticut State University and 3.5 miles from Yale University and Downtown New Haven.
BRANCH DEPOSITS: Chase Bank has branch deposits of $123.611 million (on 06/30/2025).
TRADE AREA: Additional retailers bringing consumers to the immediate trade area include Stop & Shop, Planet Fitness, CVS, Dollar Tree, Family Dollar, Starbucks, McDonald’s, Burger King, Taco Bell, Five Guys, Dunkin’, 7 Brew, and Subway.
HIGH TRAFFIC COUNTS: Approximately 11,300 vehicles per day pass by the property along Amity Road (CT Route 63). An additional 72,000 vehicles pass near the property along CT Route 15 (Wilbur Cross Parkway).
STRONG DEMOGRAPHICS: Over 79,700 people live within 3-miles of the Property with an average household income of $109,796. More than 224,400 people live within a 5-mile radius of the Property with an average household income of over $114,742.
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