Vacant-User

299 Whalley Ave

299 Whalley Ave, New Haven, CT 06511

Listing Price: $890,000

Cap Rate
6.71%
Gross SF
11,013
Rentable SF
11,013
Price/Gross SF
$80.81
Lot Size
0.50 acres
Year Built
1956

Investment Overview

THE OFFERING
Marcus & Millichap is pleased to offer this exclusively listed for sale fully occupied retail/office building located at 299 Whalley Avenue New Haven, Connecticut 06511 The property is home to New Haven's local bank, New Haven Bank, with a mission of living, working, and investing in New Haven and its residents. New Haven Bank opened in December 2010 as START Community Bank and has grown to $143 million in assets and has turned a profit the past four years. It focuses on local businesses too small for regional national lenders, whose New Haven branches typically look to make loans of $1 million or more. New Haven Banks typical loan is between $300,000 and $500,000.

THE OPPORTUNITY
Fully occupied, this investment provides an owner with stable, immediate cash flow. New Haven is a diverse economy, including: Yale University, healthcare, financial services, retail trade, and professional services. Over half of the economy is based on services, especially healthcare, education, and financial. 25 percent of the population over the age of 25 have a bachelor's degree or better. New Haven Bank is well situated, and well established, in this location to serve the community at large.

KEY LOCATION
The building sits on the corner of Whalley and Sherman Avenues at a signalized intersection. It has a private paved parking-lot with a drive-thru teller window. Traffic count is over 21,000 Vehicles Per Dayon Whalley, over 15,000 Vehicles Per Day on Sherman, and is a highly walkable area. New Haven Bank first opened its doors here almost ten years ago and is well established in this location.

STRATEGIC OWNERSHIP
This is an opportunity to acquire a well-established bank tenant making this an ideal long-term hold. Tenants are established, and market vacancy is less than five percent 299 Whalley Ave would be a judicious portfolio addition for investors with current holdings in the area. There is a potential future upside to convert New Haven Bank to a net lease further increasing NOI and reducing management responsibilities.

Investment Highlights

  • High Visibility Location: Corner Lot at Signalized Intersection on One of New Haven's Main Thoroughfares
  • Recently Renovated: New High-Efficiency Gas Boiler / Air Handler, New Second Floor Windows and Bathrooms
  • Tenant in Location for Ten years, First Option Exercised, Two Options Remaining
  • Minutes From Yale University, New Haven's Central Business District

Exclusively Listed By

Financing By

Listing Price: $890,000

Cap Rate
6.71%
Gross SF
11,013
Rentable SF
11,013
Price/Gross SF
$80.81
Lot Size
0.50 acres
Year Built
1956

Investment Highlights

  • High Visibility Location: Corner Lot at Signalized Intersection on One of New Haven's Main Thoroughfares
  • Recently Renovated: New High-Efficiency Gas Boiler / Air Handler, New Second Floor Windows and Bathrooms
  • Tenant in Location for Ten years, First Option Exercised, Two Options Remaining
  • Minutes From Yale University, New Haven's Central Business District

Investment Overview

THE OFFERING
Marcus & Millichap is pleased to offer this exclusively listed for sale fully occupied retail/office building located at 299 Whalley Avenue New Haven, Connecticut 06511 The property is home to New Haven's local bank, New Haven Bank, with a mission of living, working, and investing in New Haven and its residents. New Haven Bank opened in December 2010 as START Community Bank and has grown to $143 million in assets and has turned a profit the past four years. It focuses on local businesses too small for regional national lenders, whose New Haven branches typically look to make loans of $1 million or more. New Haven Banks typical loan is between $300,000 and $500,000.

THE OPPORTUNITY
Fully occupied, this investment provides an owner with stable, immediate cash flow. New Haven is a diverse economy, including: Yale University, healthcare, financial services, retail trade, and professional services. Over half of the economy is based on services, especially healthcare, education, and financial. 25 percent of the population over the age of 25 have a bachelor's degree or better. New Haven Bank is well situated, and well established, in this location to serve the community at large.

KEY LOCATION
The building sits on the corner of Whalley and Sherman Avenues at a signalized intersection. It has a private paved parking-lot with a drive-thru teller window. Traffic count is over 21,000 Vehicles Per Dayon Whalley, over 15,000 Vehicles Per Day on Sherman, and is a highly walkable area. New Haven Bank first opened its doors here almost ten years ago and is well established in this location.

STRATEGIC OWNERSHIP
This is an opportunity to acquire a well-established bank tenant making this an ideal long-term hold. Tenants are established, and market vacancy is less than five percent 299 Whalley Ave would be a judicious portfolio addition for investors with current holdings in the area. There is a potential future upside to convert New Haven Bank to a net lease further increasing NOI and reducing management responsibilities.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower