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Shopping Strip

Waverly Wine & Spirits | Fire Dough Kitchen

624 Waverly St, Framingham, MA 01702

Listing Price: $1,417,500

Cap Rate
7.00%
Gross SF
6,258
Rentable SF
6,258
Price/Gross SF
$226.51
Lot Size
0.14 acres
Year Built
1980

Investment Overview

The subject property is a 6,258 square foot retail building located on Waverly Street in downtown Framingham. The two-tenant retail land condo is 100% occupied by Waverly Wine & Spirits and Fire Dough Kitchen. Fire Dough Kitchen just signed a brand new 10-year lease with 3% increases annually beginning in 2024. Both tenants operate on NNN leases and have options to extend their leases beyond the base term. The building was constructed in 1980 with the most recent improvements completed in 2022 including a new roof. The property is an outparcel to a Walgreens with a shared parking lot between the two buildings. The property is centrally located on Waverly Street, which has an average daily traffic count exceeding 12,300. The Framingham Commuter Rail Station is located just half a mile up Waverly Street, which offers direct access to downtown Boston (less than 25 miles east). Framingham State University is just over two miles north of the property and is home to almost 4,500 students. Framingham and the surrounding area has a very strong retail market with over ten million square feet within five miles of the property and a vacancy rate less than 3%. The Natick Mall, a 1.8M+ square foot super regional mall, is less than four miles northeast of the property. Nearby retailers include Walgreens, CVS, Dollar Tree, Burger King, Dunkin’, Domino’s Pizza, Wendy’s, Mobil, Shell, AutoZone and more. Framingham also has a very strong office presence with over 7.8 million square feet of office space within the city. The most notable companies who occupy space in Framingham are TJX, Bose Corporation, and Staples. All of which have their corporate headquarters in Framingham. TJX alone employs over 23,000 people in Framingham. Framingham State and the MetroWest Medical Center are also major employers. Located across from the property are the Bancroft Lofts, a 400,000 square foot adaptive re-use renovation and construction project completed in September of 2021. The project included the renovation of a historic mill building inclusive of 160 residential units, the conversion of an existing powerhouse building to a high-end amenity space, and the new construction of a four-story building with an additional 96 units and a 224-space parking garage. Other recent developments in the area include The Buckley (210-unit apartment building), Modera Framingham (270-unit apartment building), and Alta Union House (196-unit mixed-use apartment building). With nearly 72,000 inhabitants, Framingham is known as the hub of the Metro-West region and offers a unique blend of urban and rural qualities including excellent public services, a well-respected school system, and a full-service community teaching hospital.

Investment Highlights

  • Two Tenant Building | Outparcel to Walgreens
  • 2 Means of Ingress/Egress
  • Downtown Framingham

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Shopping Strip

Waverly Wine & Spirits | Fire Dough Kitchen

Listing Price: $1,417,500

Cap Rate
7.00%
Gross SF
6,258
Rentable SF
6,258
Price/Gross SF
$226.51
Lot Size
0.14 acres
Year Built
1980

Investment Highlights

  • Two Tenant Building | Outparcel to Walgreens
  • 2 Means of Ingress/Egress
  • Downtown Framingham

Investment Overview

The subject property is a 6,258 square foot retail building located on Waverly Street in downtown Framingham. The two-tenant retail land condo is 100% occupied by Waverly Wine & Spirits and Fire Dough Kitchen. Fire Dough Kitchen just signed a brand new 10-year lease with 3% increases annually beginning in 2024. Both tenants operate on NNN leases and have options to extend their leases beyond the base term. The building was constructed in 1980 with the most recent improvements completed in 2022 including a new roof. The property is an outparcel to a Walgreens with a shared parking lot between the two buildings. The property is centrally located on Waverly Street, which has an average daily traffic count exceeding 12,300. The Framingham Commuter Rail Station is located just half a mile up Waverly Street, which offers direct access to downtown Boston (less than 25 miles east). Framingham State University is just over two miles north of the property and is home to almost 4,500 students. Framingham and the surrounding area has a very strong retail market with over ten million square feet within five miles of the property and a vacancy rate less than 3%. The Natick Mall, a 1.8M+ square foot super regional mall, is less than four miles northeast of the property. Nearby retailers include Walgreens, CVS, Dollar Tree, Burger King, Dunkin’, Domino’s Pizza, Wendy’s, Mobil, Shell, AutoZone and more. Framingham also has a very strong office presence with over 7.8 million square feet of office space within the city. The most notable companies who occupy space in Framingham are TJX, Bose Corporation, and Staples. All of which have their corporate headquarters in Framingham. TJX alone employs over 23,000 people in Framingham. Framingham State and the MetroWest Medical Center are also major employers. Located across from the property are the Bancroft Lofts, a 400,000 square foot adaptive re-use renovation and construction project completed in September of 2021. The project included the renovation of a historic mill building inclusive of 160 residential units, the conversion of an existing powerhouse building to a high-end amenity space, and the new construction of a four-story building with an additional 96 units and a 224-space parking garage. Other recent developments in the area include The Buckley (210-unit apartment building), Modera Framingham (270-unit apartment building), and Alta Union House (196-unit mixed-use apartment building). With nearly 72,000 inhabitants, Framingham is known as the hub of the Metro-West region and offers a unique blend of urban and rural qualities including excellent public services, a well-respected school system, and a full-service community teaching hospital.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

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