Office Vacant-User

Hyde Park Avenue Mixed-Use

891 Hyde Park Ave, Boston, MA 02136

Listing Price: $2,925,000

Cap Rate
7.34%
Gross SF
22,400
Rentable SF
22,400
Price/Gross SF
$130.58
Lot Size
0.50 acres
Year Built
1965

Investment Overview

Marcus & Millichap is pleased to present for sale, 891 Hyde Park Avenue in Hyde Park, MA. This unique offering consists of a 22,400 square foot, mixed-use building that features three stories of office space with three industrial bays attached. The industrial bays were constructed in 1965 along with the northern wing of the office space, and an additional 11,200 square feet of office space was constructed in 1989. The building features forced HVAC, an elevator and a modern security system that includes security cameras as well as key-card entry for access into the building and individual suites. The property is fully occupied at current capacity by a sustainable mix of tenants that lease space on either a short-term or at-will basis. The tenants currently pay $14.09/foot (full-service gross) annually in rent on average. Collections remained strong through the onset of the COVID-19 crisis. The subject property is located within the South Suffolk County Office Submarket within the Boston MSA. Average rent within the submarket is $30/foot (gross) and $18/foot (modified gross) along the corridor. The subject property is situated on four parcels, totaling 0.53 acres and is centrally located on a main commercial corridor along Hyde Park Avenue where there is a diverse mix of industrial, retail and multifamily property in the immediate vicinity. The area is currently in transition and has experienced an increasing amount of multifamily and residential condominium development over the past three years with residential condos in the immediate vicinity having sold for as much as $675,000 over the past year. This offering presents opportunity for any owner-user with some flexibility on timeline to take tenancy. It also presents opportunity for the office investor to add value by making moderate improvements and by restructuring the leases. The asset could also be redeveloped into condominiums with potential for 18 units based on the lot size and recent construction in the area.

Investment Highlights

  • Fully-occupied office building presents a unique opportunity for the owner-user, office investor or developer
  • Located along a main commercial corridor with a strong mix of retail and industrial tenants in immediate proximity | Dunkin' Donuts, America's Food Basket, Comcast Service Center, Stop & Shop, Dollar
  • Steps away from MBTA bus stop which provides access to Boston Proper
  • Sustainable mix of office and industrial tenants with short-term leases in place | Tenants continue to pay rent throughout COVID-19 crisis
  • Income can be increased by making moderate improvements
  • Potential development site for 18 residential condominiums

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    License(s): MA: 1000303

    Massachusetts

Office Vacant-User

Hyde Park Avenue Mixed-Use

Listing Price: $2,925,000

Cap Rate
7.34%
Gross SF
22,400
Rentable SF
22,400
Price/Gross SF
$130.58
Lot Size
0.50 acres
Year Built
1965

Investment Highlights

  • Fully-occupied office building presents a unique opportunity for the owner-user, office investor or developer
  • Located along a main commercial corridor with a strong mix of retail and industrial tenants in immediate proximity | Dunkin' Donuts, America's Food Basket, Comcast Service Center, Stop & Shop, Dollar
  • Steps away from MBTA bus stop which provides access to Boston Proper
  • Sustainable mix of office and industrial tenants with short-term leases in place | Tenants continue to pay rent throughout COVID-19 crisis
  • Income can be increased by making moderate improvements
  • Potential development site for 18 residential condominiums

Investment Overview

Marcus & Millichap is pleased to present for sale, 891 Hyde Park Avenue in Hyde Park, MA. This unique offering consists of a 22,400 square foot, mixed-use building that features three stories of office space with three industrial bays attached. The industrial bays were constructed in 1965 along with the northern wing of the office space, and an additional 11,200 square feet of office space was constructed in 1989. The building features forced HVAC, an elevator and a modern security system that includes security cameras as well as key-card entry for access into the building and individual suites. The property is fully occupied at current capacity by a sustainable mix of tenants that lease space on either a short-term or at-will basis. The tenants currently pay $14.09/foot (full-service gross) annually in rent on average. Collections remained strong through the onset of the COVID-19 crisis. The subject property is located within the South Suffolk County Office Submarket within the Boston MSA. Average rent within the submarket is $30/foot (gross) and $18/foot (modified gross) along the corridor. The subject property is situated on four parcels, totaling 0.53 acres and is centrally located on a main commercial corridor along Hyde Park Avenue where there is a diverse mix of industrial, retail and multifamily property in the immediate vicinity. The area is currently in transition and has experienced an increasing amount of multifamily and residential condominium development over the past three years with residential condos in the immediate vicinity having sold for as much as $675,000 over the past year. This offering presents opportunity for any owner-user with some flexibility on timeline to take tenancy. It also presents opportunity for the office investor to add value by making moderate improvements and by restructuring the leases. The asset could also be redeveloped into condominiums with potential for 18 units based on the lot size and recent construction in the area.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    License(s): MA: 1000303

    Massachusetts

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