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Shopping Strip

600 Broadway

600 Broadway, Saugus, MA 01906

Listing Price: $5,325,000

Cap Rate
6.00%
Gross SF
11,540
Rentable SF
11,540
Price/Gross SF
$461.44
Lot Size
1.28 acres
Year Built
2000

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for 600 Broadway, Saugus, Massachusetts, an 11,540 square foot, 4 tenant plaza on 1.28 acres in a prime location on Bostons North Shore that sees more than 107,000 vehicles per day.

Located on Route 1, the property benefits from phenomenal visibility on this prime retail corridor less than 10 miles from the heart of Boston. In addition to its position as an outparcel to Home Depot, the site is surrounded by national tenants, including Target, Walmart, Marshalls / HomeGoods, Michaels, Trader Joes, Petco, Starbucks, McDonalds, Burger King, and dozens more. The property has a perpetual easement with Home Depot, which provides additional parking above and beyond the 49 spaces at the property.

The property is occupied by three strong national and regional tenants, all of whom are operating under triple net, corporate-backed leases. The property is anchored by FedEx, who has been at the plaza since it was built in 2000, and have exercised options to extend their original 10-year lease multiple times. For Eyes Optical signed an 11-year lease in 2017 and has more than 7 years of remaining term, with options to extend past the original term. Bay State Physical Therapy signed a new 7-year lease in mid-2020, in the midst of a global pandemic, a sign of the strength of the underlying real estate. The fourth suite, currently vacant, is a 1,618 SF space that the seller will master lease for up to 12 months post-closing, to give the buyer ample opportunity to re-tenant the space while enjoying stable income from day one.

Investment Highlights

  • 86% Occupied with corporately guaranteed NNN leases at below market rents
  • More than 107,000 vehicles per day pass the site
  • Anchor tenant has 20+ year history at the site and has exercised several options
  • Prime retail corridor less than 10 miles from downtown Boston
  • Densely populated area with more than 379,000 residents within 5 miles of the site
  • Affluent community with an average household income of more than $100,000

Exclusively Listed By

Listing Price: $5,325,000

Cap Rate
6.00%
Gross SF
11,540
Rentable SF
11,540
Price/Gross SF
$461.44
Lot Size
1.28 acres
Year Built
2000

Investment Highlights

  • 86% Occupied with corporately guaranteed NNN leases at below market rents
  • More than 107,000 vehicles per day pass the site
  • Anchor tenant has 20+ year history at the site and has exercised several options
  • Prime retail corridor less than 10 miles from downtown Boston
  • Densely populated area with more than 379,000 residents within 5 miles of the site
  • Affluent community with an average household income of more than $100,000

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for 600 Broadway, Saugus, Massachusetts, an 11,540 square foot, 4 tenant plaza on 1.28 acres in a prime location on Bostons North Shore that sees more than 107,000 vehicles per day.

Located on Route 1, the property benefits from phenomenal visibility on this prime retail corridor less than 10 miles from the heart of Boston. In addition to its position as an outparcel to Home Depot, the site is surrounded by national tenants, including Target, Walmart, Marshalls / HomeGoods, Michaels, Trader Joes, Petco, Starbucks, McDonalds, Burger King, and dozens more. The property has a perpetual easement with Home Depot, which provides additional parking above and beyond the 49 spaces at the property.

The property is occupied by three strong national and regional tenants, all of whom are operating under triple net, corporate-backed leases. The property is anchored by FedEx, who has been at the plaza since it was built in 2000, and have exercised options to extend their original 10-year lease multiple times. For Eyes Optical signed an 11-year lease in 2017 and has more than 7 years of remaining term, with options to extend past the original term. Bay State Physical Therapy signed a new 7-year lease in mid-2020, in the midst of a global pandemic, a sign of the strength of the underlying real estate. The fourth suite, currently vacant, is a 1,618 SF space that the seller will master lease for up to 12 months post-closing, to give the buyer ample opportunity to re-tenant the space while enjoying stable income from day one.

Exclusively Listed By

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