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Office

Hyannis Apartment Conversion

310 Barnstable Rd, Barnstable, MA 02601

Listing Price: $2,800,000

Cap Rate
1.04%
Gross SF
29,180
Rentable SF
29,180
Price/Gross SF
$95.96
Lot Size
1.60 acres
Year Built
1984

Investment Overview

The subject property is a 29,180 square foot building that sits on 1.6 acres of land in downtown Hyannis. The three-story office building is currently 19% occupied by one tenant, NorthEast Health Services (NEHS). NEHS has one and a half years remaining on their lease with one three-year option to extend the lease. The building consists of two elevators, new windows, and a new roof. All utilities to the building including electric, gas, and water & sewer are provided. The highest and best use of this property is to convert the existing building into 28 apartment units (including 10% of units for workforce housing), which can be completed by-right per the zoning regulations. The property is zoned in the Hyannis Gateway District (HG). Currently, only 14% of housing in Hyannis is multi-family, which is becoming more and more of an issue as house prices continue to rise on Cape Cod in general. The lack of supply and increasing demand for apartments in this area creates the perfect opportunity for an investor to convert the existing building into apartments and bridge this gap in the market. The property is located within a designated opportunity zone. As the property is located in the heart of downtown Hyannis, there is an abundance of retail and amenities within two miles of the property. The Cape Cod Mall, which consists of over 720,000 square feet of retail, is one mile from the property. Festival at Hyannis Shopping Center, a Shaw’s and HomeGoods anchored shopping center, and a Home Depot and Kohl’s anchored shopping mall known as Southwind Plaza are both within two miles of the property. Cape Cod Hospital is also just one mile from the property. Nearby transportation includes the Barnstable Municipal Airport (a half mile away) and the Hy-Line Cruises, offering direct service to Nantucket and Martha’s Vineyard (one mile away). Downtown Boston is just 70 miles north and downtown Providence is just 75 miles west of the property.

Investment Highlights

  • 29,180 SF Office Building | 3 Stories
  • Zoning: Hyannis Gateway District (HG) | Apartment Conversion By-Right
  • Potential to Build 28 Units in Existing Building (10% Affordable)

Exclusively Listed By

Financing By

Office

Hyannis Apartment Conversion

Listing Price: $2,800,000

Cap Rate
1.04%
Gross SF
29,180
Rentable SF
29,180
Price/Gross SF
$95.96
Lot Size
1.60 acres
Year Built
1984

Investment Highlights

  • 29,180 SF Office Building | 3 Stories
  • Zoning: Hyannis Gateway District (HG) | Apartment Conversion By-Right
  • Potential to Build 28 Units in Existing Building (10% Affordable)

Investment Overview

The subject property is a 29,180 square foot building that sits on 1.6 acres of land in downtown Hyannis. The three-story office building is currently 19% occupied by one tenant, NorthEast Health Services (NEHS). NEHS has one and a half years remaining on their lease with one three-year option to extend the lease. The building consists of two elevators, new windows, and a new roof. All utilities to the building including electric, gas, and water & sewer are provided. The highest and best use of this property is to convert the existing building into 28 apartment units (including 10% of units for workforce housing), which can be completed by-right per the zoning regulations. The property is zoned in the Hyannis Gateway District (HG). Currently, only 14% of housing in Hyannis is multi-family, which is becoming more and more of an issue as house prices continue to rise on Cape Cod in general. The lack of supply and increasing demand for apartments in this area creates the perfect opportunity for an investor to convert the existing building into apartments and bridge this gap in the market. The property is located within a designated opportunity zone. As the property is located in the heart of downtown Hyannis, there is an abundance of retail and amenities within two miles of the property. The Cape Cod Mall, which consists of over 720,000 square feet of retail, is one mile from the property. Festival at Hyannis Shopping Center, a Shaw’s and HomeGoods anchored shopping center, and a Home Depot and Kohl’s anchored shopping mall known as Southwind Plaza are both within two miles of the property. Cape Cod Hospital is also just one mile from the property. Nearby transportation includes the Barnstable Municipal Airport (a half mile away) and the Hy-Line Cruises, offering direct service to Nantucket and Martha’s Vineyard (one mile away). Downtown Boston is just 70 miles north and downtown Providence is just 75 miles west of the property.

Exclusively Listed By

Financing By

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