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1003-1009 Chestnut St 9,400 SF 100% Leased Office Building Newton, MA 02464 $1,950,000 ($207.45/SF)
Executive Summary
Attached is information regarding a building that has just come on the market for sale.
There are several factors that could significantly influence your acquisition and pricing strategy:
• The current ownership partnership is being dissolved, and the property is being sold pursuant to arbitration proceedings.
• The building will be delivered completely vacant at closing.
• The property is subject to numerous fire, building, and code violations that will require attention.
• The building is historically protected, which may impact redevelopment plans and renovation costs.
That said, these circumstances may create an opportunity to acquire the asset at a favorable price relative to comparable properties in the market.
I would be interested in hearing your thoughts and discussing whether this opportunity aligns with your investment objectives.
There are several factors that could significantly influence your acquisition and pricing strategy:
• The current ownership partnership is being dissolved, and the property is being sold pursuant to arbitration proceedings.
• The building will be delivered completely vacant at closing.
• The property is subject to numerous fire, building, and code violations that will require attention.
• The building is historically protected, which may impact redevelopment plans and renovation costs.
That said, these circumstances may create an opportunity to acquire the asset at a favorable price relative to comparable properties in the market.
I would be interested in hearing your thoughts and discussing whether this opportunity aligns with your investment objectives.
Property Facts
Sale Type
Investment
Sale Condition
High Vacancy Property
Property Type
Building Size
9,400 SF
Building Class
C
Year Built
1836
Price
$1,950,000
Price Per SF
$207.45
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
3,000 SF
Slab To Slab
9’
Building FAR
2.14
Lot Size
0.10 AC
Zoning
BU1 - BU-1 Historically Protected
Parking
2 Spaces (0.22 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $439,500 | |
| Land Assessment | $0 | Total Assessment | $439,500 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$439,500
Total Assessment
$439,500
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1003-1009 Chestnut St
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