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63 Melcher St - Melcher Street Retail Condo 3,120 SF Retail Condo Unit Offered at $3,011,246 in Boston, MA 02210
INVESTMENT HIGHLIGHTS
- Long Term Lease
- Transit Oriented Location
- Exceptional Demographics
- Superior Location
- High Traffic Counts
EXECUTIVE SUMMARY
The Muse is a six-story mixed-use building that was redeveloped in 2018 and features a retail unit on the ground floor (Subject Property) and 38 luxury condo units with exposed brick and original wood beam ceilings on the upper floors. The well-maintained building also offers a landscaped roof terrace with views of Boston. 63 Melcher Street is situated in an exceptional urban location in Boston’s Seaport District, with excellent access to Downtown Boston, Boston Harbor, South Station local and regional transportation, and Boston’s Logan Airport. The Property is located in the Fort Point neighborhood of the Seaport District and has frontage along Melcher, Necco and A Streets. The Property is in between Boston’s South Station and the Boston Convention and Exhibition Center and is a short walk to Summer Street and Seaport Boulevard, bounding the area’s primary commercial district, which offers an array of high-end office and residential developments, urban amenities, retailers, restaurants, and entertainment options.
PROPERTY FACTS
| Total Building Size | 37,713 SF | Typical Floor Size | 30,289 SF |
| Property Type | Multifamily (Condo) | Year Built | 1916 |
| Property Subtype | Apartment | Lot Size | 0.16 AC |
| Building Class | B | Parking Ratio | 0.32/1,000 SF |
| Floors | 6 | ||
| Zoning | CM - Multifamily with 1st floor retail | ||
| Total Building Size | 37,713 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 6 |
| Typical Floor Size | 30,289 SF |
| Year Built | 1916 |
| Lot Size | 0.16 AC |
| Parking Ratio | 0.32/1,000 SF |
| Zoning | CM - Multifamily with 1st floor retail |
AMENITIES
SITE AMENITIES
- 24 Hour Access
- Wheelchair Accessible
1 UNIT AVAILABLE
Unit 1
| Unit Size | 3,120 SF | Sale Type | Investment |
| Price | $3,011,246 | Cap Rate | 7.00% |
| Price Per SF | $965.14 | NOI | $210,787 |
| Condo Use | Retail |
| Unit Size | 3,120 SF |
| Price | $3,011,246 |
| Price Per SF | $965.14 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 7.00% |
| NOI | $210,787 |
DESCRIPTION
The Property consists of a 3,120 square foot retail condominium, occupying a portion of the ground floor of The Muse. The unit is leased to Joint Ventures Physical Therapy, which has 8+ years remaining on their Triple Net (NNN) Lease with one (1), 5-year option. The lease provides for attractive 2% annual increases throughout the primary lease term.
SALE NOTES
Horvath & Tremblay is pleased to present the exclusive sale of the condominium interest in the single tenant retail investment property located at 63 Melcher Street in Boston, Massachusetts (the “Property”). The Property consists of a 3,120 square foot retail condominium, occupying a portion of the ground floor of The Muse. The unit is leased to Joint Ventures Physical Therapy, which has 8+ years remaining on their Triple Net (NNN) Lease with one (1), 5-year option. The lease provides for attractive 2% annual increases throughout the primary lease term. The Muse is a six-story mixed-use building that was redeveloped in 2018 and features a retail unit on the ground floor (Subject Property) and 38 luxury condo units with exposed brick and original wood beam ceilings on the upper floors. The well-maintained building also offers a landscaped roof terrace with views of Boston. 63 Melcher Street is situated in an exceptional urban location in Boston’s Seaport District, with excellent access to Downtown Boston, Boston Harbor, South Station local and regional transportation, and Boston’s Logan Airport. The Property is located in the Fort Point neighborhood of the Seaport District and has frontage along Melcher, Necco and A Streets. The Property is in between Boston’s South Station and the Boston Convention and Exhibition Center and is a short walk to Summer Street and Seaport Boulevard, bounding the area’s primary commercial district, which offers an array of high-end office and residential developments, urban amenities, retailers, restaurants, and entertainment options.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 30 | - | 517 |
| 1+1 | 5 | - | 764 |
| 2+1 | 2 | - | 1,082 |
| 2+2 | 1 | - | 1,082 |
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63 Melcher St - Melcher Street Retail Condo
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