101 BROADWAY RD Dracut MA 01826

Marcus & Millichap is pleased to present Dracut Village Square, a three-building neighborhood shopping center that sits on a 4.33-acre lot and includes a stand-alone corporately guaranteed Eastern Bank branch with more than $75 million in deposits on a pad in the southwest corner of the site. The property is located at 101 Broadway Rd in Dracut, MA, between the intersections of Elvino Florry Drive and Broadway Road and Loon Hill Road and Broadway Road, which together bring nearly 23,000 vehicles per day by the property. Broadway Rd is also known as Route 113, a Massachusetts state route that connects towns in the Merrimack River Valley in the northeastern part of the state.With multiple points of ingress and egress, the property can be entered or exited from Elvino Florry Drive, Loon Hill Road, or Broadway Road.

Tenancy at Dracut Village Square is exceptionally stable and consists of a diverse mix of two dozen service-oriented tenants, many of whom are paying rents below market. The average tenure of the existing tenants is more than 16 years, and more than 60 percent of those tenants having been in operation at the Center for more than a decade, highlighted by the three restaurants on site with tenures of 18, 33, and 36 years at the property. About 40% of the leases are NNN, with the tenants reimbursing for their pro rata share of expenses, providing the landlord with substantial reimbursements while also offering the opportunity for upside through converting more of the leases to NNN over time. Most of the leases include annual or semi-annual CPI-based increases, providing a buyer with regular increases in cashflow and appreciation and a hedge against inflation.

Dracut Village Square is located on Dracut’s main retail corridor, directly across from Veterans Memorial Park, a 25+ acre parcel containing baseball, soccer, and lacrosse fields. Other tenants in the immediate vicinity include the United States Post Office, Dunkin’ Donuts, CVS and more. Sunrise Shopping Center, a 132,288 SF retail center anchored by Market Basket and featuring Walgreens, Moe’s Southwest Grill and Olympia Sports, is less than a mile from the property.

Dracut is a relatively affluent community, with an average household income greater than $114,000 within a mile from the property. Though the community is close knit with a small-town feel, the area is densely populated, with more than 180,000 residents within five miles of the property, including 12,885 undergraduate students at UMass Lowell, located less than two miles away from the site.

• Affluent community with average household income of >$114,000 within a mile of the site

• Large lot on hard corner with multiple points of ingress and egress

• Densely populated area with >180,000 residents within 5 miles of the property

• Priced well below replacement value

• More than $220,000 in capital improvements since 2015, including new 35-year roofs on both main buildings

• Average tenant tenure >16 years, with six tenants operating at the site for more than two decades

• Located on Dracut’s main retail corridor surrounded by a strong mix of national and regional tenants

• Property has never had more than two vacancies at a time, and the average time to re-tenant has 90 days