Winthrop Road Apartments
Winthrop Road Apartments | 18 Units | 100% Market-Rate | Brookline, MA
Marketing description
Cushman & Wakefield’s Multi-Family Advisory Group is pleased to present the opportunity to acquire 108-116 Winthrop Road, a boutique 18-unit, 100% market rate apartment building located in the heart of Brookline, Massachusetts. The property is situated on one of the most sought after streets in the coveted Washington Square neighborhood of Brookline, an affluent, highly sought-after town bordering Boston to the west that boasts one of the best school systems in the country. The property is located blocks from Beacon Street and the MBTA Green Line and the location offers residents immediate access to the area’s major employers, academic institutions, shops, dining and entertainment destinations.
The building features charming common area spaces, attractively landscaped grounds, 14 on-site parking spaces, five (5) 3-bedroom units, ten (10) 3-bedroom units with dens and three (3) 3-bedrooms with two bathrooms units. All the apartment units offer large floor plans with oversized bedrooms, high ceilings, hardwood floors, large closets, and abundant natural light. Units have been updated with renovated kitchens and bathrooms. With these upgrades, and significantly below market rents, a new owner could significantly increase rents.
Investment highlights
Ideal Washington Square (Brookline) Location
108-116 Winthrop Road is a rare opportunity to acquire a boutique 18-unit apartment building in the heart of Brookline, in the Washington Square neighborhood. The property is located steps from public transit and innumerable amenities, including local shops, cafes and a vibrant array of upscale and casual restaurants located in this sought-after Brookline neighborhood.
100% Market-Rate with Below Market Rents
The 100% leased building has in-place rents that are significantly below market. As a 100% market-rate building, the new owner will have the opportunity to increase rents and cash flow through a variety of value-add operational and capital investment strategies.
Exceptional Transit-Oriented Location
The building is located a short walk from the MBTA Green Line (Washington Square stop) and a variety of bus routes (66, 65,57, 57A). These public transit options provide residents with easy commuter access to major white-collar employers and universities/colleges in downtown Boston, Longwood Medical Area (LMA), the Fenway area, and the Back Bay. The location offers exceptional accessibility and convenience.
Tremendous Value-Add Potential
While the property has been well kept and has maintained 100% occupancy historically (with a waiting list for units), there is tremendous value-add potential through unit upgrades, reconfigurations and common area updates that will position the property to command higher rents.
Dynamic Multifamily Fundamentals
With limited supply, virtually no vacancy and pent-up demand, the Washington Square housing market is projected to experience continued rent growth.
Tenancy Driven by Medical & Education Fields
Washington Square is a haven for young professionals, especially those in the education and medical fields. Jobs in these industries are some of the most resilient and best paying in the region. The tenancy at the Property is driven by these thriving industries and the exceptionally strong underlying demographics ensures that residents, current and future, will be able to absorb future rent increases.
The Longwood Connection
108-116 Winthrop Road is located less than 2 miles from the Longwood Medical Area, home to some of the nation’s largest and most prestigious hospitals and institutions. The Boston Children’s Hospital, Dana Farber Cancer Institute, Brigham & Women’s Hospital, and The Harvard Medical School are all located in the LMA and employ more than 37,000 doctors, nurses, and researchers. Additionally, 14,000 medical students call the LMA home.
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