Listed by Marcus & Millichap - Boston
$13,180,000
459 Washington Street - TESO Life Boston's Downtown Crossing
Details
APN 304782012
Property Type Retail
Sub Type Convenience Store, Storefront
Square Footage 20,000
Net Rentable (SqFt) 20,000
Units 1
Cap Rate 6.00%
NOI $790,783
Occupancy 100%
Tenancy Single
Brand/Tenant TESO Life
Lease Type NNN
Lease Term 10
Lease Expiration 12/30/2035
Remaining Term 9.4
Rent Bumps Yes
Lease Options 2-5 year
Broker Co-Op Yes
Class A
Year Built 2017
Year Renovated 2017
Buildings 1
Stories 3
Acreage 0.472
Zoning Commercial
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/31/2025
Occupancy Date 12/31/2025
Ground Lease No
10 Yr NNN Retail in Boston's Famed Downtown Crossing | 3% Annual Increases
Marketing description
Rapidly Growing National Retailer
Offered at $13,180,000 - 6.0% Cap
3% Annual Increases in Rent Over 20 Years
Institutional Property Advisors (IPA) is pleased to exclusively present for sale 459 Washington St, a rare opportunity to acquire 20,000 sq ft in Downtown Crossing, Boston’s most popular retail destination.
Investment highlights
- Downtown Crossing is the “Main & Main” location for Boston retail with 22 million annual visitors.
- Just steps away from the Freedom Trail, a world-renowned, signature tourist experience attracting over 4 million people annually
- The adjacent Red & Orange Line subway stop that is only 30 feet from 459 Washington St has the second highest volume in the entire city system with 24,000 people using the stop daily.
- TESO Life is a popular and trendy Japanese Department Superstore that is rapidly expanding throughout the U.S. with stores recently opened or opening soon in New York, Dallas, Las Vegas, Philadelphia and Orlando. They have chosen to open up their new Flagship Store for Downtown Crossing
- New, long-term, 10-year lease with parent guarantee at $37 psf is about 43% below the market average rent of $65-$75 psf for multi-floor space.
- Rare, 3% annual increases in rent including during the two, five-year option periods.
- A rare opportunity to acquire a critical mass of 20,000 sq ft of retail condo in downtown Boston with minimal LL responsibility. Nine stories and 41 residential units above are fully responsible for roof and common areas.
- 2.4% Downtown Crossing / CBD Retail Vacancy Rate.
- 10 Yr NNN Lease | Parent Guarantee
- Rent 40% Below Market
- 22 Million Annual Pedestrians
- 3 Mile Daytime Population: 1,139,731
Listing Contacts
Listed by Marcus & Millichap - Boston
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$790,783.00
$65,898.58/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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