510 Main St, Falmouth, MA 02540

Fairwinds Apt:

• 20 apt units
• all 1/1s
• Rent controlled.
• Rent Control expires in 2028.
• Divided into 5 adorable buildings with 4 units each.
• Waterfront - Pond
• Virtually no vacancy in 10+ yrs.
• 3600sf two story office included. Great for amenity center.

Walgreens:

• Option to terminate in 2028.
• Massive option rent increase of 36%
• Walgreens is paying $11.80/sf NN in a $35+NNN market.
• Market is 99% occupied.

The Opportunity:

This is a diversified income stream with multiple value creation paths.

Apartments:

• • Rents are modestly below market (~$100–$200/month).
  • Option 1: Hold and continue stable cash flow.
  • Option 2: Light renovation program can drive ~$150–$300/month upside.
  • Optional seasonal strategy may further enhance income.

Walgreens:

• • 36% rent increase scheduled in 2028.
  • Tenant has a termination option in 2028 — likely a negotiation point.
  • Two clear paths:

· If Walgreens stays:

You capture the rent bump and increase NOI meaningfully.

· If Walgreens vacates:

You reposition the box.

· Current NOI: ~$135K

· Estimated repositioning cost: ~$1.43M

· Pro forma NOI: ~$333K at stabilization

· That’s roughly a $198K NOI lift, equating to a ~13–14% unlevered yield on cost.

· Combined Pro Forma NOI: ~$653K (Excludes additional apartment upside)

Why this deal stands out:

• • You’re not relying on a single outcome.

· Apartments provide stable in-place income

· Retail provides meaningful upside

· Zoning creates long-term optionality

• • Execution can be phased:

· Reposition retail first while apartments stabilize cash flow.

· Upgrade apartments over time.

· Or pursue a larger-scale mixed-use redevelopment (50+ units potential).