ConnorWaysideCondo-Canton-OM
28-UNIT CONDOMINIUM DEVELOPMENT
FOR SALE CALL FOR OFFERS
CONFIDENTIAL OFFERING MEMORANDUM
2239 & 2253 WASHINGTON STREET CANTON, MA
303 Congress Street | Boston, MA 02210 | 617.457.3400 | www.naihunneman.com I
EXCLUSIVE SALES AGENT
PROPOSED 28-UNIT DEVELOPMENT SUMMARY
AFFORDABLE / DONATED
ADDRESS
MARKET UNIT
SIZE (SF)
TOTALS (SF)
2239 Washington Street 2253 Washington Street
23
3 0 3
1,340 ± SF 2,000 ± SF
34,840 ± SF 4,000 ± SF 38,840 ± SF
2
TOTALS
25
* Square footages are estimates of the unit sizes provided by the owner.
IMPROVEMENTS IN PLACE The existing building, the plans, engineering, demolition work, and permitting that has gone into the project are a cost advantage to the next developer.
HIGHLIGHTS NEW
INVESTMENT
DEVELOPMENT Great opportunity to develop a brand new condominium project in Canton. These large high- end quality units should be well- received by the market.
03
EXECUTIVE SUMMARY
SALE PROCESS The NAI Hunneman Capital Markets Team has been exclusively retained to sell a 28-unit residential development project located in Canton, MA. 2239 & 2253 Washington Street are two contiguous parcels containing 1.79 acres of land. The zoning is Single Residence AA (SRAA), but the developers received Special Permits for the development of 28 residential units on the two sites. This is a court-appointed sale and is being offered without an asking price. The “Call for Offers” process will include a future bid date to be announced. EXISTING CONDITIONS 2239 Washington Street is improved with a 2 ½ story 44,200 square foot former furniture store. The building has been prepared for renovation by demolishing the interior down to the studs including removal of all sheetrock, windows, and doors. The building was winterized by disconnecting the sprinkler system and wrapping the building in Tyvek. The owners were required by the Town of Canton Fire Marshall to install a monitored fire alarm system. The site has been fenced with chain link fencing and locked. 2253 Washington Street was previously a single-family residence. The single-family has been razed. PROPOSED IMPROVEMENTS The owners received a special permit to develop the existing structure into a 26-unit condominium project at 2239 Washington Street with twenty-three market rate units, two affordable units, and one donated unit which will provide housing for a disabled veteran. There is also a special permit in place to develop a separate two-unit duplex on the 2253 Washington Street property. The Special Permits are in place and effective until December 10, 2018. The owners received Site Plan approval and an extension on January 12, 2017. The Site Plan approval extension expired on December 10, 2017. According to town bylaws Site Plan approval may be extended in writing by the board upon written request of the applicant. The next owner can consult the Canton building department on the process for further extending the Site Plan or Special Permit approval dates. CONNOR WAYSIDE DEVELOPMENT CANTON, MASSACHUSETTS
ENVIRONMENTAL EndPoint Engineers completed environmental remediation work at 2239 Washington and concluded in their RAM status report of “No Significant Risk” at the site. 2253 Washington Street had asbestos siding, which was removed in 2016 by Banner Environmental Services. Both reports will be made available for due diligence.
LOCATION The property is well-located in an affluent residential area in Canton. The site has frontage on Washington Street (Route 138) and the rear of the property backs up to the Ponkapoag Golf Club. The location is excellent for commuters working throughout metro Boston. The I-93/ Route 128 interchange is only ½ mile from the site. The property is only a five minute (3.4 mile) drive to the MBTA commuter train station at Route 128/University Park station in Westwood.
CONNOR WAYSIDE DEVELOPMENT / CANTON, MA
05
MARKET OVERVIEW
BOSTON
4.7 MILLION POPULATION
With the ninth-largest GDP in the country, and fifteenth-largest in the world, Metro Boston is an economic powerhouse and one of the nation’s centers for education, finance, tourism, healthcare, life sciences, and technology. The region is home to 12 Fortune 500 Companies; and some of its largest employers include Brigham and Women’s Hospital, Massachusetts General Hospital, John Hancock, Boston University, and Liberty Mutual. Greater Boston boasts a population of 4.7 million – ranking it one of the largest metropolitan areas in the United States. A vibrant history, numerous cultural attractions, five professional sports teams, and some of the best shopping in the world keep more than 15 million tourists coming to the metro area annually. The 80+ colleges and universities in the region are anchored by world-class institutions such as Harvard and MIT, and provide a large pool of talented young workers who remain attracted to the area’s burgeoning innovation economy, solid employment prospects, above-average wages, and amenities. As a worldwide leader in science and tech-based industries , the metro area continues to benefit from healthcare and biotech research and development. Armed with a strong entrepreneurial spirit and highly educated workforce, prospects for growth in Greater Boston are solid.
MEDICAL 30+HOSPITALS INCLUDING MASS GENERAL, RANKED #1 HOSPITAL IN THE U.S
TOURISM 15 MILLION VISITORS ANNUALLY
EDUCATION 94.5 COLLEGE STUDENTS PER 1,000 RESIDENTS
TRANSPORTATION 5 MILLION RESIDENTS & 175 TOWNS SERVICED BY THE MBTA LOGAN AIRPORT MAINTAINS 50 NON-STOP INTERNATIONAL FLIGHTS DAILY
VENTURE CAPITAL FUNDING $2.7 BILLION (YEAR-TO-DATE)
CONNOR WAYSIDE DEVELOPMENT / CANTON, MA
2239 & 2253 WASHINGTON STREET
07
MARKET OVERVIEW
CANTON
POPULATION
2000
2010 % CHANGE
Town Population
20,775
21,561
3.78%
TOTAL HOUSING
2000
2010 % CHANGE
All housing
8,163
8,762
7.34%
Occupied
7,952
8,378
5.36%
DEMOGRAPHICS
Vacant
211
384
81.99%
HOUSEHOLDS
2000
2007
2011
Median Age
50.9
52.8
41
Average Size
2.56
2.51
2.48
Median Income
$69,570
$79,657
$90,951
THE TOWN OF CANTON is a primarily residential community conveniently situated 18 miles southwest of Boston. The town enjoys a prime location with easy and direct access to the state's major highways including Routes 128, I-95 and 24, and is served by major commuter and passenger rail. The town has a rich and varied industrial heritage, serving as the location of Paul Revere's copper rolling mills in post-Colonial times, and as the site of rubber, chemical and woolen manufacturing in more recent days. Present commercial and industrial enterprises play a key role in the town's fiscal stability and are considered a major asset of the community. The prime commercial area is well located so as to allow direct highway access without affecting the community's small town charm. Many of the town's lakes, ponds and wetlands have been protected and preserved for present enjoyment and future generations. Among the protected areas are the Eleanor Cabot Bradley Reservation, an 82 acre estate that blends open fields, woodlands and gardens in the shadow of Great Blue Hill, and Pequitside Farm, a town-owned 38 acre conservation and recreation area which offers hiking, picnicking and cross country skiing.
Source: The Warren Group, town narrative.
CONNOR WAYSIDE DEVELOPMENT / CANTON, MA
09
PROPERTY OVERVIEW
SITE INFORMATION
LOT SIZE:
2239 Washington St. 1.40 acres (60,856 ± SF) 2253 Washington St. 0.39 acres (17,000 ± SF) Both Properties Total 1.79 acres (77,856 ± SF)
UTILITIES:
Electric (NSTAR), Natural Gas (Eversource), Water/Sewer (Municipal)
FRONTAGE:
216 ± feet along Washington St.
ZONING:
Single Residence AA (SRAA)
PROPERTY INFORMATION
BUILDING DESCRIPTION
2239 Washington St. is a former furniture store to be renovated into twenty-six (26) condominiums.
YEAR BUILT:
The building was built circa 1900
SIZE:
The existing building is 44,200 ± square feet
CONSTRUCTION:
2 ½ story wood-frame construction in shell condition
ROOF:
Pitched shingle roof (age unknown)
NEW UNITS
DESCRIPTION:
For 2239 Washington, the typical 2-bedroom unit will include an open kitchen layout, living room, dining area, two full baths, and a washer/dryer. 2253 Washington would have two (2) two-bedroom duplex units built on the site. 61 total spaces; 51 surface spaces, 8 of the spaces will be in a covered garage and the two- family will have 2 garage parking spaces.
PARKING:
CONNOR WAYSIDE DEVELOPMENT / CANTON, MA
CONDOMINIUM SALES
A survey of recent condominium (garden-style, flat) sales in Canton found eight sales since January 2017 of newer construction (2007-2017) units. The eight sales are listed below. The average sale price is $423,925 and the average $/SF is $323.
59 WALPOLE STREET
1202 DAVENPORT AVENUE
21 ROCKLAND STREET
ADDRESS
UNIT
TYPE
SIZE (SF) PRICE $/SF DATE
NOTES
59 Walpole Street
Unit #105 2-bed / 2-bath 1,270 SF $385,000 $303 4/28/17 Luxury condo elevator building built in 2009, underground parking Unit #305 2-bed / 2-bath 1,270 SF $400,000 $315 2/27/17
59 Walpole Street
59 Walpole Street
Unit #304 2-bed / 2-bath 1,370 SF $419,900 $306 11/13/17
59 Walpole Street
Unit #207 2-bed / 2-bath 1,270 SF $410,000 $323 1/8/18
59 Walpole Street
Unit #310 2-bed / 2-bath 1,270 SF $432,500 $340 12/20/17
59 Walpole Street
Unit #202 2-bed / 2-bath 1,273 SF $480,000 $377 7/7/17
1202 Davenport Avenue Unit #1202 2-bed / 2-bath 1,256 SF $415,000 $330 6/13/17 Blue Hill Commons is a luxury condo building built in 2007 with elevator access and underground parking
21 Rockland Street
Unit #Q 2-bed / 2 ½ bath 1,557 SF $449,000 $288 4/4/18 Massapoag Brooks is a high end condo development built in 2008. Elevator and garage parking
11
A survey of recent condominium (townhouse style) sales in Canton found twenty-seven (27) sales since January 2017 of newer construction (2007-2017) units. Several of the sales are listed below. The average sale price is $413,711 and the average $/SF is $261.
26 AMES ST
210 NEPONSET ST 5 TURTLE BROOK RD
57 ENDICOTT ST
90 TURTLE BROOK RD
ADDRESS
UNIT
TYPE
SIZE (SF) PRICE $/SF DATE
NOTES
26 Ames Street
Unit 26 3-bed / 2 ½ bath 1,852 SF $474,900 $256 2/28/18 Ames Village new construction townhouses built in 2017-2018 Unit 210 3-bed / 2 ½ bath 2,000 SF $440,500 $220 6/23/17 High end townhouse unit built in 2009 with 1 car garage Unit 2-1 2-bed / 2 ½ bath 1,355 SF $415,000 $306 8/2/17 Turtle Brook Village townhouse unit built in 2016
210 Neponset Street
5 Turtle Brook Road
90 Turtle Brook Road Unit 17-3 2-bed / 2 ½ bath 1,200 SF $389,000 $324 3/31/17 Turtle Brook Village end unit condominium built in 2016
57 Endicott Street
Unit 57 3-bed / 2-bath 1,505 SF $449,900 $298 10/5/17 New construction luxury townhouse
near Canton Center train built in 2017
CONNOR WAYSIDE DEVELOPMENT / CANTON, MA
28-UNIT CONDOMINIUM DEVELOPMENT
INVESTMENT SERVICES
CARL CHRISTIE Executive Vice President 617.457.3394 cchristie@naihunneman.com
DAN McGEE Assistant Vice President 617.457.3266 dmcgee@naihunneman.com
303 Congress Street Boston, MA 02210 617.457.3400 www.naihunneman.com
Disclaimer: Information included or referred to herein is furnished by third parties and is not guaranteed as to its accuracy or completeness. You understand that all information included or referred to herein is confidential and furnished solely for the purpose of your review in connection with a potential purchase of the subject property. Independent estimates of pro forma income and expenses should be developed by you before any decision is made on whether to make any purchase. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual documents to which they relate. The asset owner(s), their servicers, representatives and/or brokers, including but not limited to NAI Hunneman and their respective agents, representatives, affiliates and employees, (i) make no representations or warranties of any kind, express or implied, as to any information or projections relating to the subject asset(s), and hereby disclaim any and all such warranties or representations, and (ii) shall have no liability whatsoever arising from any errors, omissions or discrepancies in the information. Any solicitation for offers to purchase the subject asset(s) is subject to prior placement and withdrawal, cancellation or modification without notice.
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