63-69 Bailey Street - Dorchester - OM
BAILEY STREET
DORCHESTER, MA
CONFIDENTIAL OFFERING MEMORANDUM
303 Congress Street | Boston, MA 02210 | 617.457.3400 | hunnemanre.com
REDEVELOPMENT OPPORTUNITY
EXECUTIVE SUMMARY
Hunneman is pleased to offer for sale 63-69 Bailey Street, a ±7,346 square foot former VFW building, situated on a .42-acre parcel of land, in one of Boston’smost emerging neighborhoods, Ashmont Square. Dorchester is Boston’s largest neighborhood, divided into more than a dozen neighborhoods, each with its own distinct personality. Together, these districts make up one big, diverse neighborhood. Ashmont Square is known for its assortment of Victorian homes, convenient public transportation, as well great neighborhood events, new restaurants, and walkable shopping areas. Ashmont Square boasts all the necessary demand drivers for a successful development, including growth in amenities, solid demographics, direct access to the transportation and strong market fundamentals.
The site has a prominent transit-oriented address steps away from the MBTA’s Ashmont Square Station, which connects Dorchester to world class employers, universities and hospitals throughout Boston, Cambridge, Quincy and beyond. 63-69 Baily Street is a unique TOD development site and is available on an unpriced basis.
INVESTMENT HIGHLIGHTS
TRANSIT-ORIENTED DESTINATION
DESIRABLE NEIGHBORHOOD ASHMONT SQUARE IS WITHIN WALKING DISTANCE TO PEABODY SQUARE, HOME TO A FARMERS MARKET, EVENING CONCERT SERIES, AND NUMEROUS SEASONAL EVENTS.
63-69 BAILEY STREET IS SITUATED STEPS AWAY FROM THE MBTA RED LINE SUBWAY AT ASHMONT SQUARE STATION, PROVIDING CONNECTIONS TO DOWNTOWN BOSTON’S SOUTH STATION AND CAMBRIDGE’S KENDALL/MIT STATION. STRONG DEMOGRAPHICS A PRIME INFILL LOCATION IN ASHMONT SQUARE, ONE OF BOSTON’S HOTTEST NEIGHBORHOODS, WITH AN AVERAGE HOUSEHOLD INCOME OF $79,354, $78,193, AND $98,845, WITHIN A 1, 3 AND 5-MILE RADIUS. WEALTH OF AREA AMENITIES & ATTRACTIONS DORCHESTER OFFERS A WEALTH OF LOCAL AMENITIES INCLUDING RETAIL, RESTAURANTS AND SHOPS. THE COMBINATION OF EASY ACCESS, HISTORIC AND MODERN ARCHITECTURE, ADD UP TO A UNIQUE MIXED-USE, PEDESTRIAN FRIENDLY, NEIGHBORHOOD EXPERIENCE.
RARE DEVELOPMENT OPPORTUNITY POTENTIAL TO DEVELOP AN EXCITING PROJECT IN BOSTON’S DYNAMIC DORCHESTER NEIGHBORHOOD.
FAVORABLE CAPITAL MARKET CONDITIONS MULTIFAMILY DEVELOPMENTS CONTINUE TO OFFER ATTRACTIVE LENDING TERMS.
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BOSTON MARKET OVERVIEW
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 Twelve Fortune 500 Companies; and some of it's 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 continue to rank the city as one of the top employment centers in the nation.
4.7 MI LL ION POPULATION
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
VENTURE CAPITAL FUNDING $3.7 BILLION (2017)
LOGAN AIRPORT MAINTAINS 50 NON-STOP INTERNATIONAL FLIGHTS DAILY
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DORCHESTER MARKET OVERVIEW
BA I L EY STREET 63-69
DESIRABLE DEMOGRAPHICS CONVENIENT LOCATION
NUMEROUS AMENITIES shopping, dining & entertainment
EASY ACCESS TO DOWNTOWN MBTA Red Line
2017 DEMOGRAPHICS
1 MILES 52,467
3 MILE 281,996 226,288
5 MILE
Population
640,269
Daytime Population
37,425
911,103
Median Age
36.3
35.6
33.9
Average Household Income
$79,354
$78,193
$94,849
Located south of downtown Boston, Dorchester is the largest, most diverse neighborhood in the city, and boasts a population base of 125,000. The myriad of transportation options within Dorchester gives residents access to both Downtown Boston and several major highways. The MBTA Red Line cuts through the length of Dorchester, stopping five times within the neighborhood and providing its residents with easy access to South Station, Logan International Airport, Downtown Boston, and Cambridge. Multiple bus routes, five commuter rail stops, and I-93 round out a neighborhood full of convenient transportation options for getting in and out of the city. Dorchester is full of public amenities as well, the most famous being Franklin Park which contains 527 acres of green space, a zoo, and a public golf course. The distinct areas within Dorchester offer an eclectic group of options for those looking amenities. Whether it be Savin and Jones Hill for the parks or Lower Mills for eating out, residents have plenty of options. The median income of households in Dorchester is $58,746 and the average rent per unit is $2,633, though there is a premium for locations in proximity to public transit nodes. Both residential and commercial developments have been popping up all over Dorchester, particularly around the MBTA Red Line stops. As Boston’s multifamily market continues to grow, Dorchester stands to benefit as renters continue to seek options that provide convenient commuting options and a vibrant culture.
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B A I L E Y STREET 63-65
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PROPERTY OVERVIEW
± 7,345 SF GROSS BUILDING SIZE
LAND AREA: YEAR BUILT:
±.42 acres Circa 1899
STORIES:
Single
63-69 Bailey Street
SHAWMUT
8 BANTON STREET TYPE Low-Rise Apartment DEVELOPER Connelly Construction
18
# OF UNITS
2018
YEAR BUILT
1840 DORCHESTER AVENUE TYPE Mid-Rise Apartment
195 ASHMONT STREET TYPE Mid-Rise Apartment DEVELOPER The 1810 Realty Group
Roger Gendron
DEVELOPER
16
# OF UNITS
1920
YEAR BUILT
26
# OF UNITS
1920
YEAR BUILT
1943 DORCHESTER AVENUE TYPE Mid-Rise Apartment
725-735 ADAMS STREET TYPE Low-Rise Apartment
Peregrine Group LLC
DEVELOPER
Corcoran Management Company
DEVELOPER
64
# OF UNITS
88
# OF UNITS
2019
YEAR BUILT
1968
YEAR BUILT
ASHMONT/PEABODY SQUARE
1971-1977 DORCHESTER AVENUE TYPE Mid-Rise Apartment
Trinity Financial
DEVELOPER
12 BAILEY STREET TYPE
64
# OF UNITS
Mid-Rise Apartment
2019
YEAR BUILT
DEVELOPER Gregory Sydney
24
# OF UNITS
1960
YEAR BUILT
CEDAR GROVE
2045 DORCHESTER AVENUE TYPE Mid-Rise Apartment
Affirmative Investments Inc
DEVELOPER
36
# OF UNITS
2018
YEAR BUILT
Existing MF Properties (20,000 SF+)
MF Under Construction (20,000 SF+)
Subject Property
11
BAILEY STREET DORCHESTER, MA
INVESTMENT SERVICES
David N. Ross 617.457.3392 dross@hunnemanre.com
Henry Lieber 617.457.3383 hlieber@hunnemanre.com
Gina Barroso 617.457.3261 gbarroso@hunnemanre. com
CAPITAL MARKETS
Andrew Kaeyer 617.457.3207 akaeyer@hunnemanre.com
William Rand 617.457.3336 wrand@hunnemanre.com
303 Congress Street | Boston, MA 02210 | 617.457.3400 | hunnemanre.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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