jamaica plain massachusetts · 2020. 12. 8. · jamaica plain, a residential neighborhood southwest...
TRANSCRIPT
-
JAMAICA PLAIN ◆ MASSACHUSETTS
-
MULTIFAMILY ADVISORY
GROUP
CHRISTOPHER SOWER617 816 5257
JONATHAN BRYANT508 505 0832
BRUCE LUSA617 448 6308
JOHN FLAHERTY617 997 1557
KEVIN JONES508 314 4452
4 EXECUTIVE SUMMARY
6 INVESTMENT HIGHLIGHTS
9 LOCATION OVERVIEW
14 MARKET OVERVIEW
20 ASSET OVERVIEW
-
EXECUTIVE SUMMARY
Colliers Boston is pleased to present for sale 361 Centre Street, a tremendous investment and redevelopment opportunity located in the heart of Jamaica Plain. The offering is a 20,701 square foot Italian Renaissance Revival style church and is the former home The Church of the Blessed Sacrament.
The site is fully located within a Qualified Opportunity Zone and offers a convenient transit-oriented address, less than half a mile from the MBTA’s Jackson Square Station, which connects Jamaica Plain to world class employers, universities and hospitals situated throughout Boston, Cambridge, and the surrounding communities.
361 Centre Street is a unique opportunity within one of Boston’s most lively neighborhoods. The neighborhood is known for its diverse population, excellent public transit options and tremendous amount of green space.
361 Centre Street is available on an “as-is” basis and without a formal asking price. Colliers will be conducting tours of the property in the coming weeks with a call for offers to follow.
For additional information, please visit 361CentreSt.colliers.com.
4
-
5
-
TRANSIT ORIENTED 361 Centre Street provides an unmatched public transportation option with the MBTA’s Jackson Square Station (Orange Line) less than ½ a mile from the site. This public transit option offers a commute to Downton Boston & Longwood Medical area in less than 20 minutes, and approximately a 30-minute commute to Cambridge’s Kendall Square.
INVESTMENT HIGHLIGHTS
QUALIFIED OPPORTUNITY ZONEThe site is located within a Qualified Opportunity Zone giving investors with capital gains tax liabilities favorable tax treatment over a long-term hold.
CAMBRIDGECAMBRIDGEKENDALL KENDALL SQUARESQUARE
S Huntington Ave
S Huntington Ave
LONGWOOD LONGWOOD MEDICAL AREAMEDICAL AREA
90
HEATH HEATH STREET STREET STATIONSTATION 11-min walk11-min walk
Centre Street
Centre Street
6
-
IN THE HEART OF JAMAICA PLAIN’S LATIN QUARTER Jamaica Plain is a multi-cultural destination hosting restaurants, cafés, breweries, non-profit organizations and institutional grade development projects. 361 Centre St is positioned in the heart of Boston’s Latin Quarter Cultural District, a diverse neighborhood known as a hub for the development and celebration of Latin and Afro-Latin art and cultural events, and for its many Latinx specialty shops, restaurants, and businesses. The property is also located ½ a mile east of Olmstead park and ½ a mile west of Southwest Corridor Park, both offering bike paths and an immense amount of recreational and green space.
BACK BAYBACK BAYFINANCIAL FINANCIAL
DISTRICTDISTRICT SEAPORTSEAPORT
SOUTH SOUTH ENDEND
ROXBURYROXBURY
Columbus Avenue
Columbus Avenue
93
Centre Street
Centre Street
JACKSON JACKSON SQUARESQUARESTATIONSTATION
7-min walk
7-min walk
JAMAICA PLAIN DEMOGRAPHICS
35 years MEDIAN AGE
$89,039 MEDIAN
HOUSEHOLD INCOME
45.5% OF UNITS OWNER
OCCUPIED
Data Source: Per BPDA February 2020 Boston in Context
63.4% HAVE EARNED A
BACHELOR’S DEGREE OR HIGHER
7
-
Centre Street
Centre Street
STONYBROOKSTONYBROOKSTATIONSTATION
ROXBURYROXBURY
DORCHESTERDORCHESTER
QUINCYQUINCY
Franklin Park ZooFranklin Park Zoo
8
-
LOCATION OVERVIEW
Jamaica Plain, a residential neighborhood southwest of downtown Boston, is one of Boston’s most dynamic communities, rich in culture and diversity.
One of the city’s largest neighborhoods, Jamaica Plain covers approximately 4.4 square miles and is home to a large portion of Boston’s Emerald Necklace of parks and green spaces. Additional popular destinations in the neighborhood include the 68-acre Jamaica Pond, 265-acre Arnold Arboretum, and the Samuel Adams Brewery.
Jamaica Plain is easily accessible by the Southwest Corridor, MBTA trains, and buses. The main transit hub for the area is Forest Hill Station.
LOCATION OPPORTUNITIESJamaica Plain offers an attractive location for the development of an arts, food, and entertainment project, to host the activities of arts, music, and performance driven organizations, as well as provide residential housing and mixed-use facilities.
JAMAICA PLAIN RESIDENTIAL MARKETJamaica Plain has proven itself as stable and desirable multifamily market in the Greater Boston Area. Located in close proximity to an abundance of world-renowned health and educational institutions, the neighborhood’s total number of workers in the Health Care industry is more than three times the national average. As its population is expected to grow by 3.5% over the next five years, and strong economic fundamentals continue to persist (2.3% county unemployment rate), Jamaica Plain is well positioned to prosper. Its young population make-up, which is comprised of a large concentration of millennials that’s almost twice the national average for a town/city its size, adds to its overall vibrancy. Jobs have also increased by almost seven percent the past five years and are projected to maintain that growth momentum for the foreseeable future.
The Jamaica Plain multi-family market posted a 10.0% vacancy rate in Q1 2020. Its asking rent of $2,387/unit ($3.18 psf), and effective rent of $2,317/unit ($3.09 psf) are both higher than the GBA’s. The market experienced 93 units in positive absorption in 2019, and with 109 units already getting absorbed in Q1 2020, vacancy should continue its downward trajectory for the next couple quarters. For a market its size, Jamaica Plain’s construction activities have really picked up these last few years. Since 2017, ten multi-family properties totaling 963 units were delivered. 3521-3529 Washington St which was delivered in Q2 of last year, is currently operating at above 70% occupancy level. Asking rents at Velo Forest Hills, the most recent delivery that was brought onto the market at the end of Q1 2020, stand at $3,106/unit ($4.59 psf), which is well above the market’s $2,387/unit asking rent.
$2,387/UNITasking rent ($3.18 psf)
93 UNITSin positive absorption in 2019
10 MULTI-FAMILY PROPERTIEStotaling 963 units have been delivered since 2017
10%vacancy rate in Q1
9
-
STONYBROOKSTONYBROOKSTATIONSTATION
FOREST FOREST HILLSHILLSSTATIONSTATION
Centre Street
Centre Street
ROSLINDALEROSLINDALE
10
-
S Huntington Ave
S Huntington Ave
JamaicawayJamaicaway
Jamaica PondJamaica Pond
Arnold ArboretumArnold Arboretum
BROOKLINEBROOKLINE
11
-
LATIN QUARTER CULTURAL DISTRICTThe Mass Cultural Council designated the Latin Quarter cultural district in May 2018. It is the fourth cultural district in the City. The district is known for being an area where the Latinx community has thrived for decades. The neighborhood has seen an increase in young professionals, artists, and families moving into the area. It's now one of Boston's most diverse communities.
The district is located in Jamaica Plain's Hyde/Jackson Square. The area has more than 125 businesses, 65% of which are immigrant-owned. The historic Blessed Sacrament Campus is at the heart of the Latin Quarter.
The mission of the district is to preserve the cultural identity of the changing neighborhood. The main goals are to establish a district that is:
• a safe, clean, and diverse neighborhood• a dynamic, locally-owned business district that includes Latin foods, goods,
services and specialty shops• a hub for the development and celebration of Latin and Afro-Latin art and cultural
events, and a destination for local residents, families, and tourists.
JACKSON JACKSON SQUARESQUARESTATIONSTATION
Heath Street
Heath Street
Centre Street
Centre Street
GONDRES BAKERY
FERNANDEZ BEAUTY & BARBER SHOP
12
-
Franklin Park ZooFranklin Park Zoo
ROXBURYROXBURY
QUINCYQUINCY MILTONMILTON
Centre Street
Centre Street
STONYBROOKSTONYBROOKSTATIONSTATION
Lamartine StreetLamartine Street
Wyma
n Stree
t
Wyma
n Stree
t
Forbe
s Str
eet
Forbe
s Str
eet
Sheridan Street
Sheridan Street
Creighton Street
Creighton Street
MOZART STREET PLAYGROUND
ALEX'S CHIMIS
THE OLD HAVANA CUBAN
REYNA SERVICES LLC
CENTRE FASHION
BLUE NILE
MIAMI RESTARUANT
HYDE SQUARE TASK FORCE
FAT RAM'S PUMPKIN TATTOO
BRENDAN BEHAN PUB
13
-
The Boston area has one of the most stable real estate markets in the country and one of the best-educated workforces in the nation. It hosts world-class hospitals and universities, and the education and health service industries employ more than one of every five workers. These jobs are historically more stable during all economic cycles, and the strong diversity of health and education services bolsters the health of the Boston economy. Cambridge is the global epicenter of the life science industry, and the region has a growing tech ecosystem attracting top talent and companies. Venture capital continued to flow into Massachusetts at record highs for investment in locally headquartered companies in 2018 and 2019, at a rate of $1,000 per capita.
The urban core and surrounding suburbs continue to attract population growth, with the highly diversified industry base drawing many to the area, including an increasing number of graduates from the region’s 50-plus colleges and universities. Multifamily construction has boomed to accommodate the growth, in turn leading to the rise of new retail corridors and neighborhoods in and around the city. The metro area’s strong highway infrastructure supports numerous business clusters throughout the area, from the urban core to infill communities and Boston’s suburbs. The area’s strong supply constraints have historically supported value growth in real estate.
GREATER BOSTON MARKET OVERVIEW
- U.S. News & World Report
Massachusetts named top three
state for healthcare, education, and business
environment
14
-
Attractions include Faneuil Hall, Boston Public Garden, Freedom Trail, Charles River Esplanade,
Newbury Street, Seaport District, New England Aquarium, colleges and universities, multiple museums including the Museum of Fine Arts, and championship sports teams.
Metro Boston is one of the best-served metropolitan areas in the country for public
transportation, funneling residents to job centers throughout the area. The MBTA can handle 1.3 million riders every day on a network of subway, commuter rail, ferry, and bus lines. This wide-ranging system covers 3,244 square miles and
serves 175 communities and 4.8 million residents.
Logan International Airport handled 42.5 million passengers in 2019, the
most in its history
TOURISM
5 subway lines3,244 square miles covered1.3M MBTA daily riders
TRANSIT
15
-
A LEADER IN INNOVATION
BIOTECH
EDUCATION
of adult population has a BA degree or higher51.0%
in U.S. for college students
250,000+ students50+ COLLEGES & UNIVERSITIES
best public schools - Education Week
highest NIH grants
per capital in country21 HOSPITALS
#1 Children’s hospital in the U.S.
*NIH Research Portfolio Online Reporting Tools
$3.02BNIH FUNDING
(5,548 grants in 2019)*
25 YEARSNIH FUNDING
LEADER(for 25 consecutive years)*
MEDICAL
#2 95,209biotech employees in MAMassachusetts second in the nation for VC funding at $6.78 billion in 2019
- Bloomberg
most innovative state in the U.S.#2
16
-
Along with an increase in economic activity, the Boston market has been reinventing itself as well, in order to become one of America’s few Gateway Cities — a handful of the most sought-after investment markets in the country, which attract tenants, residents, and investors.
Gateway Cities include Boston, New York City, Washington, D.C., Chicago, Los Angeles, and San Francisco.
The City of Boston and the Commonwealth of Massachusetts have invested tremendously in the city, from the Big Dig to Logan International Airport, the Boston Convention and Exhibition Center, transit lines, the Seaport, and more, in order to make Boston a first-class international city.
Boston has a long and well-established philanthropy scene. There are many opportunities in the city and within other parts of New England for nonprofits in search of funding, across a wide spectrum of issues.
GATEWAY CITY
A GLOBAL CITY
A LEADER IN PHILANTHROPY
in energy efficiency- ACEEE
#1 33.1%are 20-34 years old — the highest population share of
that age group in the country new residents
since 2010
89K+
GREEN IN MORE WAYS THAN ONE
A LEADER IN INNOVATION
17
-
Serenity 101 S Huntington Avenue
Jamaica Plain
The Brynx201 S Huntington Street
Jamaica Plain
225 Centre Apartments225 Centre Street
Jamaica Plain
Bell Olmstead Park161 S Huntington Avenue
Jamaica Plain
MetroMark3615 Washington Street
Jamaica Plain
3200 Washington3200 Washington Street
Jamaica Plain Average
# of Units 195 149 103 198 283 73Parking 100 65 60 80 180 41
Built/ Renovated 2017 2019 2013 2015 2016 2019Occupancy 93% 72% 98% 85% 94% 75%
Owner Oxford Properties Group Samuels & Associates The Community Builders Bell Partners, Inc. Corcoran Management Company Berkeley Investments
Units Units Units Units Units Units UnitsStudio 49 57 0 29 35 19
1 74 50 42 98 118 112 65 30 54 67 99 343 7 12 7 4 31 9
Studio Studio Studio Studio Studio Studio Studio$ $2,172 $2,459 N/A $1,965 $1,785 $2,088 $2,094
SF 506 506 N/A 561 512 538 525$/SF $4.29 $4.86 N/A $3.50 $3.49 $3.88 $4.00
1 Bed 1 Bed 1 Bed 1 Bed 1 Bed 1 Bed 1 Bed$ $2,834 $3,160 $2,256 $2,453 $2,050 $2,282 $2,506
SF 689 701 726 772 661 673 704$/SF $4.11 $4.51 $3.11 $3.18 $3.10 $3.39 $3.57
2 Bed 2 Bed 2 Bed 2 Bed 2 Bed 2 Bed 2 Bed$ $3,310 $1,972 $2,641 $3,084 $2,430 $2,742 $2,697
SF 961 839 980 1,055 970 1005 968$/SF $3.44 $2.35 $2.69 $2.92 $2.51 $2.73 $2.77
3 Bed 3 Bed 3 Bed 3 Bed 3 Bed 3 Bed 3 Bed$ $5,079 $4,132 $3,795 $3,678 $3,399 $3,918 $4,000
SF 1,239 1,207 1,174 1,327 1,251 1,147 1224$/SF $4.10 $3.42 $3.23 $2.77 $2.72 $3.42 $3.28
RENT COMPARABLES
CONDO SALES COMPARABLES45 On Burnett 45 Burnett St
Units 44Year Built 2019# of Sales 37
SF Sale Price $/SFAVG 1,076 $705,459 $661
VITA3531 Washington Street
Units 82Year Built 2019/2020# of Sales 34
SF Sale Price $/SFAVG 1,126 $752,529 $668
1 2 3 4
1 2
18
-
Serenity 101 S Huntington Avenue
Jamaica Plain
The Brynx201 S Huntington Street
Jamaica Plain
225 Centre Apartments225 Centre Street
Jamaica Plain
Bell Olmstead Park161 S Huntington Avenue
Jamaica Plain
MetroMark3615 Washington Street
Jamaica Plain
3200 Washington3200 Washington Street
Jamaica Plain Average
# of Units 195 149 103 198 283 73Parking 100 65 60 80 180 41
Built/ Renovated 2017 2019 2013 2015 2016 2019Occupancy 93% 72% 98% 85% 94% 75%
Owner Oxford Properties Group Samuels & Associates The Community Builders Bell Partners, Inc. Corcoran Management Company Berkeley Investments
Units Units Units Units Units Units UnitsStudio 49 57 0 29 35 19
1 74 50 42 98 118 112 65 30 54 67 99 343 7 12 7 4 31 9
Studio Studio Studio Studio Studio Studio Studio$ $2,172 $2,459 N/A $1,965 $1,785 $2,088 $2,094
SF 506 506 N/A 561 512 538 525$/SF $4.29 $4.86 N/A $3.50 $3.49 $3.88 $4.00
1 Bed 1 Bed 1 Bed 1 Bed 1 Bed 1 Bed 1 Bed$ $2,834 $3,160 $2,256 $2,453 $2,050 $2,282 $2,506
SF 689 701 726 772 661 673 704$/SF $4.11 $4.51 $3.11 $3.18 $3.10 $3.39 $3.57
2 Bed 2 Bed 2 Bed 2 Bed 2 Bed 2 Bed 2 Bed$ $3,310 $1,972 $2,641 $3,084 $2,430 $2,742 $2,697
SF 961 839 980 1,055 970 1005 968$/SF $3.44 $2.35 $2.69 $2.92 $2.51 $2.73 $2.77
3 Bed 3 Bed 3 Bed 3 Bed 3 Bed 3 Bed 3 Bed$ $5,079 $4,132 $3,795 $3,678 $3,399 $3,918 $4,000
SF 1,239 1,207 1,174 1,327 1,251 1,147 1224$/SF $4.10 $3.42 $3.23 $2.77 $2.72 $3.42 $3.28
1
5 6
2
3
12
4
5
6
19
-
PROPERTY DESCRIPTION
Address: 361 Centre Street, Jamaica Plain, MA 02130Parcel ID: 1002038010Zoning District: Jamaica Plain NeighborhoodZoning Subdistrict: Multifamily Residential / Neighborhood ShoppingGross Building Area: 20,701 SFProperty Type: ChurchYear Built: 1913Parking: 44 SpacesRoof: Ceramic Tile; SlateWall: Brick; Ceramic Tile; Copper; Glass; Glazed TerraFoundation: Granite; Stone, Cut
SITE PLAN
20
-
GENERIC FLOOR PLAN
21
-
MULTIFAMILY ADVISORY GROUP
Christopher Sower617 816 [email protected]
Bruce Lusa617 448 [email protected]
Jonathan Bryant508 505 [email protected]
John Flaherty617 997 [email protected]
Kevin Jones508 314 [email protected]
Colliers International160 Federal StreetBoston, MA 02110www.colliers.com/boston
JAMAICA PLAIN ◆ MASSACHUSETTS
22