397

west broadway

single tenant retail condominium • south boston

executive summary

Boston Realty Advisors is pleased to present a rare opportunity to acquire the JP Licks at 397 West Broadway,
a NNN single tenant retail condominium with over 18 years remaining of lease term located in the vibrant South Boston neighborhood in Boston, Massachusetts. This single tenant JP Licks provides investors a newly renovated space with long-term stability in a high growth market.

 

The completely renovated condominium consists of 3,175 square feet of which 1,788 square feet is on

the ground floor and 1,387 square feet is usable lower level space. JP Licks occupies 100% of the Unit.

JP Licks has been in operation since 1981 employing over 200 people at their 14 Massachusetts locations.

 

JP Licks at 397 West Broadway is also uniquely positioned for long-term upside from the continued development in the immediate vicinity and the Innovation District.  In the surrounding blocks, West Broadway is undergoing a complete revitalization as over 263,000 square feet and close to 200 apartments have been recently completed
or scheduled for construction. With over 8.9 million square feet of mixed-use development completed and 6.4 million square feet board approved or under construction, the renovation of South Boston and the Seaport is
well underway. The rapidly expanding infrastructure combined with infusion of neighborhood amenities is attracting a strong residential and commercial base.

Key Investment Drivers

Unmatched South Boston Location

Prominently positioned in the dense South Boston
neighborhood, in the heart of a monumental wave
of surrounding development, with access and
visibility on West Broadway.

Long-term Stable Income

Rare annual increases over
18+ years of remaining lease term.

NNN Lease, Limited Landlord
Responsibilities

Limited Landlord responsibilities, Tenant is 100% for basic rent and
all additional rent including but not limited to real estate taxes,
all condominium expenses and assessments, utilities,
and insurance. (Landlord is responsible if condominium
special assessments exceed $18,750 in a calendar year).

Transformative Submarket

More than $20 billion in public and private investments
have fueled over 8.9 million square feet of completed
development with an additional 6.4 million square feet
under construction or slated for future development.

Long-term Stable Income

Boston’s dynamic South Boston neighborhood features an

average household income of $117,647 for over 36,213 people.

Site Description

PROPERTY SPECIFICATIONS

Property Address: 397 West Broadway, #397B, Boston, MA 02127

Property Type: Commercial Condominium Unit

Condominium Interest:  Eight Percent (8%)

Zoning District: South Boston Neighborhood

Zoning Subdistrict: MFR/LS (Multifamily Residential/ Local Services)

Overlays: Interim Planning Overlay District, Restricted Parking

Improvements

Building Profile:  A 25,162 square foot, brick-and-beam mixed-use building

Year Built/ Renovated:  1910 / 2018

Number of Floors: Three above-grade floors, plus a lower level.

Unit Rentable Area:  3,175

Location

Contact

Whitney gallivan

Managing Director & Partner

617.850.9612

wgallivan@bradvisors.com

Christopher J. Donato

Director

617.850.9618

cdonato@bradvisors.com

745 Boylston Street  |  Boston, MA 02116  |  (T) 617.375.7900  |  (F) 617.536.9566  |  BRAdvisors.com