306-310 Central Street

GRIFFITH | PEPDJONOVIC

SAUGUS, MA

Investment Opportunity 6-UNIT RETAIL LOCATED ONLY
BUILDING LOCATED IN TWO MINUTES
Marcus and Millichap is pleased to present a retail strip center located in FROM ROUTE 1
Saugus, MA. The center is leased to five different tenants and has parking onsite. SAUGUS, MA
The building sits on the corner of Main Street and Central Street, which is only a 2
minute drive to Route 1.

The one mile demographics offer an average household income of $100,596.
Avalon Bay and Crosspoint are building a mixed use development nearby with 280
luxury residential units and 23,630 SF of prime retail on Route 1.

STRONG VALUE-ADD
NEARBY OPPORTUNITY BY
DEMOGRAPHICS LEASING VACANT

SPACE

306-310 CENTRAL ST. SAUGUS, MA 2

GRIFFITH | PEPDJONOVIC 3

THE STUDIO
FOR FITNESS

CENTRAL NICK’S CORONET CENTRAL
PET CARE PLACE CLEANERS STREET CUTS

VACANT

306-310 CENTRAL ST. SAUGUS, MA 4

GRIFFITH | PEPDJONOVIC 5

306-310 CENTRAL ST. SAUGUS, MA Greater Boston Metro

Steeped in history, the Boston metro spans
4,128 square miles across Essex, Middlesex,
Norfolk, Plymouth and Suffolk counties in
Massachusetts, and Rockingham and
Strafford counties in southeastern New
Hampshire. The region is home to
approximately 4.8 million individuals and
accounts for nearly 70 percent of all
Massachusetts’ residents. Boston is the
most populous city in the metro with roughly
675,200 citizens. It is located along the
Atlantic seaboard and fronts Boston Harbor.

Boston has transitioned from a
manufacturing hub to one of the top
innovation, healthcare and education centers
of the world. The metro is home to a thriving
startup ecosystem, with medical research at
world-renowned institutions such as Harvard
and MIT at its core.

6

4.8M $82K #3

GREATER BOSTON HOUSEHOLD INCOME HIGHEST INCOME PER
POPULATION IN GREATER BOSTON CAPITA IN THE US

1.9M 3.5% 500K

GREATER BOSTON UNEMPLOYMENT COLLEGE STUDENTS IN
HOUSEHOLDS RATE GREATER BOSTON

100+ 16M+ 36M

LEADING EDUCATION VISITORS TO BOSTON PASSENGERS OUT
INSTITUTIONS AND CAMBRIDGE OF LOGAN AIRPORT

130+ #1

HOSPITALS IN STATE IN THE US BY
GREATER BOSTON US NEWS AND WORLD

REPORT

GRIFFITH | PEPDJONOVIC 7

LYNN Saugus Location

306-310 CENTRAL ST. The town is bordered by Lynnfield to the
north, Lynn to the east, Revere (in Suffolk
SAUGUS County) to the south, and Melrose and
Wakefield to the west, in Middlesex County.
306-310 CENTRAL ST. SAUGUS, MA Route 1 passes through town along a
divided highway, with five exit ramps
throughout town. This stretch of Route 1,
is lined with a major shopping district,
(including the Square One Mall), is a major
commuter route out of Boston, heading
towards the interchange of Interstate 95 and
Massachusetts Route 128 in Lynnfield.

8

LOGAN AIRPORT

SEAPORT

CHELSEA EAST BOSTON
CHARLESTOWN
DOWNTOWN

EVERETT CAMBRIDGE
SOMERVILLE
MALDEN MEDFORD
9
GRIFFITH | PEPDJONOVIC

Avalon at Hilltop

Approved mixed-use redevelopment of the 14-acre former Hilltop Steakhouse site
located on Route 1 in Saugus. Three new four-story residential buildings will be
constructed at the site’s rear containing 280 luxury apartments. Apartments will
include 16 studios, 122 one-bedrooms and 142 two-bedrooms surrounding a
landscaped courtyard with a pool, grills, fireplaces and dog parks.

Two new buildings featuring 24,000 square feet of retail will be constructed along
Route 1. Retail will be co-developed with Crosspoint Associates and will include
service-oriented businesses such as a dry cleaner, a hair salon, a coffee shop and a
pharmacy as well as both full-service and casual restaurants.

306-310 CENTRAL ST. SAUGUS, MA 10

NEARBY DEVELOPMENTS

GRIFFITH | PEPDJONOVIC Essex Landing

Essex Landing will feature 256
apartments, a 150-room upscale
boutique hotel, a 130-room hotel for
extended stay guests, five food and
beverage spots and additional retail
space, a coffee shop and a pharmacy
as well as both full-service and casual
restaurants.

With truly enticing and first class
offerings & catering spaces, as well as a
state-of-the-art hotel with unparalleled
guest service, Essex Landing will not only
be a gateway, but a destination unto itself.

11

PRICING DETAILS $2,025,000 RETURNS Year 1 Year 2

Price $2,025,000 Returns 6.60% 7.86%
6 6.60% 7.86%
Down Payment CAP Rate
Number of Units $225.25 Cash-on-Cash
Price Per SqFt 8,990 SF
Gross SqFt 0.52 Acres
Lot Size
Approx. Year Built 1981

DETAILED RENT ROLL Suite Lease Lease Rent per Total Rent Total Rent
Commencement Expiration Sq. Ft. Per Month Per Year
Tenant 310
308 8/19/15 8/18/25 $20.67 $2,240 $26,880
The Studio for Fitness 306 A 9/1/2017 8/31/20 $32.90 $877 $10,528
Central Street Cuts 306 3/31/22 $13.33 $2,222 $26,664
Center Pet Care 308 4/1/17 1/1/19 $24.04 $5,259 $63,108
Nick’s Place 308 B 1/1/18 Tenant At Will $2,550 $30,600
Coronet Cleaners Tenant At Will --
Vacant -- -- --
Total -- $ $157,780

306-310 CENTRAL ST. SAUGUS, MA 12

OPERATING STATEMENT Year 1 Per SF Year 2 Per SF

Income $157,780 $17.55 $183,672 $24.94

Scheduled Base Rental Income Year 1 Per SF Year 2 Per SF

Operating Expenses $9,500 $1.29 $9,500 $1.29
$1,800 $0.24 $1,800 $0.24
Utilities $1,522 $.021 $1,525 $0.21
Snow Removal $1,150 $0.16 $1.150 $0.16
Alarm $10,540 $1.43 $10,540 $1.43
Landscaping $24,512 $3.33 $24,512 $3.33
Repairs and Maintenance 15.64% 15.64%
Total Expenses $133,268 $14.22 $159,160 $21.61
Expenses as % of EGR
Net Operating Income

GRIFFITH | PEPDJONOVIC 13

Marcus & Millichap is the leading real estate investment $42B
services firm in the United States. With over 80 offices and
1,700 sales agents across the United States and Canada, RECENTLY CLOSED
Marcus & Millichap brings national experience to local TRANSACTIONS
market expertise.
............................................................................
George M. Marcus and William A. Millichap revolutionized the
real estate brokerage industry. Marcus & Millichap was designed 8,979
to go far beyond simply facilitating real estate transactions. It
was developed as an entire system dedicated to maximizing TRANSACTIONS
value for real estate investors. CLOSED IN 2017

............................................................................

1,819+

INVESTMENT
PROFESSIONALS

306-310 CENTRAL ST. SAUGUS, MA 14

3,500+ GRIFFITH | PEPDJONOVIC

TOTAL MULTI-FAMILY Evan Griffith and Tony Pepdjonovic lead the top-producing team in the
UNITS SOLD Boston Marcus & Millichap office. Evan and Tony have formed a collaborative
investment sales team focusing on the New England market. They are
.............................................................................. dedicated to being relationship-oriented”with the crux of the team’s focus on
multi-family, mixed-use buildings as well as guiding clients through the 1031
1031 exchange process.

EXCHANGE The team’s foremost goal is to exceed the expectations
SPECIALISTS of each client, deliver superior results and solidify
strong lifetime relationships. Griffith & Pepdjonovic
.............................................................................. are known for their honesty and integrity and take
pride in their many repeat clients.
#1

TEAM BOSTON OFFICE
IN 2016, 2017, 2018

GRIFFITH | PEPDJONOVIC 15

PRESENTED BY:

EVAN GRIFFITH TONY PEPDJONOVIC GRIFFITH | PEPDJONOVIC

First Vice President Investments Senior Associate GRIFFITH | PEPDJONOVIC
Boston Office Boston Office

Tel: 617.896.7221 Tel: 617.896.7277
Fax: 617.701.7019 Fax: 617.701.7019
[email protected] [email protected]