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Published by , 2018-12-19 13:20:26

108-110WebsterPrint

108-110WebsterPrint

GRIFFITH | PEPDJONOVIC 108-110

SEAPORT DOWNTOWN WEBSTER STREET

BOSTON, MA

NORTH END

108-110 WEBSTER
LOGAN AIRPORT

NEWLY

RENOVATED

LUXURY UNITS

108-110 WEBSTER ST. BOSTON, MA 2

INVESTMENT SUMMARY GARAGE
PARKING
108-110 Webster Street is a newly renovated 4-unit multi-family SPACES
located in East Boston. The building is comprised of (4) one
bedroom, 1 bathroom units. The apartments feature spacious open GRIFFITH | PEPDJONOVIC 3
floorplans and are fully equipped with luxury appointments.
East Boston has seen massive development with over 2,000 new
apartment units completed within the past 5 years. Another 10,000
units are currently under development and will be delivered in the
next few years. Slip65 Condominiums sold all 80 units in under two
months.
East Boston home values have gone up 12.0% over the past year
and Zillow predicts they will rise 11.3% within the next year. East
Boston’s population increased 17 percent from 2000 to 2015,
compared with a 10 percent increase for Boston overall. With a large
number of new luxury residential projects, and an influx of chic new
restaurants and stores, the neighborhood’s appeal, and it’s average
home value, are on a serious trajectory.
In recent years, East Boston has become home to a wave of young
professionals seeking residence in Boston in newly renovated
condominiums along Jeffries Point, Maverick Square, and the Eagle
Hill Waterfront. East Boston has several Blue Line stations and has
quick access into Boston through the Ted Williams Tunnel located
nearby.

AREA MAP

DOWNTOWN

SEAPORT

108-110 WEBSTER

PORTSIDE EAST PIER

291,000 SF apartment
development featuring 296
luxury apartments across five
buildings with an underground

parking garage.

LOGAN AIRPORT

108-110 WEBSTER ST. BOSTON, MA 4

BACK BAY LOCATION OVERVIEW
NORTH END
East Boston features high accessibility
CLIPPERSHIP WHARF BOSTON EAST through I-90 with the Ted Williams
Tunnel taking commuters straight into
The new apartment complex A newly finished, 200 unit Boston. The MBTA’s Blue Line has
at Clippership Wharf will mixed-use development several stops in East Boston including
comprised of studio-three Maverick, Airport, Wood Island, Orient
include 478 residential units Heights, and Suffolk Downs. Logan
with ground retail space set to bedroom apartments with Airport is located less than one mile
underground parking. away. The area has seen massive
arrive early 2019. development with many new
apartment complexes and future
projects planned.

GRIFFITH | PEPDJONOVIC 5

THE

FASTEST

GROWING

MARKET

20 MILLION
SF OF NEW

DEVELOPMENTS

Suffolk Downs
Redevelopment

A Billion Dollar Project

HYM Investment Group acquired Suffolk Downs for $155
million in May 2017 and got approval to construct active
uses including residences, retail, office and lab space,
hotel space and accessory parking. Residences would
include townhomes, apartments, condominiums and
senior housing. A total of 16.5 million square feet of
space would be constructed, including 11 million in
Boston and 5.5 million in Revere. Construction would
likely cost over $1 billion.



ARRIVING EARLY 2019

Clippership Apartments on the Wharf brings an elevated YImomuresreslef
waterfront experience to East Boston offering a selection
of 478 studio, 1, 2, and 3 bedroom apartments. The Clippership Wharf project will
include over four acres of waterfront
open space, including a new Harborwalk
extension and waterfront transportation
dock. A total of 321 vehicle parking
spaces will be built on site; 300 spaces
will be located in an underground parking
garage. 20 underground parking spaces
will be public. Clippership Wharf is located
steps to the Maverick Square MBTA Blue
Line station, a three-minute train ride to
Downtown Boston, with direct access to
water taxi service.

The condominiums at Clippership Wharf,
dubbed Slip65, will include one-bedrooms
and two-bedrooms outfitted with top-of-
the-line finishes and graced with sweeping
waterfront views throughout. Slip65
condominiums are fully sold out.

Portside at East Pier development on the
East Boston Waterfront will feature the
Beacon Collection, 296 luxurious apartment
residences across two new five-story
buildings with sweeping views of Boston
Harbor and the Boston skyline. Beacon
Collection residences will include studios,
one-bedrooms and two-bedrooms, with
finishes including Caesarstone countertops
with slate backsplashes, two-toned kitchen
cabinetry, hardwood-style plank flooring
and Moen bathroom fixtures. Residences will
also feature in-unit washers and dryers and
oversized windows. A number of residences
will have private balconies.

Over 11,000 square feet of amenities will be
located at Portside at East Pier Phase Two,
including an indoor pool with an outdoor
sundeck, a fitness center with a spin room
and yoga room, a rooftop deck overlooking
Boston Harbor and a golf simulator.

NOW LEASING

WATERFRONT APARTMENTS

Plenty to Discover

Whether you want to walk the waterfront, explore the outdoors
or experience some of the best food in Boston, there’s plenty
of action to be had in the East. With some of the best ethnic
restaurants in all of Boston (and yes, pizza is technically ethnic),
you’d be hard pressed to find a neighborhood with better “mom
and pop” options.
And if you should need to get somewhere else in Boston, or the
world for that matter, you can walk a half a block and hop the
T at Maverick Station. From there, both the airport and the city
are just one stop away. What else? We’ll leave the fun of
discovering the rest of the area to you.

GREATER BOSTON METRO

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.

108-110 WEBSTER ST. BOSTON, MA 14

4.8M $82K #3

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

1.9M 3.1% 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 15

FINANCIAL ANALYSIS

PRICING DETAILS $1,850,000 RETURNS Year 1
$1,850,000 5.22%
Price Returns 17.52
Down Payment 4 CAP Rate 5.22%
Number of Units $462,500 GRM
Price Per Unit $777.31 Cash-on-Cash Year 1 Rent Per Year
Price Per SF $26,400
Gross SqFt 2,380 Year 1 Rent/Month $26,400
Lot Size 5,625 $2,200 $26,400
$2,200 $26,400
DETAILED RENT ROLL $2,200 $105,600
$2,200
Unit Unit Type $8,400

1 1 Bedroom / 1 Bath
2 1 Bedroom / 1 Bath
3 1 Bedroom / 1 Bath
4 1 Bedroom / 1 Bath
Total

108-110 WEBSTER ST. BOSTON, MA 16

FINANCIAL ANALYSIS Year 1 Per Unit Per SF
$26,400 $44.37
OPERATING STATEMENT $105,600 ($792) 3.0% ($1.33)
($3,168) 3.0% $25,608 $43.46
Income
Gross Current Rent $102,432 -- --
Physical Vacancy -- $2,400 $4.03
Effective Rental Income $360 $0.61
Other Income $9,600 $2,760 $4.64
Parking $1,440 $28,368 $47.68
Laundry $11,040 Per Unit Per SF
Total Other Income $113,472 $2,033 $3.42
Effective Gross Income Year 1 $875 $1.47
Operating Expenses $500 $0.84
Real Estate Taxes $8,132 $500 $0.84
Insurance $3,500 $250 $0.42
Utilities - Water & Sewer $2,000 $4,158 $6.99
Repairs & Maintenance $2,000
Operating Reserves $1,000 $24,120 $40.54
Total Expenses $16,632
Expenses as % of EGI 14.7% GRIFFITH | PEPDJONOVIC 17
Net Operating Income $96,480

Marcus & Millichap

OUR FIRM

In Boston, and across the country, Marcus & Millichap is an industry leader
due to the quality of our research and the depth and breadth of our team. Our powerful
national platform exposes each property to the largest pool of qualified investors and
enables us to annually close the largest number of real estate investment transactions
nationally.
2017 Numbers

8,995 1,819+ 1,652 $47.4B
VOLUME
TRANSACTIONS PROFESSIONALS CAPITAL MARKET
TRANSACTIONS

OVER 80

Offices in
U.S. & Canada

108-110 WEBSTER ST. BOSTON, MA 18

3,500+ 1031 #1 TEAM

UNITS SOLD EXCHANGE SPECIALISTS BOSTON OFFICE (2016-2018)

GRIFFITH | PEPDJONOVIC

Evan Griffith and Tony Pepdjonovic lead the top-producing team in the 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 exchange process.
The team’s foremost goal is to exceed the expectations 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.

GRIFFITH | PEPDJONOVIC 19

GRIFFITH | PEPDJONOVIC

Evan Griffith

First Vice President Investments
Boston Office

Tel: (617) 896-7221
Fax: (617) 701-7019
[email protected]

Tony Pepdjonovic

Vice President Investments
Boston Office

Tel: (617) 896-7277
Fax: (617) 539-8331
[email protected]


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