Brookline, MA Citizens Bank

429 Harvard Street
Lease Type NNN
Cap Rate 4.00%
Property Type Retail
Building Size 3,182 SF
NOI $164,000
Land Area 0.23 AC
Remaining Term 10 Years
Status Closed
Property Highlights

Densely populated market area: The Property is situated on Harvard Street near the intersection of Commonwealth Avenue, which offers nearby access to the Massachusetts Turnpike. The Property sits within the town of Brookline, which is part of the Greater Boston area. This portion of New England is home to more than eight million residents (and 80 percent of the state’s population).

Prominent New England location: The Greater Boston area has played a pivotal commercial and cultural role in the history of the U.S., and continues to lead the world in various industries, including biotechnology, engineering, higher education and maritime trade. The area is home to prestigious, world-class universities including Harvard, which has the largest financial endowment of any university. Cambridge’s Kendall Square has been called the “most innovative square mile on the planet” thanks to its high concentration of entrepreneurial start-ups and the quality of innovation that have emerged in the vicinity since 2000.

Quality investment opportunity: The urban Greater Boston area has strong barriers to entry, which gives the Property significant underlying residual value. This corporate-guaranteed lease was recently extended to 2026 and features no landlord responsibilities and annual rent increases of 2.5 percent. This is a rare strong credit cash-flow land bank opportunity for future development that includes a full basement and a dedicated surface parking area.

The town of Brookline is part of the Greater Boston area and borders six of Boston’s most prominent neighborhoods: Brighton, Allston, Fenway-Kenmore, Mission Hill, Jamaica Plain and West Roxbury.