Temple Place Suites

About Temple Place Suites

Offers Due:  Wednesday, October 16, 2024

Cushman & Wakefield is pleased to present you with the opportunity to purchase 29-35 Temple Place (“Temple Place Suites”), which is a 26,600 square foot, 6-story, mixed-use (residential over retail), elevator building, located in the heart of downtown Boston (just feet from Boston Common).

Temple Place Suites is located in Boston’s vibrant Downtown Crossing neighborhood, which is surrounded by, and walking distance to, the Financial District, the Theater District, the Seaport, Beacon Hill, Back Bay, Newbury Street and Boston Common. The area is home to many daytime & evening tourist attractions, amenities, employers, collages, and open green spaces, including, to name just a few, hot new celebrity owned restaurants, cafes, a speakeasy, shops, pop-up art exhibits, the new WNDR Museum, and many more popular destinations. With a Walking Score of 98%, and multiple transit T stations (Orange, Green, Red) just a few feet from the building, its location is unrivaled.

Temple Place Suites is designated with a Lodging License for 48 units (although the building is currently configured with only 42), and the current owner operates the residential portion (floors 2 through 6) as short-term, furnished, Airbnb style, rentals. There is a significant Value-Add Opportunity for the next owner to grow revenue by: (i) increasing the room count up to the permitted 48 units (this alone represents a 14.3% increase), (ii) increasing the average unit rental rate which is significantly below market, and (iii) potential additional density increase (current FAR is 8.0). The commercial portion of the building (floors 1 and basement) is fully occupied by one tenant (a micro-brewery, restaurant, and taproom), which has a long-term, Triple-Net Lease, through 2028.

Temple Place Suites is available on an “as-is” basis and is being offered without a formal asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering materials and access to additional due diligence information. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers”.