428-444 East Third Street

About 428-444 East Third Street

Cushman & Wakefield’s Multifamily Advisory Group is pleased to present the opportunity to acquire 428-444 EAST THIRD STREET, a tremendous investment and development opportunity located in the heart of South Boston. The property is comprised of two parcels - 428-432 East 3rd, a 3 story, 9-unit apartment building and 444 East 3rd, an 8,764 square foot single-story building situated on an under-built 18,774 square foot parcel, which includes 20 parking spaces and 6 loading bays. The United States Post Office (USPS) has occupied the building at 444 East 3rd since 1966.

428-444 East 3rd Street is a unique opportunity in the most dynamic residential market in the City of Boston. The existing apartments at 428-432 East 3rd provide stability in cash flow and long-term value appreciation potential. Insatiable demand by young professionals for quality housing in “Southie” continues to push market rents higher year after year. In all respects the South Boston neighborhood is thriving, and, with demand outstripping supply, there is room to increase rents significantly, through cosmetic inunit upgrades. Although currently under lease, 444 East 3rd, the longtime home of the USPS presents a myriad of exciting potential residential development options. The current lease includes an ownership termination-option with two-years prior notice. This would allow an incoming developer to deliver notice to tenant and then continue to collect rent for 2 years, while they shepherd the future development project through the BPDA entitlement process. Alternatively, new ownership could approach the tenant to renegotiate their current lease terms, remove the termination-option, and likely dramatically increase the tenant’s rental rate. Together, 428-444 East 3rd Street offers a rare combination of in-place income and compelling development potential in one of the most sought-after Boston neighborhoods.

Process & Pricing

428-444 East Third Street is offered on an “as-is” basis and without a formal asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with access to the offering memorandum and due diligence materials. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers”.