Northeast Private Client Group is pleased to present 184 Bremen Street, located in East Boston.
184 Bremen Street is a 7,298 square foot lot that currently holds a commercial building and billboard. The building’s tenant is on an absolute NNN lease and the billboard’s easement contributes 75% of the properties real estate tax. An opportunistic investor can clear the land and build a profitable multifamily building. One of the leases expires in January of 2022 and the other in September 2023.
Currently the lot is zoned under 3F-2000 (Three Family),yet under Boston’s current under supply of Multifamily housing there has been a push to help and incentivize developers to create housing units. According to the US Census Bureau, the population of Boston has increases 10.9% between 2010 and 2017. Boston is also the third most densely populated large city in the United States (Minimum of 500,000 residents in the City), the city has a population of about 685,000 residents with a density of 12,793 per square mile. Other Developers have had such luck on Bremen Street, including 135 Bremen Street. This project is about 400 feet away from the subject property and was approved in 2017 for a six story mixed-use building with 94 residential units and 8,300 sq. ft. of ground-floor retail. Along with this project, developers were able to build a 32 unit luxury condo complex down the street on 70 Bremen Street with a 30 space parking garage.
184 Bremen Street is located 1.1 miles from Logan International Airport, 1.4 miles form Boston’s North End. The property is between two stops on the MBTA Blue Line, 0.5 miles form the Maverick Square Stop and 1.2 miles from the Boston Transit Airport Station.