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GRIFFITH | PEPDJONOVIC<br />
5-7 WELLINGTON AVE. WALTHAM, MA
5-7 Wellington Ave.<br />
INVESTMENT SUMMARY<br />
Marcus & Millichap is pleased to present the opportunity to own a four unit apartment building located in Waltham,<br />
Massachusetts. The building is comprised of three 1 bedroom, 1 bathroom units and one 2 bedroom 1 bathroom unit. Each unit is<br />
seprately metered for electricity and gas heating and all current tenants are tenant-at-will. Wellington Avenue presents investors<br />
with the opportunity to add significant value through programmatic unit renovations.<br />
The property is centrally located between Brandeis University, Bentley University, Interstate-95 (RT-128), Waltham Station (MBTA<br />
Commuter Rail), and the vibrant restaurants and shops of Moody Street. Main Street Marketplace is located just a short walk away<br />
with access to major retailers, restaurants, and urgent care.<br />
The city of Waltham is densely populated suburb approximately 10 miles west of Boston. The city has seen an influx of<br />
multi-family and mixed-use development Such as The Merc at Moody & Main, Waltham Landing, and The Cooper Street<br />
Apartments. These new developments have set the tone for extremely strong rent growth across all apartment classes. Demand<br />
for apartments is driven by two highly regarded universities in Brandeis University and Bentley University as well as the<br />
booming office/tech park developments along Route 128. Some major employers in Waltham include National Grid, Constant<br />
Contact, Thermo Fisher Scientific, and Raytheon.<br />
4-UNIT APARTMENT<br />
BUILDING LOCATED IN<br />
WALTHAM, MA<br />
LOCATED LESS THAN<br />
ONE MILE FROM<br />
BRANDEIS<br />
UNIVERSITY<br />
EXCELLENT<br />
OPPORTUNITY FOR<br />
STUDENT RENTALS<br />
STRONG<br />
NEARBY<br />
DEMOGRAPHICS<br />
VALUE-ADD<br />
OPPORTUNITY BY<br />
INCREASING CURRENT<br />
RENTS<br />
5-7 WELLINGTON AVE. WALTHAM, MA 2
GRIFFITH | PEPDJONOVIC 3
AREA MAP<br />
5-7 WELLINGTON AVE.<br />
THE MERC<br />
A brand new, three building<br />
development featuring 269<br />
apartment units, 27,500 SF of<br />
retail space and a 300 car<br />
parking garage.<br />
BRANDEIS UNIVERSITY<br />
5-7 WELLINGTON AVE. WALTHAM, MA 4<br />
Located only 1 mile away,<br />
Brandeis is home to 5,532<br />
students on its suburban<br />
campus spanning over<br />
235 acres.<br />
THE EDISON<br />
New 397,000 SF development<br />
located in Waltham featuring<br />
264 residences and a parking<br />
garage across five new<br />
buildings.
LOCATION OVERVIEW<br />
BENTLEY UNIVERSITY<br />
Founded in 1917 as an<br />
accounting and finance school,<br />
Bentley currently serves 5,602<br />
students with 484 staff<br />
members.<br />
Waltham is located 11 miles Northwest<br />
of Downtown Boston. It is bordered to<br />
the West by Weston and Lincoln, to the<br />
South by Newton, to the East by Belmont<br />
and Watertown, and to the North by<br />
Lexington. Waltham is home to both<br />
Brandeis University and Bentley<br />
University. The commuter rail station<br />
is only 4 stops away from North Station<br />
in Boston.<br />
THE MEWS<br />
A five building, 385 unit<br />
luxury apartment complex<br />
featuring a salt water pool, sun<br />
deck, chef’s kitchens and a club<br />
house.<br />
GRIFFITH | PEPDJONOVIC 5
BRANDEIS EASY ACCESS UNIVERSITY<br />
TO I-93<br />
THE RED LINE<br />
AND COMMUTER RAIL<br />
Brandeis is a private research university in Waltham.<br />
Founded in 1948, Brandeis was established on the site of the<br />
former Middlesex University. The university is named after<br />
Louis Brandeis, the first Jewish Justice of the U.S Supreme<br />
Court. In 2015, it had a total enrollment of 5,532 students<br />
on its suburban campus spanning over 235 acres.<br />
MBTA COMMUTER RAIL ACCESS<br />
The MBTA commuter rail has two stops in Waltham as part of<br />
the Fitchburg-Boston Line: one in Central Square Waltham<br />
across from the City Hall and one near Brandeis University. The<br />
Waltham Commuter Rail Station takes riders into Boston in only<br />
4 stops. Commuter rail lines service the eastern third of the state<br />
and go far down as Providence.
THE MERC<br />
Waltham’s newest mixed-use development is located at the<br />
corner of Main Street and Moody Street. Developed by<br />
Northland Investment Corporation, the 4.5 acre property is<br />
set to include 269 apartments, a 300 car parking garage, 92<br />
surface parking spots, and 27,500 square feet of retail space<br />
across three buildings.<br />
BENTLEY UNIVERSITY<br />
Founded in 1917 as a school of accounting and finance in<br />
Boston’s Back Bay neighborhood, Bentley moved to Waltham<br />
in 1968. Bentley currently serves 5,602 students with 484 staff<br />
members. Bentley awards bachelor of science degrees in 14<br />
business fields and bachelor of arts degrees in 11 arts and<br />
sciences disciplines, offering 36 minors spanning both arts and<br />
science and business disciplines.
GREATER BOSTON METRO<br />
Steeped in history, the Boston metro spans<br />
4,128 square miles across Essex, Middlesex,<br />
Norfolk, Plymouth and Suffolk counties in<br />
Massachusetts, and Rockingham and<br />
Strafford counties in southeastern New<br />
Hampshire. The region is home to<br />
approximately 4.8 million individuals and<br />
accounts for nearly 70 percent of all<br />
Massachusetts’ residents. Boston is the most<br />
populous city in the metro with roughly<br />
675,200 citizens. It is located along the<br />
Atlantic seaboard and fronts Boston Harbor.<br />
Boston has transitioned from a manufacturing<br />
hub to one of the top innovation, healthcare<br />
and education centers of the world. The metro<br />
is home to a thriving startup ecosystem,<br />
with medical research at world-renowned<br />
institutions such as Harvard and MIT at its<br />
core.<br />
5-7 WELLINGTON AVE. WALTHAM, MA 8
275K<br />
POPULATION WITHIN<br />
5 MILES<br />
$479K<br />
MEDIAN HOME<br />
VALUE IN WALTHAM<br />
50%<br />
HOLD A BACHELOR’S<br />
DEGREE OR HIGHER<br />
130+<br />
HOSPITALS IN<br />
GREATER BOSTON<br />
$94K<br />
AVG. HOUSEHOLD<br />
INCOME IN WALTHAM<br />
5.4%<br />
UNEMPLOYMENT<br />
RATE<br />
$1,534<br />
MEDIAN GROSS<br />
RENT IN WALTHAM<br />
#1<br />
STATE IN THE US BY US<br />
NEWS AND WORLD REPORT<br />
9,935<br />
HOUSEHOLDS IN<br />
WALTHAM<br />
500K<br />
COLLEGE STUDENTS IN<br />
GREATER BOSTON<br />
32<br />
MEDIAN AGE IN<br />
WALTHAM<br />
GRIFFITH | PEPDJONOVIC 9
FINANCIAL SUMMARY<br />
PRICING DETAILS<br />
Price $890,000<br />
Down Payment $890,000<br />
Number of Units 4<br />
Price Per Unit $222,500<br />
Price Per SF $306.90<br />
Gross SqFt 2,900<br />
Lot Size<br />
0.13 Acres<br />
Approx. Year Built 1890<br />
RETURNS<br />
Returns Current Year 1<br />
CAP Rate 3.72% 6.34%<br />
GRM 18.58 11.76<br />
Cash-on-Cash 3.72% 6.34%<br />
UTILITIES<br />
Utility Separate/Common Paid for By<br />
Heat-Gas Separate Tenant<br />
Electric Separate Tenant<br />
Water/Sewer Common Landlord<br />
DETAILED RENT ROLL<br />
Unit Unit Type Square Feet Current Rent Potential Rent/Month Lease Type<br />
5A 1 Bedroom / 1 Bathroom 700 $800 $1,450 Tenant-at-Will<br />
5B 1 Bedroom / 1 Bathroom 700 $1,000 $1,450 Tenant-at-Will<br />
7A 1 Bedroom / 1 Bathroom 700 $950 $1,450 Tenant-at-Will<br />
7B 2 Bedroom / 1 Bathroom 800 $1,175 $1,850 Tenant-at-Will<br />
Total 2,900 $3,925 $6,200<br />
5-7 WELLINGTON AVE. WALTHAM, MA 10
OPERATING STATEMENT<br />
Income Current Year 1 Per Unit Per SF<br />
Gross Potential Rent $74,400 $74,400 18,600 $25.66<br />
Loss/Gain to Lease ($27,300) $0 $0 0.00<br />
Gross Current Rent $47,100 $74,400 $18,600 $25.66<br />
Physical Vacancy (1,413) 3.0% ($2,232) 3.0% ($558) ($0.77)<br />
Total Vacancy ($1,413) 3.0% ($2,232) 3.0% ($558) ($1)<br />
Effective Gross Income $45,687 $72,168 $18,042 $24.89<br />
Operating Expenses Current Year 1 Per Unit Per SF<br />
Real Estate Taxes $6,390 $6,390 $1,598 $2.20<br />
Insurance $2,300 $2,300 $575 $0.79<br />
Utilities - Water & Sewer $1,420 $1,420 $355 $0.49<br />
Repairs & Maintenance $2,000 $2,000 $500 $0.69<br />
Operatiing Reserves $1,000 $1,000 $250 $0.34<br />
Management Fee $0 $3,608 $902 $1.24<br />
Total Expenses $13,110 $16,718 $4,180 $5.76<br />
Expenses as % of EGI 28.7% 23.2%<br />
Net Operating Income $32,577 $55,450 $13,862 $19.12<br />
GRIFFITH | PEPDJONOVIC 11
Marcus & Millichap<br />
OUR FIRM<br />
In Boston, and across the country, Marcus & Millichap is an industry leader<br />
due to the quality of our research and the depth and breadth of our team. Our powerful<br />
national platform exposes each property to the largest pool of qualified investors and<br />
enables us to annually close the largest number of real estate investment transactions<br />
nationally.<br />
2017 Numbers<br />
8,995<br />
TRANSACTIONS<br />
1,819+<br />
PROFESSIONALS<br />
1,652<br />
CAPITAL MARKET<br />
TRANSACTIONS<br />
$47.4B<br />
VOLUME<br />
OVER 80<br />
Offices in<br />
U.S. & Canada<br />
5-7 WELLINGTON AVE. WALTHAM, MA 12
3,500+<br />
UNITS SOLD<br />
1031<br />
EXCHANGE SPECIALISTS<br />
#1 TEAM<br />
BOSTON OFFICE (2016-2018)<br />
GRIFFITH | PEPDJONOVIC<br />
Evan Griffith and Tony Pepdjonovic lead the top-producing team in the Boston Marcus & Millichap office. Evan and<br />
Tony have formed a collaborative investment sales team focusing on the New England market. They are dedicated to<br />
being relationship-oriented with the crux of the team’s focus on multi-family, mixed-use buildings as well as guiding<br />
clients through the 1031 exchange process.<br />
The team’s foremost goal is to exceed the expectations of each client, deliver superior results and solidify strong<br />
lifetime relationships. Griffith & Pepdjonovic are known for their honesty and integrity and take pride in their many<br />
repeat clients.<br />
GRIFFITH | PEPDJONOVIC 13
EXCLUSIVELY LISTED BY:<br />
GRIFFITH | PEPDJONOVIC<br />
EVAN GRIFFITH<br />
First Vice President Investments<br />
Boston Office<br />
Tel: 617.896.7221<br />
Fax: 617.701.7019<br />
evan.griffith@marcusmillichap.com<br />
TONY PEPDJONOVIC<br />
Senior Associate<br />
Boston Office<br />
Tel: 617.896.7277<br />
Fax: 617.701.7019<br />
tony.pepdjonovic@marcusmillichap.com<br />
JEREMY BUCKLEY<br />
Associate<br />
Boston Office<br />
Tel: 617.896.7225<br />
Fax: 617.896.7210<br />
jeremy.buckley@marcusmillichap.com
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