462 & 470 WASHINGTON STREET | S ITE A NALYSIS
SITE ANALYSIS
The following chart summarizes the salient characteristics of the subject site.
SITE SUMMARY
Physical Description
Gross Site Area
1.36 Acres
59,247 Sq. Ft.
Net Site Area
1.36 Acres
59,247 Sq. Ft.
Primary Road Frontage
Washington St.
393 Feet
Excess Land Area
None
Surplus Land Area
None
Zoning District
Allston / Brighton District - NS-.5
Subdistrict
Flood Map Panel No. & Date
25025C 0056G
Flood Zone
Zone X
25-Sep-09
Source: Various sources compiled by CBRE
LOCATION
The subject represents two contiguous parcels of land located along the south side of Washington
Street. The City of Boston Assessors Office identifies the subject under study as follows:
x
Ward 22 Parcel 5162 – 462 Washington Street – 18,290 SF
x
Ward 22 Parcel 5159 – 470 Washington Street – 40,957 SF
The City of Boston Assessors Office records the subject’s land area as 59,247 square feet. We relied
upon this figure within the analysis. However, the subject’s legal description records the land area as
59,216 square feet (462 Washington Street = 19,387 SF & 470 Washington Street = 39,829 SF). A
copy of the legal description is included in the Addenda.
LAND AREA
The sites are considered adequate in terms of size and utility. There is no unusable, excess or surplus
land area. Please refer to the Resource Verification table within the Scope of Work for the source of
the land area size.
SHAPE AND FRONTAGE
The sites are generally irregular in shape and have adequate frontage along Washington Street, a
primary thoroughfare within the neighborhood.
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INGRESS/EGRESS
Ingress and egress is available to the site via two curb cuts along Washington Street.
Please refer to the prior site/plat exhibit for the layout of the streets that provide access to the subject.
TOPOGRAPHY AND DRAINAGE
462 Washington Street is generally level and at street grade; however, 470 Washington Street slopes
downward from Washington Street. The topography of the sites is not seen as an impediment to the
development of the property. During our inspection of the site, we observed no drainage problems
and assume that none exist.
SOILS
A soils analysis for the site has not been provided for the preparation of this appraisal. In the absence
of a soils report, it is a specific assumption that the site has adequate soils to support the highest and
best use.
EASEMENTS AND ENCROACHMENTS
There are no known easements or encroachments impacting the site that are considered to affect the
marketability or highest and best use. It is recommended that the client/reader obtain a current title
policy outlining all easements and encroachments on the property, if any, prior to making a business
decision.
COVENANTS, CONDITIONS AND RESTRICTIONS
There are no known covenants, conditions or restrictions impacting the site that are considered to
affect the marketability or highest and best use. It is recommended that the client/reader obtain a
copy of the current covenants, conditions and restrictions, if any, prior to making a business decision.
UTILITIES AND SERVICES
The site is within the jurisdiction of the City of Boston and is provided all municipal services, including
police, fire and refuse garbage collection. Utilities available to the site include water, sewer, electric
and gas.
FLOOD ZONE
According to flood hazard maps published by the Federal Emergency Management Agency (FEMA),
the site is within Zone X, as indicated on Community Map Panel No. 25025C 0056G, dated
September 25, 2009. FEMA defines the flood zone(s) as follows:
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462 & 470 WASHINGTON STREET | S ITE A NALYSIS
Zones C and X (unshaded) are flood insurance rate zones used for areas outside the
0.2-percent-annual-chance floodplain. No Base Flood Elevations (BFEs) or depths are
shown in this zone, and insurance purchase is not required.
ENVIRONMENTAL ISSUES
A representative of ownership and a representative of CIII Asset Management reported that there is a
“diesel odor” that forms toward the rear of the site when it rains. CBRE, Inc. has not been provided
with an Environmental Assessment and is not qualified to detect the existence of potentially hazardous
material in the soil. It is highly recommended that a Phase I Environmental Report is ordered for the
property.
CBRE, Inc. is not qualified to detect the existence of potentially hazardous material or underground
storage tanks which may be present on or near the site. The existence of hazardous materials or
underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has
specifically assumed that the property is not affected by any hazardous materials that may be present
on or near the property.
CONCLUSION
The sites are well located and afforded average access and visibility from roadway frontage. The size
of the sites is typical for the area and use, and there are no known detrimental uses in the immediate
vicinity. Overall, there are no known factors which are considered to prevent the sites from
development to their highest and best use, as if vacant, or adverse to the existing use of the sites.
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462 & 470 WASHINGTON STREET | I MPROVEMENTS A NALYSIS
IMPROVEMENTS LAYOUT
Source: Eastern Retail Properties
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Source: Eastern Retail Properties
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IMPROVEMENTS ANALYSIS
The following chart shows a summary of the improvements.
IMPROVEMENTS SUMMARY
Property Type
Retail
Number of Buildings
2
Number of Stories
Year Built
1&2
2003
Gross Leasable Area
26,570 SF
(Un-Anchored Retail Strip Center)
Area Breakdown by Market Rent Categories
2nd Floor Retail / Gym
9,686 SF
In-line
15,848 SF
Management Office
1,036 SF
Major Tenants
Beacon Hill Athletic Club
9,686 SF
Hollywood Tans
2,556 SF
T-Mobile
2,318 SF
Lapel's Dry Cleaning
2,200 SF
Site Coverage - 462 & 470 Washington St. (2 Stories)
22.4%
Site Coverage - 462 Washington St. (1 Story)
47.7%
Site Coverage - 470 Washington St. (2 Stories)
21.8%
Land-to-Building Ratio - 462 & 470 Washington St.
2.23 : 1
Land-to-Building Ratio - 462 Washington St.
2.1 : 1
Land-to-Building Ratio - 470 Washington St.
2.18 : 1
Parking Improvements
Open
Total Spaces (462 & 470 Washington St.)
76
Parking Ratio (per 1,000 SF GLA )
Total Spaces - 462 Washington Street
2.86
Total Spaces - 470 Washington Street
44
32
Source: Various sources compiled by CBRE
As shown, the subject is improved with a two-building retail shopping center that is referred to as Park
Center Plaza. 462 Washington Street represents a one-story, four-tenant retail strip building that
totals 8,718 square feet of rentable area and is leased to Domino’s Pizza, Lapels Dry Cleaning and TMobile. There is one vacant suite that totals 2,600 square feet that was formerly occupied by White
Hen Pantry. 470 Washington Street represents a two-story, six-unit retail strip building that totals
17,852 square feet and is leased to Beacon Hill Athletic Club, Supercuts, Depth Inc. (Management
Office), Hollywood Tans and Starbucks. There is one vacant suite that totals 1,806 square feet and
was formerly occupied by Quiznos. The management office features no visibility from Washington
Street and represents a rear-accessible office unit totaling 1,036 square feet. We did not include
income from this unit. The second floor of 470 Washington Street totals 9,686 square feet and is
100% occupied by Beacon Hill Athletic Club.
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BUILDING AREA
Please refer to the Resource Verification table in the Scope of Work for the source of the building area
size. The following is a description of the subject improvements and basic construction features
derived from CBRE, Inc.’s inspection.
YEAR BUILT
The subject was built in 2003, according to the City of Boston Assessors Office.
FOUNDATION
The foundations are assumed to be of adequate load-bearing capacity to support the improvements.
CONSTRUCTION COMPONENTS
The construction components are assumed to be in working condition and adequate for the buildings.
FLOOR STRUCTURE
The floor structures are summarized as follows:
Ground Floor:
Concrete slab on compacted fill
EXTERIOR WALLS
The exterior wall structures are a combination of concrete block and brick. Retail storefronts are plate
glass set in anodized aluminum frames.
ROOF COVER
The buildings feature flat rubber membrane roofs.
INTERIOR FINISHES
The typical interior finish of the retail shop space is summarized as follows:
Floor Coverings:
Commercial grade short loop carpeting and vinyl tile over
concrete.
Walls:
Textured and painted sheetrock.
Ceilings:
Combination textured and painted sheetrock and suspended
acoustical tile.
Lighting:
Standard commercial fluorescent fixtures.
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Summary:
The interior areas are typical building standard retail
showroom finish, and are commensurate with competitors in
the area. The occupied space is in good condition, while
vacant spaces will likely require some tenant retrofit prior to
occupancy.
BALCONY/MEZZANINE AREAS
Any potential balcony/mezzanine space is not included within the net rentable area calculations.
HVAC
The HVAC systems are assumed to be in good working order and adequate for the buildings.
ELECTRICAL
The electrical systems are assumed to be in good working order and adequate for the buildings.
PLUMBING
The plumbing systems are assumed to be in good working order and adequate for the buildings.
RESTROOMS
The restrooms are adequate and are assumed built to local code.
FIRE PROTECTION
It is assumed the improvements have adequate fire alarm systems, fire exits, fire extinguishers, fire
escapes and/or other fire protection measures to meet local fire marshal requirements. CBRE, Inc. is
not qualified to determine adequate levels of safety & fire protection, whereby it is recommended that
the client/reader review available permits, etc. prior to making a business decision.
SECURITY
The security systems are assumed to be in good working order and adequate for the buildings.
PARKING AND DRIVES
The property features an adequate number of surface parking spaces, including reserved
handicapped spaces. All parking spaces and vehicle drives are concrete paved and considered to be
in average condition. Patron parking areas are along the side and rear of the buildings. The number
of parking spaces is legally conforming for the existing use and is typical of the market. There is also
public parking located along Washington Street in front of the two buildings.
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LANDSCAPING
Landscaping is considered to be in average condition and well maintained.
QUALITY AND STRUCTURAL CONDITION
The overall quality of the facility is considered to be average for the neighborhood and age.
However, CBRE, Inc. is not qualified to determine structural integrity and it is recommended that the
client/reader retain the services of a qualified, independent engineer or contractor to determine the
structural integrity of the improvements prior to making a business decision.
FUNCTIONAL UTILITY
The overall layout of the property is considered functional in utility and provides adequate accessibility
and visibility to the individual retail spaces.
ADA COMPLIANCE
All common areas of the property appear to have handicap accessibility. The client/reader’s attention
is directed to the specific limiting conditions regarding ADA compliance.
FURNITURE, FIXTURES AND EQUIPMENT
Any personal property items contained in the property are not considered in to contribute significantly
to the overall value of the real estate.
ENVIRONMENTAL ISSUES
CBRE, Inc. is not qualified to detect the existence of any potentially hazardous materials such as lead
paint, asbestos, urea formaldehyde foam insulation, or other potentially hazardous construction
materials on or in the improvements. The existence of such substances may affect the value of the
property. For the purpose of this assignment, we have specifically assumed that any hazardous
materials that would cause a loss in value do not affect the subject.
DEFERRED MAINTENANCE
Our inspection of the property indicated no items of deferred maintenance. However, ownership
reported that there is a water leak in the Beacon Hill Athletic Club suite that has caused damage to
the Hollywood Tans suite, which is directly below. The following recommendation to remediate the
problem was provided by ownership and represents a letter from Hendren Associates Architects and
Planners.
“The reported water damage to the Hollywood Tans space on the first floor ceiling and walls of your
commercial building at 470 Washington Street in Brighton, MA is a continuation of the same water
issues experienced a few years ago. The saunas and showers from the health club on the second
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floor are located directly above the damaged area, so it is evident that the water coming from that
area again. As you recall, the men’s sauna was reconstructed approximately 2 years ago which
stopped the problem temporarily and there have been several patch / caulking solutions utilized which
have also stopped the issue for short periods of time. However, as the problem has recently reoccurred and I believe there is the potential for other leakage related issues within the walls due to
repeated times of being wet, it is our recommendation that all the floors of the toilets, showers and
women’s sauna be removed and re-constructed with membrane water barriers. While this solution
will obviously be a disturbance to the operations of the health club, it is the only long-term solution to
the problem and a prudent time to inspect for any other related issues.
This issue will require the complete removal of the floor tiles, repair and sealing of the concrete subfloor, installation of a water-proof membrane, additional mortar setting bed and new tiles of a
continuously epoxy based flooring treatment. I have taken the liberty of walking through the impacted
spaces in the health club and the damaged space in the tanning salon below with a contractor. The
estimate to re-construct the floors and repair the cosmetic damage is approximately $80,000 to
$90,000 dollars. This does not include any work within the floor or walls that may be discovered
7
once the floor tiles have been removed.”
For the scope of analysis, the deferred maintenance was handled as a $90,000 expenditure and was
deducted as a one-time capital expense.
ECONOMIC AGE AND LIFE
CBRE, Inc.’s estimate of the subject improvements effective age and remaining economic life is
depicted in the following chart:
ECONOMIC AGE AND LIFE
Actual Age
9 Years
Effective Age
5 Years
MVS Expected Life
45 Years
Remaining Economic Life
40 Years
Accrued Physical Incurable Depreciation
11.1%
Compiled by CBRE
The overall life expectancy is based upon our on-site observations and a comparative analysis of
typical life expectancies reported for buildings of similar construction as published by Marshall and
Swift, LLC, in the Marshall Valuation Service cost guide. While CBRE, Inc. did not observe anything to
suggest a different economic life, a capital improvement program could extend the life expectancy.
7
Hendren Associates Architects & Planners, Gary Hendren AIA, Principal Architect, January 6, 2012
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CONCLUSION
The improvements are in good overall condition. Overall, there are no known factors that adversely
impact the marketability of the improvements.
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