12-14 Lopez Avenue, Cambridge MA

12-14 Lopez Avenue Cambridge

Who We Are Senné is comprised of 150+ practitioners of finance, property management, marketing, construction, design, residential and commercial brokerage, and planning, all working together to raise the bar on client satisfaction.

Our unique composition enables us to offer elevated advisory services with a broader perspective on the real estate market for our clients and partners to ensure their dreams are our goals.

William Senné

President and Chief Executive Officer

Britany Caruso

Director 617.669.1069 bcaruso@sennere.com

Senné is committed to the simple idea that excellence and positive human interaction are not mutually exclusive. This belief informs the real estate work that we do and our service to the communities we serve. We never rest. Quality is paramount to us, and it shines through in everything we do. We reject the concept of one size fits all and embrace the unique diversity of opportunities and challenges that each client brings us.

Drawing on the collective experience of our development, construction, and brokerage teams, Senné offers curated specialty services for real estate developers, institutions and investors. With experience developing and building in excess of $2 billion worth of real estate investments nationally, we pay special attention to every detail to bring excellence and success to market.

The team takes a multidisciplinary approach fostering flexible and entrepreneurial solutions that are at the core of the Senné mission.

Moises Martinez

Director 617.658.3989 mmartinez@sennere.com

Jacob King

Manager 413.214.1947 jking@sennere.com

The William Senné Team WST@sennere.com I 617.934.7313

DISCLAIMER: Senné Commercial, LLC has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than Senné Commercial, LLC and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

Investment Summary 12-14 Lopez Avenue

List Price

$3,975,000

Net Operating Income

$197,022

Cap Rate

4.96%

Price Per Unit

$662,500

Price Per Square Foot

$1,082

6

3

Residential Units PROPERTY DETAILS

Two Bedrooms

3

One Bedrooms

BUILDING UTILITIES

Property Address

12-14 Lopez Avenue Cambridge MA

Heating

Gas

Tenant Responsible

Number of Units

6 UNITS

Hot Water

Gas

Tenant Responsible

Year Built

1902

Electric

Separately Metered

Tenant Responsible

Land Area

3,060 SQ FT

Water

City of Cambridge

Tenant Responsible

Gross Living Area

3,672 SQ FT

Sewer

City of Cambridge

Tenant Responsible

Total Gross Area

4,896 SQ FT

Parking BUILDING CONSTRUCTION Exterior

Wood Shingles

Roof

Rubber Membrane

Property Highlights 12-14 Lopez Avenue

12-14 Lopez Avenue is a fully occupied and completely gut-renovated 6-family property in booming East Cambridge. Comprised of three 1-bedroom and three 2-bedroom units, each apartment features central air, hardwood flooring, in-unit laundry, and brand-new Fisher & Paykel appliances. With rents below market, there is room to increase NOI. In perfect proximity to downtown Boston, Cambridge Crossing, Cambridgeside, Lechmere, and Kendall Square MBTA, this property makes for the ideal investment.

STRATEGIC LOCATION Centrally located in East Cambridge abutting Downtown Boston and the hub of biotech, Kendall Square, this property will consistently be desired. It’s an easy commute for students and staff at MIT as well.

WALKABLE LOCATION Three blocks from the brand new Lechmere Green Line MBTA Station and less than a half mile to Kendall Square Red Line MBTA Station, there is an ease of mind for the carless tenants. 12-14 Lopez Avenue is in close proximity to pharmacies, grocery stores, shops, restaurants, bars, parks, and even the Charles River and the Science Museum.

Rent Roll DETAILS

# OF BEDS

# OF BATHS

CURRENT

LEASE EXP

Unit 1

2

1

$3,350

8/31/23

Unit 2

2

1

$3,400

8/31/23

Unit 3

2

1

$3,650

8/31/23

Unit 4

1

1

$3,400

8/31/23

Unit 5

1

1

$3,100

8/31/23

Unit 6

1

1

$3,100

8/31/23

TOTAL

9

6

$19,900

Income & Expenses INCOME

CURRENT

PER UNIT

Residential Rent

$238,800

$39,800

Gross Potential Rent

$279,000

$46,500

Vacancy (3%)

($46,500)

($7,750)

EFFECTIVE GROSS REVENUE

$270,630

$45,105

EXPENSES

CURRENT

PER UNIT

$1,200

$200

$ 23,883

$3,980

Insurance

$ 4,425

$737

Common Electric

$ 2,000

$333

Sprinkler/Fire Alarm

$ 1,800

$300

Maintenance

$ 5,970

$995

Reserves

$ 2,500

$417

TOTAL

$ 41,778

$13,926

$197,022

$6,963

Cleaning & Trash Removal Real Estate Taxes

NET OPERATING INCOME

12-14 Lopez Avenue Unit 1 - 2 Bedroom

$3,350 Monthly Rent

Bedrooms

2

Bathrooms

1

Lease Dates

Nov 1, 2021 - Aug 31, 2023

Unit 4 - 1 Bedroom

$3,400 Monthly Rent

Bedrooms

1

Bathrooms

1

Lease Dates

Jun 7, 2021 - Aug 31, 2023

UNIT 1

UNIT 4 FLOOR 1

12-14 Lopez Avenue Unit 2 - 2 Bedroom

$3,400 Monthly Rent

Bedrooms

2

Bathrooms

1

Lease Dates

Sep 1, 2021 - Aug 31, 2023

LIVING ROOM

Unit 5 - 1 Bedroom

$3,100 Monthly Rent

Bedrooms

1

Bathrooms

1

Lease Dates

Dec 1, 2021 - Aug 31, 2023

UNIT 2

UNIT 5 FLOOR 2

12-14 Lopez Avenue Unit 3 - 2 Bedroom

$3,650 Monthly Rent

Bedrooms

2

Bathrooms

1

Lease Dates

Sep 13, 2021 - Aug 31, 2023

LIVING ROOM

Unit 6 - 1 Bedroom

$3,100 Monthly Rent

Bedrooms

1

Bathrooms

1

Lease Dates

Sep 7, 2021 - Aug 31, 2023

UNIT 3

UNIT 6 FLOOR 3

Overhead View

12-14 Lopez Avenue

12-14 LOPEZ AVENUE

Expressway Route 93

Location Map

SPRING STREET

HURLEY STREET

Comm College MBTA

Lechmere MBTA

12-14 LOPEZ AVE

Site Plan

12-14 LOPEZ AVENUE

Harvard Square

Museum of Science

Cambridgeside Galleria

Science Park MBTA

Bike Path

Kendall Sq MBTA

Charles MGH MBTA

Charles River Yacht Club

Location Overview East Cambridge

East Cambridge, a neighborhood of about seven thousand residents, is bounded by Somerville to the north, the Charles River to the east, the Boston & Albany Railroad tracks to the west, and Kendall Square to the south. East Cambridge became a working class neighborhood with a sizable immigrant population in the midnineteenth century, with the beginning of the industrial revolution.

For a many decades this neighborhood included a number of major manufacturing and industrial businesses. Since the early 1980’s major changes in land use have transformed large manufacturing and industrial areas into commercial and retail developments with a vibrant business and commercial center.

The central part of the neighborhood, one of the oldest residential neighborhoods in Cambridge, has a major commercial and transit center at Lechmere Square, with a longstanding neighborhood retail strip to the west along Cambridge Street. Middlesex County District Court facilities are also located near Lechmere Square. The southern part of East Cambridge, a former industrial area adjacent to the Massachusetts Institute of Technology, it now serves as home to many offices and research labs, as well as several large apartment buildings. Kendall Square is the major commercial and transit center in the southern section. The Charles River waterfront contains hotels, luxury apartment buildings, high-tech businesses, a regional shopping mall, and the Boston Museum of Science. The upper part of East Cambridge, lying to the north of the Monsignor O’Brien Highway and bordering Charlestown and Somerville, is an underdeveloped area known as “North Point”, which is permitted for redevelopment over the coming decades.

Source: https://www.cambridgema.gov/cdd/planud/neighplan/neighs/1 Cambridge Development Department https://en.wikipedia.org/wiki/East_Cambridge,_Cambridge,_Massachusetts

Location Overview

Cambridge Demographics 1 MILE

5 MILES

10 MILES

POPULATION 2027 Projection

50,570

516,201

1,027,528

2022 Estimate

49,617

510,411

1,022,873

2010 Census

41,576

441,808

929,060

2022 Est. Total Businesses

6,915

66,941

103,377

2022 Est. Total Employees

92,609

796,096

1,124,591

2027 Projection

25,204

221,437

425,911

2022 Estimate

24,798

218,802

423,908

2022 Average Household Income

$137,875

$125,877

$118,018

2022 Median Household Income

$109,897

$94,718

$88,849

BUSINESS

HOUSEHOLDS

INCOME