Rare Opportunity To Acquire Downtown Brownstone

Charlesgate Multifamily has been exclusively retained to solicit offers for the sale of 21 Cortes Street in Boston, Massachusetts. Nestled in Bay Village, a small neighborhood tucked between Boston’s marquee neighborhoods of Back Bay and South End. With a walk score of 98 this property is located within walking distance to a multitude of Boston amenities and public transportation. 21 Cortes Street is less than a 10 minute walk to the Boston Public Garden and Copley Square. Cortes Street itself is a mix of apartment and condo buildings.  It is within a 5 minute walk to several new luxury condo and rental developments. It is also an easy walking distance to the John Hancock Tower and the new Liberty Mutual headquarters.

Investment Highlights:

21 Cortes has great rental history and income but is currently leased below market value based on neighboring rental comps and the local market.

Value Add Potential: 
There is a lot of flexibility for unit improvements that can increase the rent and NOI. Currently the building has kitchens and baths that are suitable for renters, but increased rental rates can be achieved with strategic improvements.

Large Floor Plates: 
More renters and buyers are preferring “single level” living. 21 Cortes features extra large floor plates of nearly 1500sf offering an incredible deal of flexibility for value add renovation or condo conversion to create high end value. Currently used as 4/5 bedroom “split” apartments, there are many opportunities for reconfiguration to increase overall rental and/or for sale value.

Commuter Convenience: 
21 Cortes is centrally located to all T lines, the South Station & Back Bay Commuter Rail stations, 90 & 93. Located close to the Orange Line, Green Line, and Red Line T Stops. Just off the Mass Pike and convenient to 93. 10 minute drive to Logan Airport.

Additional Neighborhood Development: 
Renter and buyer demand in Bay Village, Back Bay, and South End continues to grow at a rapid pace. Recent and proposed development projects in the local market should serve to drive continued neighborhood demand as renters and buyers seek more opportunities to live in this area of Boston.

Additional pictures:

Contact Todd Mikelonis for more information.