Comparable Sales for
62-70 Warren Street Boston MA 02119
||Price / Sq Ft
|2235 Washington Street
||If we bring this to today’s pricing using an aggressive formula of 7 % increase over 7 years we could assume a rough appreciation of 50% or $132 per sq. ft.
|185 Dudley Street
||If we add three years at 7 % increase – we end up around $75 per sq. ft. in today’s terms.
|12-28 Dade Street
||If we add two years at a 7 % increase – we end up around $216 per sq. ft.
|2093 -2115 Washington Street
||If we add another 3 years at 7 % – we end up around $99 dollars per sq ft.
Average Sale price per square foot is $130.50 x 13,200 square feet = $1,722,600. This building is truly one of a kind in location and character; and although trends point in the direction of being able to develop higher, without permits in hand our valuation on income and square foot needs to remain conservative based upon what a developer could do by right. With that in mind, we value 62-70 Warren Street to be between $1,722,600 and $2,500,000.
The reason for the large valuation range is based on our belief that someone would pay a premium for this location, and the opportunity to potentially develop. There is no question that a much higher level of return could be captured, but this would require an option agreement giving the buyer time to facilitate efforts to obtain a variance and gain value through square footage.
Knowing your objective to sell the properties in an expeditious manner,that is not an option. Instead we will seek to identify a buyer who is comfortable with assuming a higher level of risk, one not having permits in hand, nor the time to attain them.
Our assessment of the buildings is between $8,450,000 and $10,300,000.