BOSTON — A prominent retail property in Boston’s historic North End has been put on the market, offering investors an opportunity to acquire an income-producing asset with potential for future redevelopment.
Marcus & Millichap announced the exclusive listing of 85-95 Salem Street, a 10,401-square-foot, single-story retail property occupied by four established North End businesses. Evan Griffith and Tony Pepdjonovic of the firm’s Griffith Pepdjonovic Group are leading the marketing campaign on behalf of the seller.
The property sits on approximately 0.19 acres along Salem Street, one of the North End’s busiest commercial corridors. According to Marcus & Millichap, neighborhood zoning permits development of up to five stories as-of-right, creating the potential to add residential units above the existing retail space.
“This is a generational opportunity to acquire a single-story urban retail property on one of the most highly trafficked streets in Boston,” said Tony Pepdjonovic, senior managing director of investments at Marcus & Millichap. “Neighborhood zoning allows five-stories as-of-right, adding a significant future redevelopment opportunity for residential units above the existing retail.”
The property also has a longstanding connection to the neighborhood. The current ownership operated a hardware store at the site from 1964 until 2016, when the building was subdivided into separate storefronts.
Today, the property is fully leased on a triple-net basis to Antico Forno, a North End restaurant that has operated in the neighborhood for 30 years, along with Wild Duck Market, City Smoke Shop and Luxie Nail Spa.
The triple-net lease structure means tenants are generally responsible for property expenses such as taxes, insurance and maintenance, providing the owner with limited landlord responsibilities.
“The property is fully leased on a triple-net basis, providing investors minimal landlord responsibilities,” said Evan Griffith, senior managing director of investments at Marcus & Millichap. He added that the property benefits from its visibility and steady pedestrian traffic generated by tourists, North End residents and visitors traveling between the neighborhood and the Financial District.
Beyond its current retail income, the property’s development potential is a key component of the offering. The ability to develop up to five stories could provide an investor with an opportunity to add residential space while retaining the existing retail component, subject to applicable approvals and development requirements.
The Salem Street property is located within Boston’s North End, with access to the Financial District, TD Garden and North Station, the Rose Kennedy Greenway and Interstate 93. It is also near MBTA subway and commuter rail connections.
