218 Speen St Natick, MA 01760
- Commercial real estate
- 11,250 SF
- 32.10 lot acres
Current Use by Public Records
- Ziti's Italian Trattoria / Italian Restaurant / Catering Food And Drink Supplier
- Cool Clubs Boston / Sporting Goods Store
- KOHR Golf Center / Golf Club / Golf Driving Range
- Hope Notaro / Counselor
Property Details for 218 Speen St
- Year built
- 1977
- Lot size
- 32.10 lot acres
- Property size
- 11,250 SF
- Property type
- Commercial real estate
Description
This exceptional leasehold investment opportunity presents a fully occupied, 11,250 square foot retail property situated on a sizable 32.1-acre lot in Natick, Massachusetts. The property comprises a thriving golf center and Italian restaurant, both with strong lease terms. The golf center boasts state-of-the-art facilities including a driving range with 62 bays, target greens, a short game area, simulators, and a pro shop. The restaurant is a well-established Italian Trattoria. Both tenants recently extended their leases, showcasing their commitment to the location. KOHR Golf's lease has 8+ years remaining with four 5-year renewal options, while Ziti's Italian Trattoria's lease has 9+ years remaining with two 5-year renewal options. The property benefits from a long-term ground lease expiring in 2028, with five 5-year renewal options at a fixed rent. Rent bumps are included in the lease agreements, providing a hedge against inflation. This prime location at the intersection of Fairway Circle and Speen Street offers exceptional visibility and frontage, situated near major roadways including Route 9 and I-90, and benefits from proximity to the Natick Mall and numerous big-box retailers and restaurants. The property is also surrounded by affluent residential neighborhoods and is conveniently located near Framingham State University and Wellesley College, ensuring a consistent customer base. The property enjoys high daily traffic counts exceeding 15,900 vehicles on Speen Street and over 54,000 vehicles at the intersection of Speen Street and Route 9. The surrounding area boasts a strong demographic profile, with approximately 81,600 people within a 3-mile radius and an average household income exceeding $167,395. This presents a compelling investment opportunity with a 10% cap rate and a strong NOI of $243,480. The asking price is $2,434,800.
Value Estimations
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Natick
- County
- Middlesex
- State
- Massachusetts
- Longitude
- -71.376665133602
- Latitude
- 42.292599239958
