108 Water St Watertown, MA 02472-4696

Property Details for 108 Water St

Year built

1963

Construction

STEEL FRAME

Lot size

0.45 lot acres

Property size

23,172 SF

Zone code

I-2

Property type

Life science properties

APN

WATE M:0104 B:0018 L:0000

APU

WATEM0104B0018L0000

Description

This exceptional value-add opportunity presents a five-story, 21,600 square foot office building situated on a 0.446-acre lot in Watertown, Massachusetts. The property, located at 108 Water Street, features twelve units occupied by ten tenants at an 85% occupancy rate under gross leases. The building boasts ample parking (2 spaces per 1,000 sq ft) and is zoned Industrial 2, allowing for diverse uses. With shorter-term tenancies, this presents a unique chance for redevelopment or repositioning. The building offers solid in-place income and a diverse tenant mix, creating a strong foundation for future growth. Situated in a thriving area near the Charles River, this property benefits from easy access to major transportation routes, including the Mass Turnpike, and a vibrant community. Rent bumps are available, providing further upside potential. This is a rare opportunity to acquire a well-located asset in a highly sought-after market, offered for sale for the first time in many years. The property's location in Watertown, a booming suburb of Boston, offers significant potential for increased rental income due to currently low market rents. This is an ideal investment for both owner-users and investors seeking a value-add opportunity with significant upside.