lowell general hospital

45 MERRIMACKLOWELL, MASSACHUSET TS

2 | CUSHMAN & WAKEFIELD

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MARKET STREET

MERRIMACK STREET

JACK KEROUACK PARK

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SAAB BUILDING

C&W’s Multi-Family Advisory group is pleased to offer for sale 45 Merrimack Street, a historic preservation and new construction residential development opportunity in the heart of Lowell, Massachusetts’ historic downtown. The property is comprised of adjoined buildings, 5 and 2 story structures, totaling 69,500 +/- GSF and 23,714 +/- SF of land.

Situated prominently on Merrimack Street, the building’s presence and rich façade make it the “gateway” to the city’s vibrant central business district. The 5-story structure, known as the Hildreth Building, offers a blank redevelopment canvas of 51,000 +\- GSF that is exceptionally well suited for residential use. Con-structed in c. 1882, the preservation of the building’s original façade and renovation of the upper floor interi-ors would create spectacular high character residential loft style units with 10’+ ceilings, huge windows and exposed brick elements. The 2-story structure, addressed as 105-127 Paige Street, totals 18,500 +/- GSF and sits on 12,200 +/- SF of land. This portion of the property offers the potential for multiple value-add oppor-tunities, including the potential for ground-up construction of a new residential low or mid-rise building.

The redevelopment of 45 Merrimack is fully supported by the City of Lowell, and the incoming owner can leverage Opportunity Zone, Historic Tax Credits and city and state economic development incentives and assistance programs to bring this potentially transformative project to fruition.

EXECUTIVE SUMMARY

45 MERRIMACK

45 MERRIMACK ST, LOWELL, MA | 3

MERRIMACK RIVER

VFW HIGHWAY

MERRIMACK STREET

LOWELL MEMORIAL AUDITORIUM

LOWELL GENERAL HOSPITAL

CONCORD RIVER

JACK KEROUACK PARK

MIDDLESEX COMMUNITY COLLEGE

31-45 Merrimack 105-127 Paige Building Area 51,000 SF 18,500 SFFloor Plates 10,200 SF 11,000 (1st) & 7,500 (2nd)Land Area* 11,500 SF 12,200Stories 5 1-2Year Built c. 1882 c. 1923Zoning/FAR DMU/4.0 DMU/4.0 Buildable SF N/A 48,800 GSF By-Right

PROPERTY OVERVIEW

*Land area is approximate and estimated based on Plan of Land, dated 1/6/1982.

PROCESS & PRICING

45 Merrimack is being offered on an “as-is” basis and without a formal asking price. Investors should visit the C&W website to sign the Confidentiality Agreement and receive the offering materials. Once investors have had the chance to review the materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers” with advanced notice.

For more information on the property and to sign the Confidentiality Agreement, please visit: multifamily.cushwake.com/listings/45Merrimack


NEIGHBORHOOD AMENITIES45 Merrimack has a fantastic downtown location with access

to vibrant cafes, restaurants, art galleries, eclectic shops and

live music venues. Many of downtown’s former mill factories

are now home to creative office spaces, apartments, boutiques

and restaurants. Middle Street, just one block from 45 Merri-

mack, is a quiet cobblestone paved street featuring numerous

quality restaurants and cafes. The Merrimack River, Boarding

House Park and the Eastern Canal are all a short walk from the

property. The neighborhood is home to Middlesex Communi-

ty College and UMass, with enrollments of 12,000 and 18,000

respectively, which bring a youthful energy to the downtown.

100% MARKET RATE MULTIFAMILY REDEVELOPMENT OPPORTUNITYThe property’s zoning district, Downtown Mixed-Use (DMU), allows residen-

tial multifamily (among many other uses) by special permit from the Zoning

Board of Appeals. As one of the state’s “Gateway” cities, there are incentive

and assistance programs available to catalyze the rehabilitation and reuse of

downtown commercial buildings for market-rate housing. Neither the city’s

zoning nor comprehensive master plan requires income or rent restrictions in

redevelopment projects located downtown.

INVESTMENT HIGHLIGHTS


TREMENDOUS EMPLOYMENT BASE Lowell offers a tremendous employment base, which is heavily driven by the healthcare and education sectors.

The two largest employers in Lowell, Lowell General Hospital (< 2 miles) and UMass Lowell (1 mile), employ ap-

proximately 3,800 and 2,260 employees, respectively. Additionally, the multinational software firm UKG is head-

quartered at the 1.2 million SF Crosspoint Towers office park located less than 3 miles from the Property. UKG

employs over 1,600 employees at this location, with plans to hire 400 more over the next several years.

TRANSIT ORIENTED DOWNTOWN LOCATION The property is ideally located in Lowell’s vibrant

downtown and less than one mile (a 15 minute

walk) from the Lowell Commuter Rail Station,

which provides access to Boston’s North Sta-

tion in 45-50 minutes. Additionally, the Lowell

Connector, I-495 and I-93 are a short drive from

the property, providing convenient access to the

employment hubs in Lowell and surrounding

communities.

OPPORTUNITY ZONE INVESTMENT 45 Merrimack is well-positioned to be an Opportunity Zone (“Ozone”) investment - the revitalization of the

5-story building and the renovation, or new construction, on Paige Street will qualify for the program’s substan-

tial tax benefits. Capitalizing the project as an Ozone asset offers attractive tax benefits for long-term investors

by allowing exclusions on deferred gains and, for investors with more than 10-year hold period, eliminating

capital gains taxes on the appreciation of the Ozone investment. Coupled with the other incentive programs,

the site’s attractive zoning and the city’s streamlined permitting and support of this project, makes this a very

unique and compelling Ozone investment opportunity.


PROPERTY DESCRIPTIONAddress: 31-45 Merrimack St and 105-127 Paige St Land Area: 23,714 SF (per deed) Year Built: Circa 1882 Current Uses: 1st Floor: Retail 2nd-5th Floor: Office Stories: 5 stories along Merrimack Street; 2 stories along Paige St. Ceiling Heights: 1st Floor 13’ +/- 2nd Floor 12’ +/- 3rd Floor 10’ +/- 4th Floor 10’ +/- 5th Floor 11.5’ +/-

Parking: None Heating/Cooling: Office areas are heated by radiant hot water, fired by fuel oil. The retail spaces are heated with natural gas. Cooling is provided by window units for occupied office spaces. Retail spaces are heated and cooled by HVAC units located on roof of 2-story portion of building. Elevator: One (1) 2,500 lbs capacity, 200 FPM passenger elevator. Fire Protection: Partially wet sprinklered. The basement level and portions of the 1st floor (common area lobby and retail spaces, except the former CVS space) are sprinklered. The 2nd-5th floors and the 1st floor former CVS retail space is not sprinklered.

Roof: Flat rubber membrane Floor Plates (GSF): 1st Floor (2 and 5 story): 21,261 2nd Floor (2 and 5 story): 17,709 3rd - 5th Floor (5 story): 10,200 Building Area: Level Gross SF Rentable SF* Basement 24,220 0 1st Floor 21,261 18,068 2nd Floor 17,709 13,223 3rd Floor 10,200 7,206 4th Floor 10,200 7,424 5th Floor 10,130 7,769 Total Incl. Basement 93,720 N/A Total Excl. Basement 69,500 53,690 *Rentable SF is based on the current retail/office usage. Site Utilities: Electricity Underground Natural Gas From Merrimack Street Water Supply Municipal Water Sanitary Sewer Municipal Water Source of Heat Fuel oil and Natural Gas

Real Estate Taxes: Land Assessment $199,700 Building Assessment $2,778,100 Total Assessment $2,977,800 FY 2021 Tax Rate $26.83 FY 2021 Taxes Due $79,894

45 Merrimack St is located within a designated Opportunity Zone and within Lowell’s Downtown Historic Preservation District. Buildings within the historic district are eligible to take advantage of the federal and state historic tax credit investment program.


33 Merrimack St±23,714 SF

MERRIMACK ST

BRID

GE ST

JOHN

ST

PAIGE ST

JOSEPH DOWNES PARKING FACILITY

1,141 spaces

105-127 PAIGE ST(12,200 +\- SF LOT)

TOTAL SITE AREA:23,700 +\- SF

31-45 MERRIMACK(11,500 +\- SF LOT)


FLOOR PLANS (EXISTING CONDITIONS)

1ST FLOOR21,261 GSF 18,068 RSF

105-127 Paige St

31-45 Merrimack St

BASEMENT24,220 GSF


3RD FLOOR 10,200 GSF 7,206 RSF

Level Gross SF Rentable SF* Basement 24,220 0 1st Floor 21,261 18,068 2nd Floor 17,709 13,223 3rd Floor 10,200 7,206 4th Floor 10,200 7,424 5th Floor 10,130 7,769

Total Incl. Basement 93,720 N/A Total Excl. Basement 69,500 53,690

* Rentable SF is based on the current retail/office usage.

2ND FLOOR17,709 GSF 13,223 RSF

4TH FLOOR 10,200 GSF 7,424 RSF

5TH FLOOR 10,130 GSF 7,769 RSF


MULTIFAMILY ADVISORY GROUP

CHRISTOPHER SOWERExecutive Managing Director(617) [email protected]

JOHN FLAHERTYDirector (617) [email protected]

BRUCE LUSASenior Director (617) [email protected]

KEVIN JONES Financial Analyst (508) [email protected]

JONATHAN BRYANTSenior Director (508) [email protected]

©2021 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance.

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