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|Number of units||105|
JLL has been exclusively retained to offer for sale 740 Elm Street, currently a 105-room Best Western on a 3.5-acre parcel in Concord, Massachusetts. The site offers direct access to the Concord Turnpike (Route 2) which provides a direct path to Cambridge, Downtown Boston, and the life science/ technology corridor along Route 128/I-95. With an excellent housing stock, school system, and abundant outdoor recreation areas, Concord is an attractive location for executives and a highly-skilled workforce. One of the nation’s oldest villages, Concord is also one of its most affluent, with an average household income of $231,830 and an average home value of approximately $1,100,000. Concord is proximate to some of the region’s most attractive shopping and business centers. Primarily driven by higher incomes, apartment rents in this submarket are some of the highest in all suburban Boston. Limited new supply and strong demand driven by its large base of nearby employers have allowed rent growth to be outsized. This success has continued despite the headwinds of the COVID pandemic - while most areas within the Boston metro have experienced losses, rents across Route 2 have increased. With 3.5 acres of land, this site is a premier redevelopment opportunity with immediate access to major highways in one of Boston’s most desirable suburbs.
- The Property is situated next to Route 2, which offers direct access to Cambridge, Downtown Boston, and the Route 128 technology corridor. The site is also positioned between the Concord and West Concord MBTA commuter rail stations.
- The site consists of more than three acres of land within one of Boston’s most affluent suburbs, where the average household earns over $230,000, representing some of the highest income demographics in the nation.
EXTENSIVE AMENITY BASE
- Concord is home to a diverse restaurant scene, and there are plenty of nearby amenities including over 3 million square feet of retail within ten miles of the site.
STRONG CORPORATE DEMAND
- With over 10 million square feet of office space within five miles, the area is known for its high concentration of tech, defense, and life sciences companies.