Transformative mixed-use development opportunity superbly located in Walpole Center
4.95 Acres / 215,472 SF
60% GR/ 40% CBD
Nine Commercial + Residential
THE WALPOLE BLOCK
The Walpole Block is an assemblage of nine residential and commercial properties located in the heart of dynamic Walpole Center. The total contiguous land mass is approximately 215,472 SF, or 4.95 acres and has frontage on and is bounded by Main Street (Rte. 1A), East Street (Rte. 27), School Street and Maple Street.
The Walpole Block offers the opportunity to create scale in a beautiful, long established Town Center with outstanding demographics. Surrounded by existing upper end retail amenities and Walpole’s Town Hall, new Library, and Fire Department HQ, it is at the heart of the Town while also just a five minute walk to the Franklin Commuter Rail Station offering convenient service to Boston’s South Station.
Roughly 40% of the Block’s land area is zoned CBD, the most permissive designation in Walpole. The remaining 60% is GR. Preliminary discussions with the Town indicate positive response to a mixed-use development plan envisioning either an overlay or rezoning of the GR land.
True Core Location
Walpole is situated in the southwest quadrant of Boston’s suburbs, approximately 28 miles south of downtown and 8 miles south of the former Route 128 ring round. The Walpole Block itself is situated in Walpole Center, the heart of downtown Walpole and just a five minute walk to the Walpole Station Commuter rail connecting to South Station and Forge Park in Franklin. It is surrounded by vibrant restaurants and shops as well as essential services such as Walpole’s Town Hall, its new library and Fire Department Headquarters.
Mixed Use Zoning
The site’s current zoning breaks down to roughly 40% CBD with the remaining GR. Preliminary discussions with the Town indicate a desire on their behalf to work with an applicant to create a mixed use envelope, similar to but not necessarily the same as the current CBD zoning, allowing a more dense mixed use development on this important site. The Sellers have a deep connection to the site, the Town, and the administration and are prepared to assist Buyer throughout this process.
Covered Land Play
There is significant current cash flow from the residential and commercial buildings existing on the site with no long or mid-term commitments to in-place tenants. Expected NOI for 2022 is approximately $200,000, enabling the purchaser to leverage the investment immediately.
The 4.95 acre site occupies three of four corners on perhaps the most prominent block in Town. It offers frontage and existing curb cuts on East, Main, Maple and School Streets, with average daily traffic of over 30,000 cars (per Tracer Al), providing an outstanding locus for a mixed use development perhaps including multi-family or assisted living units over ground floor or stand alone retail uses.
Walpole’s Upscale Demographics
Its population of 26,383 boasts a workforce that is 88.5% white collar and has an average per capita income of $52,718, with 55% of residents having obtained at least a four year college degree. The average home value in Walpole is $685,100, well above the Massachusetts suburban average.
Walpole, equidistant between Providence and Boston connected via the MBTA Line and Route 95 through to Route 93 to Boston, is attracting new residents and capital due to its powerful and diverse economic underpinnings.
|Zoning:||60% GR/ 40% CBD|
|Lot Area:||215,472 square feet|
|Current Use:||9 residential/mixed use|
|Address||Sq Ft Land||Zoning|
|101 School St||19,260||GR|
|99 School St||17,599||GR|
|915 East St||16,999||GR|
|919 East St||41,674||GR|
|931 East St||35,825||CBD|
|929 East St*||27,934||CBD|
|892 Main St||20,700||CBD|
|878 Main St||21,050||GR|
|30 Maple St||14,431||GR|
|TOTAL||215,472||60 GR/40 CBD|
* includes “0” East
Stable Upscale Suburban Lifestyle
Walpole is a classic New England town with a quaint and vibrant Town Center.
It has immediate access to Route 95 North and South, less than ½ hour drive to Providence, RI.
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