Hyde Park and the Retail Spaces Available

For some people, Hyde Park is merely an outlier, specifically of other neighborhoods’ enhancements. It is bordered by other regions that make it appear sealed away from its surroundings. However, investors and developers are looking at this place with the intention of improving it even more. Today, the park is on the verge of a genuine breakthrough in real estate.

Click Here to Search

Retail Space

Overview of the Neighborhood and Its Commercial Market

This park is located at the southernmost part of Boston. For many businesses, it is an ideal location because of the easy access to rail transportation it provides. There is also ample public transit in the area that will take the commuter throughout the whole metro region.

The neighborhood has plenty of things to offer for those who are searching for an area that will give them the most benefits for their business. If you are an entrepreneur and you are just starting up, you may want to look at this place first before you look elsewhere. Of course, the park is also an excellent area for owners of established businesses because it is surrounded by local schools, plenty of residential lands, and other parks. All these things make the neighborhood an excellent place to deal with customers and other trades.

It is understandable that you are hesitating when it comes to choosing the location for your store business. After all, it is one of the most significant startup choices you will ever make. The site you select can make or break your business – and that is a fact.

If by chance you did find the right unit for your business in this neighborhood, it helps if you work with the leasing representative of the property’s landlord. The same thing should be done if you want to purchase the unit where you should have a third-party member, such as the commercial real estate broker, to help you with the deal.

You have several options in this neighborhood when it comes to the type of commercial property to go for. Of course, it will depend on your business itself but among the choices include open-air shopping centers, shopping malls where the areas are enclosed but with many customers walking about, and a drugstore or grocer center in the neighborhood. You also have a choice to select a freestanding kiosk or cart in the area or a pedestrian area, which mainly includes shopping streets.

Whichever you choose, you will have to consider your budget and the needs of your business. Your preferences may also come into play but make sure that your taste should not affect the real reason why you are leasing or purchasing the property. Your business should be your priority. Often, the landlords in Boston allow the tenants to make some necessary changes in the building to further accommodate their business’ requirements.

If you have at least two choices to pick from, you should assess the location in the neighborhood yourself. If it is not possible, you should find someone who will help you determine some factors that can affect your revenue. Among these factors include the adequacy of the potential customers in the area.

The good thing about the neighborhood and the surrounding areas is that you will find some of the commercial units that are within a residential building. It truly helps a growing business because there are enough people nearby. Therefore, it makes sense to choose a location where your target customers work or live. There are streets in the neighborhood that have high foot traffic, including HP Avenue, Fairmount Avenue, and Center Street.

You should also consider your business and what you are selling. For instance, if you are opening a toy store, it does not make sense to choose an area in the neighborhood that is nearby the Boston Baptist College since the place is often filled with single people who are in their 20s.

You should also know about vehicle and foot traffic in the area by asking a leasing representative about the car counts in the location. It also helps to make time to stake out the places you are considering to know about the passersby and how they interact with the other stores and businesses during certain hours, particularly at times when your store will be open.

Accessibility is an important yet overlooked aspect in searching for the right spot for your business. Thankfully, most of the commercial units in the neighborhood come with customer parking, and they are usually at the front part of the stores. You should consider how the vendors will deliver your inventory and whether or not they will have a hard time finding your location.

The ease of delivery should be managed as well. For instance, you should look for a spot in the neighborhood that has enough unit for parking, especially for trucks if you are opening a furniture stop. This way, they can maneuver quickly through the back entrance of your store.

Another commercial property consideration is to find whether or not you will benefit from a move-in ready spot. In this neighborhood, it is mostly quicker to find a unit that will require some time to perform some modifications to fit the needs of the business of the new owner. It means that there will be leasehold improvements or build-outs, such as the addition of walls, rewiring the electrical system, tearing down some parts of the unit, and many more.

While the changes can be useful for some companies, they always mean extra costs on your part. Additionally, you will have to wait before you can move into the building. Make sure that you talk to the landlord to know whether you will share the expenses or he/she will offset the expenditures to your rent.

Prices of Store Units in the Neighborhood

You will be happy to know that many commercial units in this area are not very expensive. While the average rent is around $36 per square foot, it is possible to find some that are just $10 per square foot. If you look even more and you wait for great deals, you will be able to see units for lease that are much lower than $10. All you need to do is wait and of course, be prepared to settle for a smaller area.

For instance, this commercial property in 100 Business Street in the neighborhood only asks for $1 per square foot per month. There is one unit available in a building size that is over 12,500 square feet. The open unit is 0.03 acre or 1,306.8 square feet in total. It means that the monthly rent is only $1,306.8. It is in an industrial building, and the available unit is right at the first floor, which is ideal for store stores. It can also be used as an office unit although the unit already has its office that measures 500 square feet.

The new owner is allowed to relet the unit, which means more revenue if you have decided to take this route. The lease term is one to three years for the industrial unit. Amenities of the building include a 12-foot ceiling, along with a loading dock.

Another unit that is up for rent in the neighborhood is located at HP Avenue and offers two slots. You can rent just one of them, or you can choose both since they are only adjacent to each other at the second floor of the building. It is more recommended as an office unit, but it is in a very walkable location, so foot traffic is not a problem. There is also good transit in the area since it is just a one-minute drive to the commuter rail of the Franklin and Providence Lines. It is also close to the Fairmount commuter rail, and the Logan International Airport is less than 30 minutes away.

The lease cost depends on the unit, but they are quite affordable as well. One asks for $1.19, while the other costs $1.53 per square foot every month. The more affordable unit offers 1,600 square feet, and the other is much bigger with a total of 3,000 square feet. Both of the locations allow negotiable lease terms.

You can also find one more commercial property at 1225 River Street, which is made precisely as a storefront store spot. The total leasable area spans 4,165 square feet, but for now, the available unit is only 1,553 square feet. This unit can be modified according to the needs of the business that will move in, and it will open on the 1st of April this year. It uses the triple net with amenities that include air conditioning and central heating.

The building also includes private restrooms and natural light for savings on electric bills. The unit is just near the Bank of America, and thus, it is subject to high vehicular and pedestrian traffic. It has been remodeled recently and is completely visible in its location.

Interesting News about the Neighborhood

It may sound a little striking, but Hyde Park does not seem to have enough coffeehouses, which is one of the complaints of some of the residents in the area. Thankfully, Coffee Break Café has announced that it will move to the neighborhood in just a few months.

The favorite hangout for a cup of Joe, especially in the morning, has its locations in Milton and Quincy. The proclamation to transfer to the area is welcomed by the residents. The move is due to the availability of unit that has just been vacated by Bean and Cream, which is right at the Fairmount Avenue in Truman Parkway.

Coffee Break Café aims to begin the transfer as soon as possible, and they want to open the coffee shop at around April. According to the owners, the store will have early hours that will probably start at 5 AM.

Meanwhile, a specific Catholic Church located at the park wants to raise more money. As a result, the officials have started looking for tenants at the church’s property. The Most Precious Blood Church recently talked to an apartment developer to make sure that the church will have a new yet steady revenue stream. The income will also be used for Milton and Readville where the church has affiliated parishes.

Unfortunately, a meeting held in January this year at the previous St. Anne School located in Readville revealed that the parishioners in the area were not too happy about the proposal. They were not pleased with the choice to turn the church building into an apartment that will soon have 24 units. The basement chapel will also be converted, but they opposed it because it is the main worship area.

The church building is the central place for the congregation and is located at Maple Street. The Blue Hills Collaborative said that the organization does not require financial help because they are currently in excellent condition. The BHC is the one group that oversees the three parishes, namely St. Anne, St. Pius (Milton), and Most Precious Blood.

According to BHC, they have at least $6 million in the bank, and most of it came from the sale of the property. Additionally, they have $500,000 every year, which comes from the rental payments of the previous Most Precious Blood School, which is located at the HP Avenue.

In other news, the fried chicken place that closed last year may soon reopen, but this time it will have a new owner. The Zoning Board of Appeal disclosed late last year that a certain Sadiq Ahmad has his request to open the establishment once again approved.

For now, it is just a possibility because he will still require the approval of the Boston Licensing Board. It will be held in August where a formal discussion will also take place. After all, the food serving license of the site was revoked as part of the scandal centering on tax and immigration fraud.

Perhaps what most people are looking forward to are the projects that are set to begin in the park. While some are still in the planning stages, such as the one at 1717 HP Avenue, some plans have already been approved, including 735 Truman Parkway. The supported conversion involves a vacant building with three stories, which was previously the place for a nursing home. The building will be transformed into an apartment residence with a total of 46 units.

Meanwhile, the HP Development Opportunity, which has 55,254 square feet of unit, will involve not only housing but also commercial property. It will have a four-story building that will come with 54 residential units, along with a 1,300 square foot commercial unit. The residents will have ample parking unit with a total of 65 slots for vehicles, which will be constructed on the site.

As for the commercial property, there will be a building exclusively made for it to produce 6,080 square feet for store and will contain at least three storefronts with surface parking. It will also have 2,272 square feet of unit, which will be used as a restaurant and another 1,801 square feet for auto body. The latter will also have a surface parking area, which is currently on the site.

Sign Up to Get Quick Access on Commercial Property Listings

Most of the commercial units in the neighborhood are for lease. If you want to get your hands on the for-sale list of areas, you may want to sign up and become a member of our website. Take advantage of the opportunity to contact us about the properties you are interested in. As a bonus, we have a team of experts that can give you the assistance you need, especially if this is the first time you will lease or purchase a property in the neighborhood or in Boston itself.

You can get as much information as you require, including the property’s details and even average foot and vehicle traffic if you would like to receive them. If a particular estate has piqued your interest, you may want to know whether there are competing businesses in the area or not. This way, you will not have some problems and will just stay with complementary stores since they are your ideal neighbors.

For instance, if you want to sell women’s apparel, you may want to know if there are other stores in the location where the customers buy jewelry and accessories. Being around them is a significant advantage since apparel shoppers often go from one store to another.

Meanwhile, if you have an aquarium supplies store, you want to make sure you will not be around a shop that sells the same items as you, even if it is down the street. You may want to be near entertainment venues, big-box stores, or restaurants can help your business to attract your customer base.

Since this is Boston though, do not assume that the present tenant mix will remain the same. You can talk to us, and we will help you make a wise decision to know if the Hyde Park location you are eyeing is right for your company. Make sure that you sign up today to get the latest listings of retail spaces in the neighborhood.

Click Here to Search

Retail Space