420 Common StLawrence, MA 01840

For Sale
$4,000,000
Prime MA Opportunity Zone Office Building

Overview

Added:
Dec 11, 2024
Days on market:
126
This turnkey investment opportunity presents a three-story, steel-frame office building in Lawrence, MA, situated at 420 Common St, directly across from the Lawrence Post Office. The property boasts striking glass facades and is fully occupied by the Commonwealth of Massachusetts for Northern Essex Community College, forming part of their educational campus. Currently under a Net Net Net (NNN) lease with a remaining term of approximately 2.9 years (expiring October 3, 2027), the lease includes a 10-year initial term commencing October 3, 2017. The lease features a $10,000 annual escalation in years 9 and 10. The building offers 10 parking spaces. The property's strong financial performance is reflected in its current NOI of $243,103 and a pro-forma NOI of $253,103, resulting in a current cap rate of 6.08% and a pro-forma cap rate of 6.33%. The owner is responsible for HVAC, electrical servicing, and exterior upkeep

Highlights

  • Opportunity Zone tax incentives offer capital gains deferral and potential exemption after a 10-year holding period.
  • Lawrence features multiple designated Opportunity Zones targeting economically distressed areas.
  • Qualified Opportunity Fund investments encompass real estate development, startups, and property renovations.
  • Opportunity Zones aim to stimulate community revitalization through job creation and economic growth.

Property Details for 420 Common St

Property type
Office properties

Location Insight

City
Lawrence
County
Essex
State
Massachusetts
Latitude
42.7067528
Longitude
-71.1654403
420 Common St, Lawrence, Massachusetts

FAQs

What type of property is this?
Office property - Prime MA Opportunity Zone Office Building
Where is the office property located?
The property is located at 420 Common St Lawrence, MA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Opportunity Zone tax incentives offer capital gains deferral and potential exemption after a 10-year holding period.; Lawrence features multiple designated Opportunity Zones targeting economically distressed areas.; Qualified Opportunity Fund investments encompass real estate development, startups, and property renovations.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
420 Common St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message