264 BroadwayLawrence, MA 01843

Property Details for 264 Broadway

Year built

1965

Construction

STEEL FRAME

Lot size

0.44 AC

Property size (Sq ft)

5,835 SF

Property type

Showrooms

APN

LAWR M:0119 B:0000 L:0102

APU

LAWRM0119B0000L0102

Description

This exceptional commercial property, located at 264 South Broadway in Lawrence, MA, presents a unique investment opportunity. Situated on a desirable 0.44-acre corner lot in the sought-after Route 28 area, this single-story brick building boasts 18,000 square feet of space. The property features three large overhead doors, offering remarkable flexibility for a variety of uses and configurations. Currently, the layout includes two spacious garages, office space, and a retail storefront. The high hourly traffic count ensures excellent visibility and accessibility. This location benefits significantly from recent revitalization efforts in the surrounding area. The redevelopment of the former Ford dealership a short distance away has spurred significant positive changes, including the construction of a new Cumberland Farms and Family Dollar complex, which includes a retail store, gas station, and market. This development has transformed the South side corridor, creating a dynamic and attractive retail environment. The property's substantial size and versatile design offer incredible upside potential for savvy investors seeking to capitalize on this thriving commercial district. The asking price is $1,499,900.

• CAP approach

  CAP return

  Valuation

  6%

  $1,418,109

  6.5%

  $1,309,023

  7%

  $1,215,522

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,921,251

  Geo Method

  $1,921,251

• Alternative Use

  Use

  Valuation

  Residential

  $1,104,210

  Hospitality

  $1,011,451

  Educational

  $841,515

  Medical

  $870,456

  Retail

  $1,309,023

Location Insight

City

Lawrence

County

Essex

State

Massachusetts

Latitude

42.6922

Longitude

-71.1604

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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