Everett, MA Has Some Retail Space Options for Business Owners

Since 2013, Everett’s real estate market has been heating up with new developments sprouting all over the community. If you are a business owner looking for commercial property for your venture, it is possible that this town is where you will find it because plenty of options are available.

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As you perform your search, you want to make sure that you have a unit that is big enough to accommodate your business’ needs. Aside from that, it should still have some extra room, especially if you plan to expand in the future. With many developers purchasing properties in the town, there is always something for your business if you know where to look.

Everett Commercial Property Overview

Once a part of Charlestown and Malden, the city is now an independent area in Massachusetts. The businesses here are mostly found on Broadway, which is where you may want to look first. There are restaurants and other companies in this part of the town. The city square is just small, but it is lined with bus routes served by the MBTA, including 104, 110, and 112.

The major highway is just south of the Square via Route 16, and it is a great place to start, especially if gaining new customers is your top priority for your business. It offers exposure and is nearby many transit options that customers will definitely like.

Gateway Center, which is also off Route 16, is the city’s store shopping district. It is where you can find the big names of stores, such as Costco, Home Depot, and Target. Many of the developments are in this part of the city as well, which makes sense that you look at the commercial units available in this area.

With the projects here and there, several people have taken the town as their new home. There are new residential units in the area, and at the same time, they do not cost more than the other nearby places, such as Boston, Somerville, and Cambridge. The same goes for commercial real estate properties in this city. While there may not be huge inventories of commercial units here, you can expect that you will pay almost half the price of the commercial units compared to the neighboring cities.

In this area, you will find units for store shops, along with restaurants, bars, and auto repair shops. You will also discover that there are office units in the city. It helps if you choose a commercial property located at the ground floor of the building, primarily if you will not select a standalone one. It promotes traffic in the area, mainly if you have other trades in the other parts of the building.

Often, you will find that the store shops are on the ground floor and the office units are above them to ensure that the customers will see the stores first. Restaurants also help enhance the traffic in the area, which is a good idea for startup businesses.

If you cannot find a ground floor unit for your store business, you should at least be in the same building with one. Most of the companies in the city are open at night, and it can increase the publicity for your venture.

Commercial Property Prices for Lease and Sale

Just like anywhere else, it is difficult to determine the exact price of the commercial units in the city. It will typically depend on the precise location of the unit and the type of store business it accepts. You can find a unit that can cost you $30 per square foot per month if you want to lease but it is also quite common to see something much lower than that.

In fact, those located in industrial buildings only cost $5 to $10 per square foot per month. Meanwhile, if you would like to buy a property in the area, the price per square foot often varies. Typically, the average, especially if the location is near the highway, the price per square foot is approximately $282. Median sales price is much lower than other areas since it is only $397,250.

However, if you are looking for massive units, this city will not disappoint you. You will find great choices that are ideal for your budding business. To give you a glimpse of how much the properties cost in the area, here are some samples for commercial units for rent and sale:

An example is the property for sale at 369 Broadway. It is asking for $2,500,000 for a building size of 15,483 square feet. It is mainly an office unit but some its units can be turned into commercial units. You can transform the one at the ground floor and even rent out the other parts of the building for additional income.

Another example is the property located at 447 2nd Street. It is a fully equipped auto shop that is currently up for sale for the same price of $2,500,000. However, it is smaller with only 8,149 square feet. The sale price is high mainly because the property, along with the equipment used in the auto shop, is up for grabs. The lot size is 0.20 acre for this C building.

A property is also up for sale at 212 Beacham Street, which costs $4 million. Some of the units in the building are allowed for rent if the new owner decides to have them leased. The building size is 4,650 square feet in a lot that is 1.39 acres. It is actually an industrial type of property that can be used as a warehouse with a ground floor store shop. It is fully paved, and the site offers 60,000 square feet of unit. It is conveniently located just one mile from the Wynn Casino and 2.5 miles to I-93.

Meanwhile, if you are looking for a unit for rent, the industrial building at 165-167 Bow Street is now up for lease. It is one of the cheapest available and comes with two areas that you can rent. The monthly rental price depends on the unit that you will rent, but it will start at $0.50 only. The bigger unit, which offers 0.05 acre of unit, costs $2.67 per square foot per month. It is mostly used as a warehouse, but you can transform it into a commercial property for your shop or even for your restaurant. The total building size is 106,806 square feet.

If you are searching for an affordable commercial property that has already been used as a storefront, there are a few in the town. One is located at 63 Bucknam Street whose asking price is $759,900. The building was constructed in 1900 but was recently renovated and now comes with a total of three stories. It is situated in an area that is very walkable where many pedestrians pass by, which promotes your business. If you purchase the property, you can turn it into an investment and have others rent about 3,816 square feet of unit. There are also three residential units in the building, and they are attached to a store unit. The commercial part of the building is less than 600 square feet, which is ideal for smaller businesses. It offers access to the basement of the building, and it has its own utilities. Lease term is until 2022.

While you can find expensive properties for rent or purchase in the area, it is very much possible to locate those that will help you a place for your business without requiring you to spend more money than your budget.

News about the Town’s Real Estate

To start with the developments in the city, some developers chose to purchase vacant lots and existing buildings in the area. One example is the developer that just announced the firm’s acquisition of the Wellington Parkside, which was acquired for the price of $56 million.

There is still no word yet on what the exact plans are for the property. It has been around since 2015, and since then, it has provided 190 units of Class A apartments in the city. Wellington Parkside is at 12 Valley Street and is mostly a multifamily building. It has ground floor commercial property and has undergone a few improvements since it opened to the public.

Wellington Parkside is just four miles from the downtown area of Boston. Tenants can directly access both Cambridge and Boston, which is why the area is suitable for those working in the two mentioned cities. Aside from the ground floor commercial property, there are also restaurants in the building.

Another anticipated move is from the owner of the Wynn Casino, which was proposed back in 2013. It was later approved, and the construction phase has already started. It is expected to reach completion by the year 2020. When the proposal was submitted, it became quite controversial as the voters prepared to give their piece about the forthcoming $1.2 billion casino.

Both developers and homebuyers were eager to take part in the voting process for the casino, which would settle at the riverfront of the city. A lot of good things happened during that time, including the rise of the commercial real estate market in the town. Observers reported that residential and especially the business markets were on the rise.

Several developers positioned their best bets to get chosen as before the Massachusetts Gaming Commission presented the casino license for only one site at that time. A Boston attorney even commented that it was the most active period for the commercial real estate in the city in 20 years.

Four years later after the Wynn Casino was approved, the owner announced that the project would remove almost all the commercial units in the building. The original proposal included different high-end shopping venues. However, the owner mentioned that the casino would no longer compete with the store hubs in the region by the time it opens to the public next year.

The casino, which is now named the Wynn Boston Harbor, has informed the Massachusetts Gaming Commission in March of 2017 that about 80% of the commercial property in the building will be removed. The project has amounted to $2.4 billion in the budget, and it was supposed to include up to 100,000 square feet of commercial property that would feature luxury boutiques. The idea was to bring Newbury Street to the area.

The complex just broke ground in 2016, and the plans moved forward. However, the commercial property was slashed to only 53,000 square feet. Later on, the figure was significantly reduced until it was just 9,000 square feet. The commercial property is about the same size of a freestanding branch of a bank and Chili’s when combined.

According to the president of the project, this decision is because shoppers now prefer to shop online. In this case, they only want to maintain a small size for the commercial property in the building. Meanwhile, a particular spokesperson for the Wynn Boston Harbor had made public that the stores owned by Wynn will only be a total of five in the casino building. This number will be automatic as soon as the complex opens.

The developers behind the project, along with the owner and his company, believe that the store sector is undergoing a dramatic shift. Brick and mortar chains did close their stores, but many remained in the city. What the company is focusing on now is to satisfy the demand for event unit. It is why the casino and hotel will have a ballroom that has ballooned in size. In fact, it will be three times more the initially planned measurement, which was supposed to be for the store shops. Now, the ballroom will have 36,000 square feet of unit and will become the second largest in the city.

Meanwhile, the owner of the Wynn Boston Harbor has also announced that the company has made other property purchases. On the 1st of November last year, the owner spoke to the Boston Chamber of Commerce after visiting the city and gave a 25-minute speech. He later announced that the company is set to acquire properties that will collectively amount to $90 million.

The properties are not related to casinos, and there are also plans about having the Sinatra Restaurant in the area. The restaurant will include the awards of the icon from the Emmys, Academy Awards, and Grammys. His visit and speech focused on the Greater Boston area and the region. However, he did mention a few critical things about Everett.

According to the owner, the Wynn Boston Harbor has spent approximately $75 million for off-site real estate from the casino. The company is also willing to add $90 million more expenses once the casino is open. The $75 million even includes purchases, including the General Electric site, which is located at the 7-Acre Park.

Finding Retail Units in the Area

When you are searching for the right location for your business, there are a few considerations, including the type of unit you need. Foot traffic, as well as the demographic makeup, can be quite essential in setting up your commercial store. You want to stay up-to-date when it comes to the listings available in the area so that you will not miss out on the opportunities when they open.

There is usually enough inventory of new commercial units for rent or sale, but other times, it is difficult to catch the best deal. The unit you rent or more importantly purchase will help determine the success of your business. While there may be some options in the city, it does not mean they are all applicable to your venture.

Therefore, it is vital that you have regular updates regarding the listings in the area. You can get all these benefits when you sign up with us. Here, you will find the commercial units for lease, and you can narrow your search down to the right location, especially if there is more than a handful to consider.

Signing up with us also offers the ability to communicate with us where you can get help regarding the property you are currently eyeing. If you need assistance or more details about the property, including more photos and even schedule a showing, all you need to do is to contact us after you have signed up.

When you have all the details you need at your disposal, you only have to choose the best one out of the bunch of choices. You can eliminate those commercial units that you believe will not help with your business. We encourage you to look at the exact location of the property and not just its price and its square footage. Although these two are necessary, the precise location of the commercial property will tell you whether or not it is a good investment on your part.

If you are still searching for listings of the commercial units in Everett, just fill out the form and complete the sign-up process to get started today.

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