Melrose, MA Business Space
This community is located in Middlesex County. It had a population of 26,983 in the U.S. 2010 Census. The total area of the town is 4.8 square miles with 1.26% being water. Boston lies seven miles to the south of the community.
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A Great Place for Business Space
The town is a promising place for entrepreneurs to lease or purchase business space for many reasons. First, the town has a strong economy with the help of a burgeoning film industry. Second, the community’s strong transportation infrastructure makes it a business-friendly town. The town is sandwiched between Massachusetts Route 1 and I-93. Finally, the future prospects for the town’s employment situation are good. Experts predict that the town will experience 39.19% job growth over the next decade.
The Neighborhoods of the Community
There are five neighborhoods in the town. The following is a brief description of each one:
Fells
This neighborhood is located in the southwestern corner of town. It is the least-expensive area in terms of property. The median property price is $457,181.
City Center
This area is in the town’s western section. The median real estate price is $504,944. This is the town’s historic district, with many of the buildings constructed before 1940.
Upham Street/Lebanon Street
This neighborhood is in the southeastern corner of the town. The median real estate price is $563,873. The buildings in this section were constructed mainly before 1940.
Melrose Highlands
This is the northwestern corner of the community. It has a median real estate price of $587,938.
Lynn Fells Parkway/Green Street
This neighborhood is located in the northeastern corner of town. It is the most expensive area of the community in terms of property, with a median real estate price of $686,294.
Leasing Business Space
The town has many different types of business property. The following is a brief description of a few examples of property recently listed:
Windsor @ Oak Grove Development
The business space was part of a multi-space 15,000 square-foot building in the Fells neighborhood in the southern part of town. It is part of the Windsor @ Oak Grove apartment property. The building is sub-divided into seven different spaces. There is off-street parking. The property is located on Main Street and has a traffic volume of 15,924.
Main Street Property
This freestanding building was built in 1974 and has three levels. It had 5,600 square-feet of space. It was located three minutes from the MBTA’s Commuter Rail Haverhill Line.
Buying Business Space
The type of business space for purchase in the town varies greatly. The following is an example of property recently on the market:
Franklin Street Property
This freestanding two-story building was constructed in the mid-1980s and is located in the Highlands neighborhood. It is located near the commuter rail station and is situated on a .3 acre lot. The list price was in the $600,000 range.
Listing Business Space
Though it might seem relatively easy to market business space in a town with a strong economy, experts still recommend a proactive marketing strategy when listing business space. An important step in this is the proper pricing of the space. This can sometimes be challenging in smaller markets, since comparable spaces may be limited. To overcome this, property agents suggest highlighting the capitalization rate of a space. “The capitalization rate of your property can be used as an easy way to compare your asset with others available on the market,” writes a veteran property professional. A local agent with experience in commercial property will be a great help to a seller in determining capitalization rates.
This community is a great combination of features that makes it an ideal place for owning or leasing business space. One resident summed it up best: “The perfect mix of city and suburb. [It is] right on the Orange Line to get into the heart of Boston in 15 minutes, while being a small quiet town with great schools and outdoor space!”
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