Methuen, MA Business Space
This town is a community in Essex County. In the 2010 U.S. Census, its population was 47,255. The total area of the community is 23.1 square miles, with 3.42 % of that being water. The Merrimack River runs along the southern edge of town, and the Spicket River flows through the town.
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A Great Place for Business Space
Though the town is 30 miles north of Boston, it has several features that make it a prime location for the purchase or lease of business space with its excellent transportation infrastructure. I-93 has three exits in the community. I-495 is in the eastern side of the town. Massachusetts Routes 28, 110, and 13 also pass through the town. This network of highways is an economic boon to the community. As one researcher noted, “When transport systems are efficient, they provide economic and social opportunities and benefits that result in positive multipliers’ effects such as better accessibility to markets, employment and additional investments.”
The Neighborhoods of the Community
The town has ten neighborhoods. The following is a brief description of each one:
Riverside Drive/Olive Avenue
This neighborhood is in the southern section of town. It has the least-expensive property prices in the area, with a median real estate price of $294,202.
Lawrence Street/Phillips Street
This south-central section of town has a median real estate price of $304,724. This is the historic district of the community, with many of the properties dating before 1940.
Berkley Street/Arlington Street
This area is located in the southern part of town. It has a median real estate price of $316,161. This area also has many historic buildings constructed before 1940.
Forest Street/Pelham Street
This southern neighborhood is bisected by I-93 and is more developed on its eastern side. The median real estate price is $344,191.
Merrimack Street/Pleasant Valley Street
This is the southeastern corner of the town, with the Merrimack River as its eastern border. It has a median real estate price of $340,320.
City Center
This neighborhood is situated in the heart of the community. The median real estate price is $319,343. This is also a historic area of town, with many buildings constructed before 1940.
Marsh Corner
This is the northwestern corner of the community. It has a median real estate price of $399,565. Forest Lake is located in this neighborhood.
Howe Street/Washington Street
This northern neighborhood has a median real estate price of $400,035. This area is relatively newer than other sections, with much of the construction occurring between 1970 and 1999.
Graceland Park/Grosvenor Corner
This neighborhood is located in the northeastern corner of the town. It has a median real estate price of $441,860.
Forest Street/Hill Street
This is the southwestern corner of town. Its southern edge is the Merrimack River. I-93 passes through its eastern side. This is the most expensive area for property in the town, with a median real estate price is $450,424.
Leasing Business Space
The town has a wide variety of business space available for lease. On the recent market, there have been nine properties offered for lease. These have ranged from a 1,000 square-foot space located in a 4,852 square-foot freestanding building for $1.30 a square-foot per month to a 7,400 square-foot unit located in a 30,000 square-foot building.
Buying Business Space
There are many options for those interested in purchasing business space in the community. On the recent market, these have ranged from a 1,504 square-foot space listed for $449,900 to a freestanding building with 10 parking spaces located near I-495 and Massachusetts 213 for $374,900.
Listing Business Space
This community’s strong economy provides the opportunity to make a good profit for a property owner with a savvy marketing plan. Experts recommend that owners highlight the earning potential of the listed space. “While comps are great, investors will also be interested in the building’s ability to generate income,” advises one property expert. The best way to do this is to promote the space’s capitalization rate—how much money it will earn annually compared to its purchase price.
“It’s a beautiful town in an amazing location close to major highways,” observed one resident. This description sums up the reason the community is a great place for business space.
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