Nahant, MA Business Space
This community is located in Essex County. It had a population of 3,410 in the 2010 U.S. Census. The total area of the community is 15.5 square miles, with only 1.0 square miles being land. This makes it the smallest town in the state, in terms of land area. The community sits on a peninsula that is attached to the city of Lynn by a causeway.
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A Great Place for Business Space
Though the town lacks any state transportation routes and is surrounded on three sides by water, it has long had a strong economy tied to tourism. The first hotel was built in the town in 1802. The community continued to develop as a seaside resort with its 10 beaches. By the late 1800s, it had become a summer retreat for some of the wealthiest people in the nation. It became one of the first towns to have an amusement park. This tradition of tourism has continued up to the present day. Visitors to the region spend over $898 million annually. Almost 7,000 jobs are supported by this tourism. These tourists and their money have created a local economy that is a great place in which to lease or purchase business space.
The Neighborhoods of the Community
The town is divided into two areas. The following is a brief description of each one:
Little Nahant
This is the northern area of the community. It lies on the eastern side of the causeway that connects the southern neighborhood to the mainland. The town’s two largest beaches, Nahant Beach and Long Beach, are located in this section.
Town Proper
The southern area of town is the large part of the peninsula. This is where the majority of residents live. The most heavily populated section of this neighborhood is the western area, between Black Point Rock and Bass Point. Lowlands Park, Lodge Park, and Bailey’s Point are public areas in this part of town.
Leasing Business Space
The business property market in the town is very tight with a small inventory. The following is an example of the type of space available in the town on the market recently:
Nahant Road Property
This 700 square-foot space was located in a freestanding building which was situated on a 7,500 square-foot lot. The unit is a bungalow that was converted to commercial real estate space. It is located across the street from the town beach and has off-street parking available. The traffic volume for the location was 43,400 in 2016.
Buying Business Property
With such a small amount of business space available in the area, experts recommend an aggressive strategy to find the right unit. Though it often will take the help of a seasoned property professional, experts encourage prospective buyers that the effort is worth it. They point out that purchasing business space has great benefits. “To get a greater control over the cost of the real estate component of overhead, as opposed to leasing, where you can be victimized by the market if the lease rolls over when the market is tight and, as a result, you have higher rental costs,” counsels a commercial property attorney.
Listing Business Property
Just as buying business property in a tight market is difficult, selling a property can be equally challenging. The main issue a seller faces in such a market is the difficulty in justifying a property’s price to a potential buyer. Normally, a seller can point to comparable properties to prove the reasonableness of a list price. In an area with a small inventory, it may be impossible to find a comparable property. Experts suggest that sellers then prove the value of their property through the space’s capitalization rate. “It can be extremely difficult to find similar commercial properties for a true price comparison.…the capitalization rate of your property can be used as an easy way to compare your asset with others available on the market.”
With beautiful scenery and the attraction of a small town, this community has the right combination for prospective entrepreneurs to prosper with business space. One resident summed up the town’s good qualities with these words: “Very community-oriented and safe, near good high schools and a beautiful town to live in year-round, especially during the summer.”
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Retail Space