Peabody Land for Sale
Why Invest in a Lot Here?
Peabody is ranked as one of the top cities in Massachusetts in which to live. Criteria for this designation include the commute time and lower than average home prices, which attracts people from around the state. The land is one of the most valuable resources for investors, especially in towns on the North Shore The city's industrial park, the increasing number of technology and medical companies, and the median price of land which is $419,900 with a price per square foot of $266, make this an ideal community in which to invest.
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Land for Sale
The city is located at the intersections of:
- MA Route 128
- Interstate 95
- Route 1
Past the point where the highways intersect with Route 1, I-95 heads north and 128 runs east to Cape Ann and Gloucester. Another well-traveled road that runs through the city is Route 114 from Danvers to Salem. Several of the "T's" bus lines provide service throughout the community. Commuter rail service is accessible by the Newburyport/Rockport Line in Salem which offers service to North Station. The shuttle for Logan International Airport has a stop in town. The city with a population of more than 51,000 has plenty of offerings for commercial properties. When you're in the market for commercial land in North Shore cities and towns, sign up with Boston City Properties, and we'll help you to locate the parcel of land that fits your criteria.
Geographic Location
The North Shore city covers an area of 16.8 square miles. The Ipswich River flows along the city's northwestern border. The Waters River a source of the Danvers River drains the northeastern section of the community. Several brooks and ponds run through the city, and it's most significant protected area is Brooksby Farm.
The city is in the shape of a wedge with the widest portion situated at the southeastern section of the city's center. The westernmost, suburban neighborhoods are separated from the central portion of the city by the highways and the Proctor neighborhood. Peabody's location is 15 miles to Boston's northeast, two miles from Downtown Salem, and 18 miles to the southwest of Gloucester and the southeast of Lawrence. The borders include Danvers, Lynn, Lynnfield, Middleton, and Salem.
What Are Some of the Developments You Could Build?
The location of this community along with the acreage available for development make it ideal for visionary investors. The market is right for those ready to build developments that are most in demand. There's a growing need for upscale housing and developers are taking advantage of the growing trend with exquisite, two and three-level townhouses on conservation land and wooded acreage throughout the community. In high demand are developments close to the shopping malls and the highways with amenities that include open concept floor plans, high ceilings, ample closets, and private balconies or patios.
Homes
Newer homes built in this community are on beautiful, landscaped lots and are selling in the $400,000 price range. Many of these Colonial and ranch-style homes have three bedrooms and two plus baths. Interiors feature open floor plans and extras like heated basements and areas for entertaining. Many of the homes are within walking distance to the city center.
Apartment Buildings
There's always a need for new apartment complexes in cities and town around Massachusetts, and this community is no exception. Many of the buildings being developed as apartment complexes sat vacant for years until developers took the initiative and converted them into stylish apartment homes.
The median rent for apartments here is $2,100 which is an increase of 11 percent over the previous year. Apartment dweller wants amenities that include in-unit washers and dryers, landscaped common areas, swimming pools, and activity centers for residents' an important consideration for developers planning to build in this city.
Commercial Investment Properties
Many of the areas around Routes 1 and 128 are zoned for commercial and industrial use and offer more than two acres on level ground for the right developer. The central location of the land near the highways is ideal for a wide array of developments including mixed-use, hospitality, or recreational. One of the larger parcels of land was intended to be a hotel and is available for development. One of the lots is priced at $1,900,000. Individual lots are available for $950,000 per acre with a square footage of $21.00.
Retail Space
The retail market in this community is primed for new development. The proximity to Routes 1, 128, and 114 make the city a high-traffic region. Many of the complexes near 128 and in the downtown area account for most of the retail sales. Newbury Street off Route 1 features two-story complexes with more than 30,000 feet of space available for lease. Most of the units are 1,440 feet. Like many communities on the North Shore, Main Street has its share of buildings constructed in the 1880s that retain their original features, are retrofitted, and ready for new tenants. Spaces of !,000 square feet at $1.17 per square footage are available. Many of the retail properties on the market feature several stores in the same location. Established retailers seeking new locations would be wise to invest in this area.
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Land for Sale