Allston, MA Commercial Real Estate for Sale and Lease
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What to Expect
This Boston neighborhood is home to many types of businesses, so commercial space here tends to be diverse. Retail space, industrial space and office space is readily available for purchase or lease. Finding the right options can be tricky, but you'll enjoy smooth sailing with our help.
Finding Commercial Space in Allston, MA
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Commercial Investment Properties in Allston
There are several types of commercial spaces found in this city that you can rent or purchase. Before you sign a lease or an agreement for buying a commercial property, you should know about your options.
Because this place has been consistently rising in popularity for five years or so, many businesses are looking for rentals and properties that they can buy for their company. If you plan to lease in this area, you should think about your options when it comes to the type of space since it will have a direct effect on the type of lease you will have. It will also influence the price for every square foot.
While this area is a great location for your business, you should consider how it will help your company grow. Since it is a part of Boston, particularly in the western portion of the capital city, it is one of the top choices when it comes to residential space. Today, however, many businesses are looking forward to building or expanding their company in the city.
Aside from being a part of Boston, it is also where the Harvard Stadium and Harvard Business School can be found. Both are located in the lower town, which is actually on the northern part of the city, right along the Charles River.
The town is quite known for being a student ghetto, but this new 02134 is now mixed with local mainstays, especially with the advent of many dining venues and shopping centers in the small area. There is a real diversification of the types of businesses in this town. It was developed from an important railroad yard, along with some nearby stockyards. Although it is a part of Boston, it is cut off from most of the city because of Brookline as it borders on the east and south parts of the area.
If you are searching for the busiest location in this town, the triangular intersection where Commonwealth, Harvard, and Brighton meet will not disappoint you. It is where you can find the large student population which calls the town home. The northern part of town is mostly owned by Harvard University as the organization possesses more than 350 acres of land.
Several buildings have been removed to make room for a complex to be used for science and engineering. The construction will take 497,000 square feet of space and is scheduled to open in 2020.
As you can see, the town has a lot to offer, especially with its growing popularity. You also have an idea as to where you can start looking to get large numbers of prospects. A multitude of selections for the commercial real estate is also available from land for sale to multifamily apartments to industrial properties to office and retail spaces. You can find all these things in this town. Some pieces of land, as well as apartment units, can be transformed into office or retail spaces but make sure that you understand land use or zoning as implemented in Boston.
Note that there will be restrictions, especially if you choose a residential type because of some specific requirements such as location of lines for utilities and type of buildings allowed. It is necessary that you adhere to these regulations and conditions, including architectural ones to avoid problems in the future.
Office Space Market in Allston MA
When it comes to office spaces in this area, you will find several options scattered in different locations. Here are some examples:
Office space available at 229 Kelton Street
This particular location is a multifamily property or a condominium, and the 229A unit is currently up for sale. The price is not disclosed to the public, however, but the whole building is made up of four floors where the typical floor size is more than 7,000 square feet. The building was constructed back in 1920, which is why it is viewed as a historical figure in the street.
The total size of the building is more than 32,000 square feet, and the type of the property is a commercial investment. Among the reasons why it is a good location for your office is that it is very walkable and offers excellent transit access. It is ideally situated on the corner of Woodstock Avenue and Kelton Street, which is less than 0.25 miles from the Green Line T Stop. In this case, you can count on the area to give you direct access to downtown Boston.
The size of the available unit is 1,160 square feet, which gives you plenty of space for your office. It was formerly used as a Laundromat and offers the buyer the guarantee of success for their business. Investors who rented the space had good experience in their chosen industry.
Currently, the renter, Kelton Street Laundry, has signed a lease for seven years. Investors can take this opportunity because of the 21% increase in rent, which will begin in March of 2018. Additionally, there will be an annual increase of two percent after that. The buyer of this office space can take advantage of the steady cash flow even before they use the space for their business.
Office space at 500 Lincoln Street
Another great opportunity for those who are searching for an office space in this small town is at 500 Lincoln Street. Unlike the first mentioned location, this space is only for rent and costs $15 per square foot every year, which is actually quite affordable, compared to other areas in Boston.
The rentable building offers a total of 18,000 square feet of space and has good transit. However, it is one of the most walkable areas in town, which makes it attractive for pulling in more customers. The building is also one of the oldest ones in the area as it was built in 1965. One space is currently available for lease, but if there are other available units, you can use them as storage.
The rent does not include the utilities that you will use. However, you will have a total of 3,000 square feet for your office if you take the first-floor available unit. It is built for office use, but there are also units on the first floor of the building that can be used as warehouse. There is ample parking space onsite, and the location presents easy access to Logan Airport, Storrow Drive, Mass Pike, and downtown Boston.
280 Lincoln Street office space
Here is one more option on the same street. The office for lease at 280 Lincoln Street costs the same as the second office space above. It is also an old building, and you know that the location is a walker’s paradise. It is smaller though as the rentable area is only 10,800 square feet.
There is also one space available on the second floor of the building where the rent does not include the utilities you will use for your business. The office space granted to the lessee is 1,750 square feet and the lease term will depend on the agreement but will usually take from one to five years. Note that this space is a shared office suite. Amenities include onsite management and parking in a three-story office building.
This office space in Lincoln Street is a great alternative to other nearby areas that are more expensive for leasing spaces, such as downtown Boston and Cambridge. You also get access to Watertown, downtown Boston, Mass Turnpike, Memorial Drive, and Harvard Square.
Retail Space Market in Allston MA
As for retail spaces in this town, you have a number of options as well. Here are some of the available ones right now:
140-146 Harvard Avenue retail space
The building was constructed in 1910 and is in one of the most walkable parts of the community. It also offers good transit, which is quite essential for a retail business. The rental rate is $57.60 per square foot every year where the gross leasable area is equivalent to 5,000 square feet. This means that the rental is $4,800 per month.
The retail store space for rent is at the first floor at unit 141, which offers an available space of 1,000 square feet. It is a new unit, which was built out for standard retail. The lease term ranges from a minimum of three to five years. Renters also get two parking spots, along with an adjacent lot. It is an excellent location for startup businesses or those that intend to expand their retail brand.
449 Cambridge Street retail space available
This one’s rental cost is not disclosed to the public, but it is readily open for lease for interested renters. Its property type is retail with subtype storefront retail or office, so you can also use it for your office since you can get plenty of space. The total leasable area is 12,800 square feet where the 1910 building stands in a very walkable area.
The first-floor unit is currently available for rent where the space you can get is 8,800 square feet. The lease term is from one to two years only, but the service type is negotiable. Therefore, you can just add some to your monthly rent, which can already include the utilities. Among the amenities offered are signage, metro or subway, and bus line.
2017 Commercial Real Estate News
The town may be small, but it is involved in a few real estate developments, including residential and commercial. When it comes to commercial properties, a developer has invested more than $15 million after acquiring three separate sites located near Cambridge Street. These three sites were from Jack Young Auto Parts Company, which includes a building that spans 54,000 square feet of space right at 334 Cambridge Street.
Meanwhile, the other two acquisitions include the expansion potential, which was priced at $5 million and is less than an acre of developable land located at 372 Cambridge Street. It fronts onto Harvard Avenue, which was bought for $6 million. The other was purchased for $8 million, which measures 0.46 acres of land. It is located at 4-20 Braintree Street. An organization helped with the purchase by financing more than $13 million of the acquisition.
These three sites are just a few minutes away from several other development projects in town, including Boston Landing, which is a mixed-use development.
Perhaps one of the most talked about news about the town is the one involving Harvard’s plan for commercial development. The university’s Enterprise Research Campus will stand in this town, and it will become the only mixed-use commercial development that is non-academic in all of the history of Harvard.
After 15 long years of planning, the officials of the university have finally created a plan that will set the first phase of the campus. It will be built in a vacant piece of land in town that is set to become a collaborative center of science, entrepreneurship, and innovation. According to the university officials, they plan to create 900,000 square feet of space, which will be turned into a mixed-use building on a 14-acre part of the campus.
Just this December 2017, filing marked the beginning of the review for the development in which the initial plan includes two office buildings, which may also be used as a laboratory that totals 400,000 square feet. It will also include more than 200,000 square feet of space, which will be for a hotel and conference center. An additional 200,000+ square feet will be available of residential space. Both come with ground floor retail space.
The Harvard plan also states that there will be at least 800 parking spaces, which may be used as development sites for the future of the area. As expected, this project will become one of the biggest in the area as it offers to create a new, innovative community for the town. It will come up with new spaces for living, collaborating, researching, working, and playing, while improving links to the Longwood Medical Area, Cambridge, and Boston’s Innovation District among others.
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Commercial Property List