Melrose, MA Commercial Real Estate for Sale and Lease
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What to Expect
This vibrant Middlesex County city is located just seven miles north of Boston and had a population of roughly 27,000 in 2010. Commercial real estate is abundant and diverse, and it includes office, industrial and retail space for lease and for sale. Gain insights into businesses for sale and prime commercial investment property opportunities through our convenient search feature.
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Located only seven miles from Boston, this city is often considered as a suburb or neighborhood of the metropolis. This proximity makes the 4.7 square miles of land in this town exceedingly valuable, as well as relatively dense; with a population of 26,983, the area does not have a great deal of undeveloped land, although redevelopment projects are becoming increasingly common. The largest tracts of land can be found in the Mount Hood neighborhood, while the neighborhoods of the East Side, Melrose Highlands, Franklin Square, Cedar Park, Wyoming, Fells, Downtown Melrose and Bellevue have a more developed urban feel.
In addition to including a portion of the Middlesex Fells Reservation within its boundaries, the town also has public green spaces in the form of Ell Pond, Sewall Woods, Boston Rock, Swains Pond, Pine Banks Park, and Mount Hood. Recreation areas include the Mount Hood Golf Club and the Bellevue Golf Club. The neighboring metropolis makes it easy for residents to travel to some of the nation’s finest arts, theater, and performance spaces.
While the only major road through the area is Route 99, Route 1 is just outside the city limits near the Mount Hood neighborhood. The city has three MBTA Commuter Rail stations, including Melrose Highlands, Wyoming Hill, and Melrose/Cedar Park. The area also has an orange line subway stop that is right on the city line, next to the neighboring town of Malden.
The city’s long history--it was settled in 1629, and incorporated in 1850--means that many older properties are being converted into new uses. As stated before, tracts of land with absolutely no development are exceedingly rare, but redevelopment projects have become more common in recent years. The 6.72 acre lot at Swains Pond Avenue takes advantage of the incredible natural scenery of the adjoining pond, as well as views of the Boston skyline. This parcel of land, which is located in a quiet residential neighborhood, has a commercial zoning with a multi-family development as the envisioned project. However, some mixed-use projects may be possible here. The parcel, which is made up of nine lots, has a sale list price of $1,799,995.
Office Space Market
The historic lineage of the area means that many charming offices are located in older buildings that have been retrofitted to suit newer purposes. While some office complexes do exist throughout the city, investors will note that the area’s relatively compact urban makeup sites most offices within close distance of public transit. Located in the heart of downtown only 0.2 miles from the MBTA Commuter Rail line, this property at 355 Franklin Street began life as a Congregational church, and now has spaces available for a variety of purposes, including a professional office space of 2,500 square feet, which can be subdivided.
The property has a private parking lot across the street, and a highly flexible layout which makes it perfect for a variety of different business configurations. Located on the corner of Ashland Street and Franklin Street, this 10,685 square foot facility was built in 1951, and has been meticulously maintained. Landscaped grounds meet the building’s brick facade. The estimated rent for this office is $1.16 per square foot per month.
Retail Space Market
Within the dense patchwork of major streets and residential culverts, retail spaces tend to be located in multi-story buildings located near other businesses and restaurants. The property at 524-530 Main Street is no exception to this rule. The elegant brick masonry construction building features a row of floor to ceiling glass windows along the ground floor, which is bracketed by a frame that doubles as a space for business signage. The second story has another row of rectangular windows with sophisticated mullion placement. With stately street lamps and trees along the sidewalk, this property is located in the walkable heart of the Wyoming neighborhood. Built in 1900, the building has undergone a recent renovation and offers tenants a mixed-use option. With 4,638 total square feet of leasable space, the structure recently placed a first floor unit of 1,700 square feet up for lease. The estimated rent for this property has not been disclosed.
Commercial Development News
In July of 2017, a section of road along Broadway/Route 99 was designated by the Board of Aldermen to be the official location for medicinal marijuana dispensaries. The vote is pertinent to commercial developers primarily because the neighboring areas may become increasingly valuable as recreational or entertainment facilities. This action also serves as a measure of the community’s preferred method of regulating new industries. Generally speaking, this town is open to change, but considered in how it handles zoning.
The city also has an annual Victorian Fair, which not only celebrates historic costumes, but also city and state initiatives such as National Drive Electric Week, and an artisan’s marketplace that features the wares of local craftspeople. The tight-knit aspect of this community, and its propensity to integrate all businesses and residents, should inform developers whenever they approach creating a new project here.
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