Stoneham, MA Commercial Real Estate for Sale and Lease
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What to Expect
This Middlesex County town is about nine miles north of Boston and has a population of roughly 9,800. Despite its somewhat small size, it has decent offerings in terms of commercial real estate. At any given time, there's typically plenty of office space, retail space and even industrial space available.
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Located only nine miles from Boston, this town of 21,437 has a total of 6.2 square miles, making it both relatively dense and highly accessible, a potent combination for investors. The area features a mix of tightly woven urbanity and unspoiled natural lands, specifically in the form of the Middlesex Fells Reservation, which includes Spot Pond, Wright’s Park, and access to the North and Middle Reservoirs. Other recreation areas include Bear Hill Golf Club, Dikes Pond, Stone Zoo, and Pomeworth Field.
The area is easy to reach by automobile; Route 28, Interstate 95, and Interstate 93 all pass through town. Although there is no dedicated MBTA Commuter Rail line station in the city, the subway does have a stop in neighboring Malden. There is also bus service available via the MBTA.
Because the town has existed for almost 400 years, large plots of undeveloped land that are not classified as nature preserves are rare. This has increased the pressure to redevelop currently occupied commercial parcels, as detailed in the news below. Investors therefore should monitor the listings for this area, as new opportunities will likely emerge in the coming months and years.
Office Space Market
Several large office complexes, in addition to boutique spaces in historic structures in the center of downtown, frequently are available for lease or purchase. The structure at 92 Montvale Avenue has a total leasable space of 118,241 square feet, and has an excellent location just off Interstate 93. With a sweeping, circular envelope with ribbon windows in a brick exterior, this building offers configurable suites in a first-class structure. Built in 1993, the building recently had several suites ranging in size from 1,082 square feet to 3,422 square feet available for lease. The estimated rent for this facility has not been disclosed.
The four-story structure at 38 Montvale Avenue has a corner lot location in the heart of downtown with carpeted office suites. Built in 1900, this refurbished property has a total rental area of 42,626 square feet, but offers suites in a range of sizes, from 363 square feet to several thousand square feet. The amenities of the property include a fitness facility, a courtyard with outdoor seating, and free parking during the daytime. The rent for this property has not been released.
For those seeking medical space, the property at 271 Main Street offers a central location with many shared amenities. With 24,000 square feet, this building has suites available from 800 square feet to 2,847 square feet in size. Built in 1983, the building features ribbon windows in a brick exterior, with prominent storefront retail space on the ground floor. With an onsite parking lot and street frontage, the building is immersed in the fabric of downtown. Two units recently were offered for sale; the first unit was 2,847 square feet in size, and had a price of $569,000. The second unit was 800 feet in size, and had a price of $165,250.
With four stories of luxurious, concrete-encased office space, the structure at 91 Montvale Avenue offers professional suites in a location that is easily accessible via Interstate 93. With a total leasable area of 50,648 square feet, this building was constructed in 1985, and features roomy suites with designated private offices, as well as an onsite parking lot. The offices suites here range in size from 3,000 to 5,000 square feet. The estimated rent for this property is $1.75 per square foot per month.
Retail Space Market
The density of this area allows for some freestanding, low-slung retail structures, as well as complexes and historic storefront spaces. The property at 263 Main Street has 6,072 square feet of available space in the center of downtown. This freestanding building has a configurable floor plan and a large central entryway, making it easy to welcome shoppers and large pieces of inventory. The drop-tile ceiling and front windows creates an acoustically quiet, well-lit environment. Built in 1973, the building may need some refurbishment. The estimated rent for this structure is $2.31 a square foot per month.
The retail complex at 200 Main Street offers potential tenants excellent access to downtown as well as a large onsite parking lot. Located on a heavily trafficked street, the property is only 0.5 miles from Interstate 95, and 1.9 miles from the MBTA Commuter Rail line. With 11,600 total square feet of leasable space, this complex has 10 individual units for lease. Built in 1985, the rent for this property has not been disclosed.
Those looking to operate a bank should take notice of the property at 240 Main Street, which offers a drive through window with a teller window next to a large parking lot. Landscaped grounds surround the perimeter of the structure, which features multiple gables on a corner lot. With 2,350 square feet of total space, the building may also be used for other retail purposes, including a restaurant, depending on tenant needs. Built in 1979, the estimated rent for this property has not been released.
Larger retailers should investigate the property at 121 Main Street, has an excellent location near the heart of downtown and easy access to Interstate 93. With 112,003 total square feet, this structure has several different sized units available for lease. Styled as a retail complex, the property includes a large parking lot perfect for heavy shopping days. A unit in this complex of 8,178 square feet was recently put up for lease. The rent for this facility has not been disclosed.
Commercial Development News
As it increasingly becomes a center for innovative development, this town has begun to redevelop properties into higher-use facilities. In January of 2018, the city approved a permit for a storage company to replace a 30,000 square foot banquet hall with a 120,000 square foot, four-story storage facility. In order to expand the size of the facility, the new property will reduce the current parking lot to 10 spaces from 76, although the storage facility does not anticipate needing a large number of parking spaces.
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