Topsfield, MA Commercial Real Estate for Sale and Lease
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What to Expect
This Essex County town has a population of around 6,000 and is located roughly 28 miles north of Boston. Around town, there's usually a decent amount of commercial space available, including retail space, office space, industrial space and more. Whether you are going to invest in commercial real estate or are a business owner, you'll find what you need right away with our resources.
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Commercial Investment Properties
While it may have a fairly small population, this town has a surprisingly strong investment potential. With the advent of the railroad and the turnpike, the town quickly started to grow. Over the last few decades, the area has developed a reputation for being a high-tech community. Because of Route 128, the town is considered a part of the Boston high-tech community.
Other than defense and high-tech businesses, this town is also known for its tourism industry. Each year, the Topsfield Fair attracts around 500,000 visitors. From the last weekend of September to Columbus Day, entrepreneurs and tourism companies bring in a significant revenue from the fair. This fair alone makes the region a popular investment site. Other events like the Strawberry Festival and the Memorial Day parade also draw in tourists throughout the year.
Placed only 22 miles away from Boston, this city is attractive for residents because of the presence of the Bradley Palmar State Park. Between the popular events and nature options, the area draws in a stream of tourists, hikers and campers throughout the year. Investors can invest in a tranquil town that has a rural environment. While it might be close to the city, it offers a country-style life. Since there are still just a handful of pizza and sub shops in the town, restaurant owners can enjoy cornering the dining market. Right now, there are few other dining or nightlife options in town, so a savvy investor has a chance to develop a foundation in the industry before the town continues to grow.
Investors will find a real estate market that has only been growing in recent years. The median home sale price has advanced by $9,750 in the last year. Prices rose 2 percent from $610,000 to $619,750 in just a year. Meanwhile, the average price per square foot declined from $271 to $254. These changes mean that now is the time to invest in the area. The rural ambiance will not remain rural for long because of the city's location.
Since there are few restaurants and shops in the area, investors have a huge potential for starting a successful business. The number of high-tech and defense businesses in the town means that there is an affluent, vibrant consumer base. All the town needs is a few investors who know how to cater to the town's population.
Office Space Market
At 9-11 South Main Street, investors can find an unusual office space. Originally built in 1742 for a Revolutionary War captain, the property has been updated consistently over the years. In 2007, it was completely renovated by the Willowdale Medical Center. Placed on 0.99 acres, the complex includes eight private offices, two conference rooms and a training room. The first floor includes the offices, a reception area, two bathrooms, a conference room and a kitchenette. Meanwhile, the second floor includes a training room for 25 people, a conference room, a support room and a bathroom. The design of the building makes it perfect for medical uses. Once the permits are approved, a section of the second floor can be transformed into a one-bedroom residence or used as more office space. In total, the seller is asking $675,000 for the property.
One of the office spaces for rent can be found at 447 Boston Street. There are two units currently available in the building. One unit spans 1,000 square feet in size. The other is 1,500 square feet. Both units are offered for an annual rent of $12 per square foot. The recently renovated units at 447 Boston Street area available for leasing terms lasting from one to three years.
Retail Space Market
Because of its rural ambiance, there are limited retail spaces available in the town. One example of retail units in the area can be discovered at 30 Main Street. The Topsfield Village Shopping Center is the main shopping space for the town. It includes 3.6 acres of land and 40,000 square feet of rental units. The entire property is configured with strip and outparcel space. Renters can enjoy having easy access to Main Street as well as plenty of parking options.
While there are few other shopping malls in the town, there are a number of offices that can be converted into retail or creative space. Residents can also buy land to build their own restaurant, retail or commercial building once they apply for the right permits.
Real Estate News
One project underway is for a subdivision at Hill Street. Once completed, this project will include 20 single-family homes. Placed on 67 acres, the project was approved by the Town Planning Board in 2016. A total of 34 acres will be reserved for open space, so the homes will be constructed on smaller lots.
While the town is known for its rural ambiance, it has gradually grown over the years. Because of its proximity to other cities, this town will only increase in size in the future. While there are few developments at the moment, this situation will surely change in the coming years.
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