Single-Tenant Retail Ground
For Sale
Contact for pricing
230 Independence Way, Danvers, MA 01923
45,500 sf retail building on 4.57 acres offered as a ground lease interest with an operating Best Buy tenant.
Property Size45,500 SF
Lot Size4.57 Acres
Days on Market133
Property Features for 230 Independence Way
General Information
Standard status
Active
Size
45,500 SF
Lot size
4.57 Acres
Property subtype
Retail
Building Details
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
Listed By:
BJ Feller · License #IL 471007951
Source:
Crexi
Added: Apr 12
Changed: Aug 8
Last Checked: Jul 21 at 6:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
The property consists of a 45,500 square foot retail building on a 4.57-acre parcel of land. It is being offered for sale to qualified investors as a ground lease interest in the Best Buy property.
Best Buy operates under a 20-year absolute net ground lease that includes four, 5-year options. The tenant has recently exercised and is in the midst of its first 5-year renewal. The lease also provides for 12.5% rent escalations every five years throughout the remaining option terms.
After the initial term and options, building ownership reverts to the ground lease landlord.
Best Buy operates under a 20-year absolute net ground lease that includes four, 5-year options. The tenant has recently exercised and is in the midst of its first 5-year renewal. The lease also provides for 12.5% rent escalations every five years throughout the remaining option terms.
After the initial term and options, building ownership reverts to the ground lease landlord.
Key Highlights
- 45,500 SF retail building on a 4.57‑acre parcel offered as a ground lease interest
- Best Buy operating under a 20‑year absolute net ground lease
- Lease includes 4 (5‑year) options; after options end, building ownership reverts to the ground lease landlord
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,371
Businesses Nearby
333k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 29%
Dining 22%
Shops & Services 22%
Superstores 21%
Market Basket
Groceries
95,036 visits/mo
0.3 miles
BJ's Wholesale Club
Superstores
70,648 visits/mo
0.3 miles
BJ's Gas
Shops & Services
32,603 visits/mo
0.4 miles
McDonald's
Dining
26,143 visits/mo
0.4 miles
Dunkin' Donuts
Dining
20,672 visits/mo
0.3 miles
Demographics for 01923, MA
27,987
Population
11,405
Households
2.5
Avg Household Size
46
Median Age
47%
College-Educated
95%
High-School Grad
13.2 sq mi
ZIP Area
2,120
Density / Sq Mi
$117,072
Median Household Income
$59,916
Median Earnings
$2,004
Median Rent
$611,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 45,500 sf retail building on 4.57 acres offered as a ground lease interest with an operating Best Buy tenant.
Where is this retail space located?
The property is located at 230 Independence Way Danvers, MA.
What are key features of this property?
This property features: 45,500 SF retail building on a 4.57‑acre parcel offered as a ground lease interest; Best Buy operating under a 20‑year absolute net ground lease; Lease includes 4 (5‑year) options; after options end, building ownership reverts to the ground lease landlord
