Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Industrial Flex Condominium Unit Title is generated by Realmo AI

    678 Andover St #3, Lawrence, MA 01843

    View on Map
    Claim this Listing
    New
    For Lease
    $13 SF/Yr $10,806/Mo (calc)

    Flex warehouse with dock-high loading, 16-foot ceilings, and built-out offices for contractor, light manufacturing, or distribution needs.

    Property size:
    9,975 SF
    Added:
    Jun 4, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 6 at 3:28 am

    Property Features for 678 Andover St #3

    General Information

    Standard status
    Active
    Size
    9,975 SF

    Building Details

    Year Built
    1981

    We can help!

    Listing Contact
    Faulkner Commercial Group

    Listing agent Faulkner Commercial Group

    Listing office Keller Williams Realty

    Listing date Jun 4, 2026

    Source 413realestate

    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 Keller Williams Realty

    HighLights

    • 9,975 SF industrial flex condominium unit with built‑out offices (available for lease on Andover Street in Lawrence)
    • 8,300 SF available after a 1,500 SF high‑bay space is currently leased at‑will
    • Dock‑high loading with 16’ ceiling height (14’ clear) and large open warehouse/shop layout
    • 400 amp, 3‑phase electrical service
    • Office buildout includes private offices, team/conference area, showroom, kitchen/break area, and ADA‑compliant restroom
    • NNN lease: tenant responsible for utilities and NNN expenses in addition to base rent

    Overview

    This industrial flex condominium unit offers a functional combination of warehouse/shop space and office buildout. Approximately 8,300 SF is available for occupancy, with an additional 1,500 SF high-bay area currently leased at-will and may be available depending on tenancy. The warehouse features dock-high loading and 16’ ceiling height (14’ clear), supported by 400 amp, 3-phase electrical service. Office improvements include private offices, an open team and conference area, a showroom, a kitchen/break area, and ADA-compliant restroom facilities.

    The property is located on Andover Street in Lawrence, with convenient access to Interstate 93 and I-495 for regional connectivity. The lease structure is NNN, with the tenant responsible for utilities and NNN expenses in addition to base rent.

    Designed for operational versatility, the available space can support warehouse/showroom use, contractor functions, light manufacturing, assembly, and distribution. The combination of loading capabilities, clear warehouse height, and existing ADA-compliant restroom facilities also makes it well-suited for tenants seeking an immediately functional layout rather than a blank-box space.
    Location Intelligence

    Current Use by Public Records

    Eagle Woodworking Industrial Manufacturer Rolivia Inc Distribution Center Atlantic Components Electronics & Wireless Store R & J Specialty ... Specialty Food Shop Prime Time Sports ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Melaryn's Catering — 1 1/2 Caulkins Ct, Lawrence, MA 01841
    • Tres Latinas — Parking, 652 Andover St, Lawrence, MA 01843

    Location Insight

    • Map
    • Local Demand
    City
    Lawrence
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1864039
    Latitude
    42.6882295

    Nearby Similar for Lease

    • $14 SF/Yr
      9,975 SF

      Lawrence Industrial Flex Condominium Unit

      9,975 SF flex space with warehouse and office buildout.
      678 Andover St, Lawrence, MA 01843
      View Details
    • $14 SF/Yr
      9,975 SF

      Lawrence Industrial Flex Condominium Unit

      9,975 SF flex space with warehouse and office buildout.
      678 Andover St #3, Lawrence, MA 01843
      View Details
    • $595/Mo
      325 SF

      Office Space with Utilities Included

      Office space for rent with utilities included and parking.
      49 Blanchard St #408, Lawrence, MA 01834
      View Details
    • $5,900/Mo

      Revitalized Downtown Retail Opportunity

      Centrally located retail space in a revitalized, growing downtown area.
      218 Essex St, Lawrence, MA 01840
      View Details
    • $6,000/Mo

      Top-Floor Medical Suite for Lease

      Medical suite with river views near Lawrence General Hospital.
      25 Marston St #402, Lawrence, MA 01841
      View Details
    • $350/Mo
      109 SF

      Office Space in Lawrence, MA

      Office space for lease in a fast-growing city.
      49 Blanchard St #416, Lawrence, MA 01834
      View Details
    • $1,500/Mo

      Office Space with Private Baths

      Office space including private baths and kitchenette near highways.
      502-5 Ballard Way, Lawrence, MA
      View Details
    • $5,800/Mo

      Retail Space Near Interstate 495

      Retail space with high visibility and easy highway access.
      601 South Union Street #2, Lawrence, MA 01843
      View Details
    • $4,000/Mo
      2,100 SF

      Restaurant/Retail Space on High-Traffic Road

      Versatile 2,100 sqft space suitable for restaurant or retail.
      311 Merrimack St, Lawrence, MA 01841
      View Details
    • $7,200/Mo
      4,708 SF

      Retail Space Near Interstate 495

      Retail space with high visibility and easy highway access.
      601 South Union Street #2, Lawrence, MA 01843
      View Details
    • $10,000/Mo

      Versatile Commercial Space Available

      Adaptable space suitable for restaurant, gym, entertainment, or events.
      250 Canal Street #Front, Lawrence, MA 01840
      View Details
    • $2,200/Mo

      Retail Space on Route 28

      Retail space in mini plaza with high traffic volume.
      8 South Broadway, Lawrence, MA 01843
      View Details

    FAQs

    What type of property is this?
    Flex space - Flex warehouse with dock-high loading, 16-foot ceilings, and built-out offices for contractor, light manufacturing, or distribution needs.
    Where is this flex space located?
    The property is located at 678 Andover St #3 Lawrence, MA.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: 9,975 SF industrial flex condominium unit with built‑out offices (available for lease on Andover Street in Lawrence); 8,300 SF available after a 1,500 SF high‑bay space is currently leased at‑will; Dock‑high loading with 16’ ceiling height (14’ clear) and large open warehouse/shop layout
    We can help!
    Listing Contact
    Faulkner Commercial Group
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    678 Andover St, #3, Lawrence, MA 01843
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!