Industrial Flex Condominium
For Sale
Contact for pricing
678 Andover St # 3, Lawrence, MA 01843
Flexible industrial space combines warehouse, office, showroom, and loading capabilities for multiple commercial applications.
Property Size9,975 SF
Price / SF$0.00
Days on Market228
Property Features for 678 Andover St # 3
General Information
Standard status
Active
Size
9,975 SF
Property subtype
Commercial
Zoning
C-I
Lease Type
NNN
Warehouse & Industrial
Clear Height
14 ft
Power
400 amps
Three-Phase Power
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$21,197
Building Details
Building Size
9,975 SF
Year Built
1981
Listing Agency:
Keller Williams Realty
(978) 475-2111
Listed By:
Faulkner Commercial Group
(978) 269-5445
Source:
Churchillprop
Added: Mar 19
Changed: Oct 31
Last Checked: Oct 30 at 12:35PM
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
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Investment Insights
Based on property information with market context.
This 9,975 SF industrial flex condominium unit features a large open warehouse and shop area with dock-high loading, a 16-foot ceiling height, and 14 feet of clear height. The property includes 400-amp, 3-phase electrical service and an existing office buildout with private offices, an open team and conference area, showroom, kitchen and break area, and ADA-compliant restrooms. Approximately 1,500 SF of high-bay space is currently leased at-will and may be available, with approximately 8,300 SF available for occupancy as described.
The space is suited to warehouse and showroom operations, contractors, light manufacturing, assembly, and distribution. Convenient access to Interstate 93 and I-495 supports regional connectivity. Built in 1981.
The space is suited to warehouse and showroom operations, contractors, light manufacturing, assembly, and distribution. Convenient access to Interstate 93 and I-495 supports regional connectivity. Built in 1981.
Key Highlights
- 9,975 SF industrial flex condominium unit
- Large open warehouse and shop area with dock‑high loading
- 16’ ceiling height with 14’ clear height
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$106,103
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,122,060
$2.1M
Cap Rate 7%
$1,515,757
$1.5M
Cap Rate 9%
$1,178,922
$1.2M
Market Conditions
NOI Build-Up for 9,975 SF
Gross rent
$160.4K $16.08/SF
− Vacancy
−$8.8K −$0.88/SF
EGI
$151.6K $15.20/SF
− OpEx
−$45.5K −$4.56/SF
NOI
$106.1K $10.64/SF
Area
Essex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,122,060
Cap Rate 7%
$1,515,757
Cap Rate 9%
$1,178,922
Alternative Uses
Best Use
Flex RnD
$2.49M
$2.18M – $2.90M
NOI $174,034 @ 7.0% cap · market cap 1,338,723.08%
Second Best
Warehouse
$1.84M
$1.61M – $2.15M
NOI $128,840 @ 7.0% cap · market cap 991,076.92%
Theoretical Best
Office A
$5.91M
$5.17M – $6.89M
NOI $413,361 @ 7.0% cap · market cap 3,179,700.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
14 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 01843, MA
28,346
Population
10,968
Households
2.6
Avg Household Size
34
Median Age
20%
College-Educated
79%
High-School Grad
3.4 sq mi
ZIP Area
8,337
Density / Sq Mi
$72,163
Median Household Income
$38,957
Median Earnings
$1,703
Median Rent
$393,700
Median Home Value
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Market
Vacancy Rate% for Industrial in Northeast region
Similar Off Market Nearby
- Tres Latinas — Parking, 652 Andover St, Lawrence, MA 01843
- Melaryn's Catering — 1 1/2 Caulkins Ct, Lawrence, MA 01841
Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial space combines warehouse, office, showroom, and loading capabilities for multiple commercial applications.
Where is this flex space located?
The property is located at 678 Andover St # 3 Lawrence, MA.
What are key features of this property?
This property features: 9,975 SF industrial flex condominium unit; Large open warehouse and shop area with dock‑high loading; 16’ ceiling height with 14’ clear height
