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    2 Lan Dr Westford, MA 01886
    Property profile & analytics

    2 Lan Dr Westford, MA 01886

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    • Office Spaces
    • 25,368 SF
    For Lease
    $2,190,000
    View Listing →
    Professional Office Space Available For Lease
    $2,190,000

    Professional Office Space Available

    Office space for rent in Primose Park, Westford.

    2 Lan Drive, Westford, MA 1886
    View Listing
    Property ID
    US38-0939075
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 2 Lan Dr

    Year built
    2000
    Construction
    FRAME
    Property size
    25,368 SF
    Zone code
    CH
    Property type
    Office Spaces
    APN
    WFOR M:0017.0 P:0088 S:0002
    APU
    WFORM00170P0088S0002

    Description

    This exceptional two-story, Class B office building, constructed in 2000, offers a total of 25,000 square feet of versatile space in desirable Middlesex County. Currently, 5,500 square feet is available for lease, with two contiguous suites ranging from 2,699 to 2,800 square feet each. The building boasts a 12-foot ceiling height, providing a spacious and comfortable work environment. The property features a convenient location just off I-495, ensuring easy access for employees and clients. Ample parking is provided with 46 spaces available for tenants and visitors. The building's location within Primrose Park offers a unique advantage, with a Marriott Hotel on-site and numerous nearby retail, dining, and business amenities, creating a vibrant and convenient work environment. The building is suitable for a variety of office uses, including medical, traditional, and executive office spaces. The multiple tenancy structure allows for flexibility and adaptability to various business needs. This is a rare opportunity to secure high-quality office space in a prime location with excellent accessibility and amenities. The available space presents a chance to establish a strong presence in a thriving business community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,452,000
      Market price range: $2.44M - $3.72M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,970,000
      Current use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Westford
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.4307
    Latitude
    42.5599
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $34,037
    $0.00
    $2,471,800
    $2,471,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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    • Value Estimation by Request
      592 SF

      288 Littleton Rd Ste, Unit 23

      CONDOMINIUM OFFICES • 592 SF
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    • Value Estimation by Request
      1,001 SF

      285 Littleton Rd Ste, Unit 3

      CONDOMINIUM OFFICES • 1,001 SF
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    • Value Estimation by Request
      575 SF

      288 Littleton Rd Ste, Unit 5

      CONDOMINIUM OFFICES • 575 SF
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      Industrial Land with Approved Plans

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    Similar Nearby for Lease

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      Highly visible 1,550 sq ft commercial space on Route 110.
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      Single-story office/R&D building with expansion potential in Westford, MA.
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      View Details
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      Westford Retail/Office Space Available

      Retail/office space for lease in Westford, Massachusetts.
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      View Details
    • Contact for pricing
      1,625 SF

      Westford Office Space Available

      Office space available for rent in Westford, Massachusetts.
      4 Lan Dr, Westford, MA 01886
      View Details
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    Westford, MA 01886
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    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.

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