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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    280 Merrimack St Lawrence, MA 01843

    • Industrial properties
    • 360,198 SF
    • 1.81 lot acres
    For Lease
    View listing
    Value Estimations
    $880,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1898300
    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.

    Current Use by Public Records

    • Intellezy / Consultant / Training Centre
    • Northeast Health Services / Medical Clinic
    • AgeSpan / Non-Profit Organization / Assisted Living Facility
    • Riverwalk Innovation District / Property Management Company / Real Estate Developer
    • Let's March Against Cancer / Cancer Treatment Center

    Property Details for 280 Merrimack St

    Year built
    1906
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.81 lot acres
    Property size
    360,198 SF
    Property type
    Industrial properties
    APN
    LAWR M:0065 B:0000 L:0012
    APU
    LAWRM0065B0000L0012

    Description

    This exceptional Andover, MA office building at 280 Merrimack Street offers a variety of flexible lease terms for first-class office suites ranging from 1,500 to 11,672 square feet. Located in the vibrant Riverwalk Innovation District, this Class B building provides a unique blend of work and lifestyle amenities. The six-story building, originally constructed in 1900 and extensively renovated in 2012, boasts a total of 400,000 square feet, with 58,857 square feet currently available for lease. The property offers a convenient single-tenant occupancy option, ideal for businesses seeking a dedicated space. With ample parking (1230 spaces), convenient access to major roadways (Routes 495, 93, and 95), and proximity to the Lawrence MBTA Commuter Rail Station, commuting is a breeze. The building's location within the mixed-use Riverwalk campus provides immediate access to on-site amenities including restaurants, banks, a daycare center, and function space, creating a truly integrated live-work-play environment. This is an unparalleled opportunity to establish your business in a thriving and convenient location. The building caters to various office needs, including traditional office spaces, creative office layouts, coworking setups, and executive office suites. Contact us today to explore leasing options and discover the perfect space for your business growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $880,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lawrence
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1484
    Latitude
    42.7031
    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
    $298,875
    $446,900
    $14,982,900
    $15,429,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $445,000
      10.82 Acres

      360 Merrimack St

      INDUSTRIAL (GENERAL) • 10.82 Acres
      360 Merrimack St, Lawrence, MA 01843-1740
      View Details
    • Value Estimation
      $1,120,000
      56,596 SF

      110 Glenn St

      INDUSTRIAL (GENERAL) • 56,596 SF
      110 Glenn St, Lawrence, MA 01843-1022
      View Details
    • Value Estimation
      $685,000
      12,030 SF

      34 International Way

      CONDOMINIUMS (INDUSTRIAL) • 12,030 SF
      34 International Way, Lawrence, MA 01843-1064
      View Details
    • Value Estimation
      $765,000
      17,314 SF

      16-18 Ballard Rd

      INDUSTRIAL (GENERAL) • 17,314 SF
      16-18 Ballard Rd, Lawrence, MA 01843
      View Details
    • Value Estimation
      $1,025,000
      41,393 SF

      500 Merrimack St Ste, Unit 2

      CONDOMINIUMS (INDUSTRIAL) • 41,393 SF
      500 Merrimack St Ste, Lawrence, MA 01843-1981
      View Details
    • Value Estimation
      $345,000
      3,050 SF

      51 Canal St, Unit 3

      CONDOMINIUMS (INDUSTRIAL) • 3,050 SF
      51 Canal St, Lawrence, MA 01843-1500
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
      6,700 SF

      Industrial Space Near Highway Access

      Industrial property for rent with convenient highway access.
      91 Glenn St, Lawrence, MA 01843
      View Details
    • Contact for pricing
      15,837 SF

      Lawrence Flex/Warehouse Space Available

      Flex/warehouse space available, 3 minutes from Route 93.
      94-104 Glenn St, Lawrence, MA 01843
      View Details
    • Contact for pricing
      1,650 SF

      Office Space in Riverwalk District

      Office space available in a mixed-use campus.
      354 Merrimack St, Lawrence, MA 01843
      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 St, Lawrence, MA 01843
      View Details
    • $2,000 /Mo
      564 SF

      Retail Space with High Traffic

      Retail space suitable for various businesses with high traffic.
      309-311 Merrimack St, Lawrence, MA 01843
      View Details
    • Contact for pricing

      Premier Retail/Dining Space

      High-visibility retail or dining space in a mixed-use district.
      282-290 Merrimack St, Lawrence, MA 01843
      View Details
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    Lawrence, MA 01843
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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.

    More about this property
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