Sold!
$2,800,000
0.22
Acres
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Property Description
Seize the opportunity to own a cornerstone property in the thriving Lawrence, MA Opportunity Zone. This three-story, steel-frame office building with striking glass facades, located at 420 Common St, is fully leased to the Commonwealth of Massachusetts for Northern Essex Community College. Ideally situated across from the Lawrence Post Office, the building is part of the college’s "Educational Campus." In stellar condition, this property will be the crown jewel of any investors portfolio. It is fully occupied, with the tenant responsible for all maintenance, except HVAC, electrical servicing, and exterior upkeep, which fall under the owner's responsibilities. The strong and reliable tenancy ensures the building's structural integrity and consistent functionality.The 10-year lease, October 3, 2017 with scheduled increases of $10,000 per year in the final two years of the lease. This property performs month to month and year to year.
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Highlights
- Property Class: Commercial Sale
- Status: Closed
- Year Built: 1971
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Additional Details
- Zoning: B3
- Zoning Description: Legal Conforming
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Fees / Taxes
- Tax Year: 2024
- Taxes: $44,773
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