RED I – Market Study
Supply side
From UNC Department of Urban Planning Thesis:
Need to know:
Going out cap-rate
Rents
Vacancies
Long-term absorption
Regional economic analysis
Supply-side infrastructure analysis
Regulatory environment
National real estate trends
Use similar regions to compare population demographics and jobs
Supply-side infrastructure analysis:

A key component to the long-term value of the property is the infrastructure
(water, sewer, transportation, communications)

Supply elements: Existing inventory, near-term projections, business / building
lifestyles, future supply

Near-term projections, future supply: find new building permits from city or
county or use Torto-Wheaton forecast data?

Inventory: Occupancy (Demand) / Leasable Space (Supply)= Occupancy Rate;
Vacancy Rate = 1- Occupancy Rate

Competition, who are competitors, how does the supply compare?
From Commercial Real Estate Listings online:
Property ID: 1745
Property Type: Retail
Square Feet Leasable
Min: 1000
Max: 26000
Rent per Sq. Ft. per Month
Min: 2.00 Dollars-USD
Max: 15.00 Dollars-USD
Property Address:
360 Merrimack Street
Lawrence, MA 01843
United States of America
County: Essex
Property Description
The Riverwalk Property Complex is made up of three distinctive, fully renovated, Mill buildings on the Lawrence,
North Andover town Line; directly off the Merrimack Street exit ramp from route 495. This ideal location offers
Retail, Office, Manufacturing and Warehouse space of all sizes. The (soon to be built) Merrimack Street
Transportation Center will enhance both the traffic count for retailers and excellent access for employees. Long
Term Leases Available; 24 Hour On-Site Security; On-Site Maintenance; Modified Gross & NNN Leases; Many
Spaces-Build to Suit; Plenty of FREE Parking; Very Competitively Priced
Financial Summary
Contact Information
Company: Cale Commercial Realty Group
Name: H. Sandy Brown
email: Click Here to Email
Phone No: 800-720-CALE (2253)
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Property No.
Contact Info.
Type
Square
Feet
Min. to
Max.
CIMLS 1745
Retail
1000
to
26000
Retail
2000
to
10500
18.00
to
29.00
Dollars-
North
No. Andover, MA on Rte. 114, 10,500 +/- SF
Andover,
Retail space for lease on highly visible road.
Massachusetts
Retail
620
to
1180
14.00
to
14.00
Dollars-
North
Downtown North Andover, MA: 2 office/retail
Andover,
spaces for lease (620 & 1,180SF)
Massachusetts
Retail
1875
to
5350
24.00
to
30.00
Dollars-
middleton, Locate your business at the most innovative new
Massachusetts retail center in town, The Shops at Middleton!
CIMLS 3435
Retail
2880
to
2880
10.85
to
10.85
Dollars-
Salem,
New
Hampshire
2,880 Sf available in 9,728 SF building in Salem
CIMLS 3055
Retail
1008
to
1008
1.00
to
1.00
Salem,
New
Hampshire
Salem Market Place located on Route 28 (North
Broadway) is a mix of retail and office users. It is
CIMLS 2152
CIMLS 2158
CIMLS 3541
Rent /
Month
Min. to
Max.
2.00
to
15.00
Dollars-
City, State
Property Description
Lawrence, Riverwalk Building #1 - Free Parking - 24 Hour
Massachusetts Security
DollarsNew Search
No commercial property for sale of any kind within 10 miles.
Riverwalk Propery has lots of space for rent (commercial, industrial, retail, etc)
360 Merrimack Street
Lawrence, MA 01843
Office space located near courthouse renting for $12/ foot:
170 Common Street
Lawrence, MA 01841
Lawrence, Massachusetts, is a planned mill city, which now supports 72,000 people. It is
the poorest community in the state and one of the poorest in the country. Lawrence is interested
in creating an urban village by promoting mixed-use infill development in, and improved
pedestrian and transit linkages among, the central business district, the historic mill district, and
the adjacent North Common neighborhood. The Reviviendo Gateway Initiative (RGI) a broadbased coalition has been created to promote the project and the City of Lawrence is partnered
with the Lawrence CommunityWorks, a community development corporation, and Groundwork
Lawrence, a local nonprofit.
Lawrence Community Works
Lawrence CommunityWorks is a non-profit community development corporation dedicated to the sustained
economic and physical revitalization of the city of Lawrence, Massachusetts. CommunityWorks comprises a
dynamic group of families, organizations, and institutions. Grassroots community organizing and the belief that
"Community Change is Powered by People" are the basis of the CommunityWorks revitalization effort.
Reese W. Fayde, Chief Executive Officer, Living Cities
Featured Speaker
Reese Fayde is the Chief Executive Officer of Living Cities: The National Community Development Initiative, a
partnership of leading foundations, financial institutions and the federal government that is committed to improving
the vitality of cities and urban neighborhoods. Living Cities funds the work of community development corporations
in 23 cities and uses the lesson of that work to engage in national research and policy development.
Prior to assuming the leadership of Living Cities, Ms. Fayde had extensive experience in the fields of community
economic development, affordable housing, and real estate, operating development and consulting firms for over
20 years. Working for foundations, non-profit organizations, local governments and federal agencies, Ms. Fayde
provided assistance in organizational development and operations, project design, financial packaging and
training.
Ms. Fayde established her own firm in 1979 and prior to that worked for the Massachusetts Housing Finance
Agency, the Cambridge and Worcester, MA housing authorities, and a non-profit housing development
organization. In those positions she had responsibility for monitoring and operating subsidized housing programs.
Ms. Fayde was a Loeb Fellow at Harvard University, has a bachelor's degree from Clark University and a master's
degree in planning from Boston College. She has taught at Harvard University and Tufts University and provided
training seminars nationally. Ms. Fayde has served on the boards of directors of numerous non-profit
organizations and served on the Board of Directors of the Federal Home Loan Bank of New York.
Redeveloping Lawrence, Massachusetts' Historic Mill District - Insights
into Adaptive Reuse in Untested Residential Markets
Heather Clark
Thesis supervisor: Lorlene Hoyt, Assistant Professor, Department of Urban Studies and
Planning
From this research, two main conclusions are drawn. First, development in the mill
district must be approached with cautious optimism – the prospect for success is high due
to current market conditions and grassroots efforts, yet so is the risk. Professional
developers will likely need to be involved in redevelopment, either on their own or as
partners with mill owners. This is because the risk of residential redevelopment in the
mill district is high in comparison to similar projects in other cities, and the margin
between achievable prices and costs is tight. An experienced developer with significant
financial resources and a proven track record needs to participate to increase the
probability of success, and to magnify the benefits of redevelopment for mill owners, the
community, and future residents of the mill district.
The second and final conclusion is that mill owners, developers, local government, and
community development organizations need to continue the precedent for collaboration
set forth by participatory planning efforts like the Reviviendo Gateway Initiative, a
community development coalition. In doing so, Lawrence’s mill district will distinguish
itself from mill conversions in other cities. Collaboration should be directed to marketing
to cultural creatives, a marketing term that includes people who may be interested in such
areas as the arts, cohousing, green building, and social activism. Marketing to these
groups will generate demand for housing in the mill district, and ensure that the mills
become home to residents who will become socially and financially invested in the city.
Collaborative efforts should also continue to follow the path established by other
Lawrence efforts, which is one of resident involvement. By involving residents in the
planning process, as well as by helping current residents purchase or rent in the mill
district, current Lawrence residents will be prepared to enjoy the success of the mill
district’s redevelopment. In the long term, this approach could create a major turnaround
in Lawrence and build an initiative that helps the city emerge again as a regional cultural
center.