Freestanding Office-Flex
For Sale
$2,495,000
1 Connector Road, Andover, MA 01810
Single-user office-flex with private offices, an 18-foot clear warehouse, and ample on-site parking.
Property Size7,571 SF
Price / SF$329.55
Days on Market123
Property Features for 1 Connector Road
General Information
Standard status
Active
Size
7,571 SF
Property subtype
Commercial
Zoning
IA Ind.
Lease Type
NNN
Taxes and HOA fees
Annual Taxes
$18,955
Building Details
Building Size
7,571 SF
Year Built
1980
Listing Agency:
LPT Realty - Home & Key Group
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 5
Changed: Sep 4
Last Checked: Sep 4 at 2:52AM
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 LPT Realty - Home & Key Group
Investment Insights
Based on property information with market context.
This meticulously maintained free-standing office/flex building sits on 32,570 square feet of land. The configuration includes several private offices along with a dedicated warehouse space with 18-foot clear height. The exterior has been very well maintained and recently refurbished, and the property is supported by a state-of-the-art security system.
The building is located in close proximity to Route 93 and the Wilmington Industrial Park, supporting convenient access for business operations. On-site parking is available for 23 cars, and there is a dedicated outdoor area suitable for employee use.
Designed for a single user, this property offers a practical mix of work space and warehouse functionality under one roof. Tenants or owner-operators looking for private office environments alongside a moderately sized warehouse with meaningful ceiling height may find the layout and existing improvements align well with day-to-day operational needs.
The building is located in close proximity to Route 93 and the Wilmington Industrial Park, supporting convenient access for business operations. On-site parking is available for 23 cars, and there is a dedicated outdoor area suitable for employee use.
Designed for a single user, this property offers a practical mix of work space and warehouse functionality under one roof. Tenants or owner-operators looking for private office environments alongside a moderately sized warehouse with meaningful ceiling height may find the layout and existing improvements align well with day-to-day operational needs.
Key Highlights
- Free‑standing office/flex building on 32,570 SF of land, built in 1980
- Includes several private offices plus a 1,932 SF warehouse with 18‑foot clear height
- State‑of‑the‑art security system
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$132,092
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,641,840
$2.6M
Cap Rate 7%
$1,887,029
$1.9M
Cap Rate 9%
$1,467,689
$1.5M
Market Conditions
NOI Build-Up for 7,571 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$218.0K $28.80/SF
− Vacancy
−$14.8K −$1.96/SF
EGI
$203.2K $26.84/SF
− OpEx
−$71.1K −$9.39/SF
NOI
$132.1K $17.45/SF
Area
Essex County, MA
Vacancy
6.80%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,641,840
Cap Rate 7%
$1,887,029
Cap Rate 9%
$1,467,689
Alternative Uses
Best Use
Flex RnD
$1.89M
$1.65M – $2.20M
NOI $132,092 @ 7.0% cap · market cap 5.29%
Second Best
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,789 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$4.48M
$3.92M – $5.23M
NOI $313,740 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01810, MA
35,621
Population
13,803
Households
2.6
Avg Household Size
43
Median Age
75%
College-Educated
97%
High-School Grad
30.5 sq mi
ZIP Area
1,168
Density / Sq Mi
$167,591
Median Household Income
$86,838
Median Earnings
$2,046
Median Rent
$813,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Single-user office-flex with private offices, an 18-foot clear warehouse, and ample on-site parking.
Where is this flex space located?
The property is located at 1 Connector Road Andover, MA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Free‑standing office/flex building on 32,570 SF of land, built in 1980; Includes several private offices plus a 1,932 SF warehouse with 18‑foot clear height; State‑of‑the‑art security system
