Building Details

Building Size 7,571 SF

Year Built 1980

Listing Agency: Minco Commercial Show Phone

Listed By: Laurence Marocco · License #9009996 Show Phone

Source: Churchillprop

Added: May 5 Changed: Oct 6 Last Checked: Oct 19 at 5:13AM

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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 Minco Commercial

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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.

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 / Yr

$132,092

Cap Rate

5.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,641,840 $2.6M

Cap Rate 7%

$1,887,029 $1.9M

Cap Rate 9%

$1,467,689 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,571 SF

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 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 (±1% cap)

NOI $132,092 @ 7.0% cap · market cap 5.29%

Second Best

Warehouse

$1.40M

$1.22M – $1.63M (±1% cap)

NOI $97,789 @ 7.0% cap · market cap 3.92%

Theoretical Best

Office A

$4.48M

$3.92M – $5.23M (±1% cap)

NOI $313,740 @ 7.0% cap · market cap 12.57%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Minuteman Security and Life ... Security Service Secure Teq Corporation Security Service

Suggested Use

Top Pick Real Estate Agency Building Supply Dental Office Auto Repair Shop HVAC Service Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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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