Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1 Elm St Andover, MA 1810

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Top-floor office condo in downtown Andover, newly renovated.

    Type:Office
    Property size:
    1,771 SF
    Added:
    Nov 21, 2024
    Days on Market:
    505
    Last Refresh:
    Mar 17 at 1:22 pm

    Property Features for 1 Elm St

    General Information

    Standard status
    Active
    Size
    1,771 SF
    Property subtype
    Office

    Building Details

    Year Built
    1966

    Spaces For Lease

    at 1 Elm St Contact us

    $30 /Mo

    Size
    1,771 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Andrew Robbins

    Listing agent Andrew Robbins License #MA 9558292

    Listing office Colliers - Portsmouth, New Hampshire

    Listing date Nov 21, 2024

    Source Crexi

    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 Colliers - Portsmouth, New Hampshire

    Overview

    Move-in Ready Office Condominium

    Available for lease is a 1,771± SF office condominium located on the top floor of One Elm Square in downtown Andover, Massachusetts. The space features a large glass-walled conference room, a reception area, a full kitchenette, and one private office. Common restrooms are located directly outside the suite. The space has been newly renovated with modern finishes. The flexible, open floor plan can be customized. The property is a short walk to the Andover commuter rail station and offers convenient access to I-93 and I-495, providing connectivity to Greater Boston, New Hampshire, and other locations.
    Location Intelligence

    Current Use by Public Records

    Andover Pediatric Dentistry Dental Office Andover Pediatric Dentistry: ... Dental Office Excelestar Ventures Corporate Office Marylou Jelinek, LMHC Counselor Uprate AI Information Services

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1403042
    Latitude
    42.6573449

    Nearby Similar for Lease

    • Contact for pricing

      77 Main Street Properties

      Renovated office space in downtown Andover, ideal for small teams.
      77 Main St, Unit 2nd Floor, Andover, MA 01810
      View Details
    • Contact for pricing

      Seventy Seven Main Street Properties

      Private office in downtown Andover, available June 1, 2026.
      77 Main St Andover, Unit Andover, Andover, MA 01810
      View Details
    • Sponsored
      Contact for pricing

      Brickstone Square

      300 Brickstone Sq, Unit 201, Andover, MA 01810
      View Details
    • $35/mo

      Downtown Andover Standalone Office Building

      Furnished 3,205 SF office building in downtown Andover.
      13 Bartlet St, Andover, MA 01810
      View Details
    • $32/mo

      Downtown Andover Office Space Available

      Centrally located office building near Andover Train Station.
      2 Elm Square, Andover, MA 01810
      View Details
    • Contact for pricing

      Class A Office Space Andover

      Class A office building with flexible space in Andover, MA.
      1 Tech Dr, Andover, MA 01810
      View Details
    • Contact for pricing

      Downtown Andover Freestanding Retail/Office Building

      Renovated retail/office building with parking and walkable amenities.
      14 Essex Street, Andover, MA 01810
      View Details
    • Contact for pricing

      Downtown Office Space For Lease

      Downtown office space available for lease.
      11 Chestnut Street, Andover, MA 01810
      View Details
    • Contact for pricing

      Downtown Andover Office Space Available

      Private office in downtown Andover with included utilities and parking.
      68 Park St #4, Andover, MA 01810
      View Details
    • Contact for pricing

      Retail Space in Shawsheen Square

      High-visibility retail space in a high-traffic area.
      5a Lowell St, Andover, MA 01810
      View Details
    • $35/mo

      Downtown Andover Commercial Space

      Renovated 2,200 SF space in the heart of Andover.
      2 Punchard Ave #1, Andover, MA 01810
      View Details
    • Contact for pricing

      Downtown Andover Office Space Available

      Commercial office space for lease in downtown Andover.
      2 Elm Sq #328, Andover, MA 01810
      View Details

    FAQs

    What type of property is this?
    Office units - Top-floor office condo in downtown Andover, newly renovated.
    Where is this office units located?
    The property is located at 1 Elm St Andover, MA.
    What are key features of this property?
    This property features: Move‑in ready, newly renovated office condominium with modern finishes.; Located in highly sought‑after downtown Andover, MA.; Flexible open floor plan easily customized to fit tenant needs.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Andrew Robbins
    Real Estate License ID: MA 9558292
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!