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    High-Profile Retail Space on Route 114 Title is generated by Realmo AI

    120 Andover St 3, Danvers, MA 01923

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    For Lease
    $1.00 SF/Yr $579/Mo (calc)

    Prime retail location with high traffic and excellent visibility.

    Type:Commercial
    Property size:
    6,950 SF
    Added:
    Apr 9, 2026
    Days on Market:
    53
    Last Refresh:
    Apr 9 at 6:49 am

    Property Features for 120 Andover St 3

    General Information

    Standard status
    Active
    Size
    6,950 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1954

    We can help!

    Listing Contact
    Janet Faulkner
    Janet Faulkner

    Listing agent Janet Faulkner License #066987

    Listing office Faulkner Commercial Group - KW Commercial

    Listing date Apr 9, 2026

    Source Elliman

    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 Faulkner Commercial Group - KW Commercial

    HighLights

    • High‑traffic location on Andover Street (Route 114) with over 44,000 vehicles per day (VPD), offering excellent visibility.
    • Large 6950sf retail space with open floor plan, warehouse with loading dock, individual offices, and two ADA restrooms.
    • Located in a highly active retail corridor on the North Shore, surrounded by prominent retail businesses.
    • Excellent signage opportunities including a large lighted pylon sign and prominent building frontage.
    • Ample parking with 110 shared free parking spaces in the front and rear.
    • Upgraded HVAC system for improved air quality and lower costs, plus an upgraded fire alarm system.

    Overview

    This high-profile retail space, totaling 6,950 square feet, is located directly on Andover Street (Route 114), just off I-95. The space features a large, open floor plan with wall heights of 12 to 14 feet, a warehouse with a loading dock, individual offices, and two ADA-compliant restrooms. Situated in one of the North Shore's most active retail corridors, the property benefits from superb demographics and a location with average daily traffic exceeding 44,000 vehicles. The surrounding area is populated with numerous high-quality retail businesses. The property includes a large, lighted pylon sign at the signalized entrance, excellent signage on the front of the building, and 110 shared free parking spaces in the front and rear. The HVAC system has been upgraded to provide more fresh air with higher filter efficiency, resulting in high-quality filtration and lower cost. The fire alarm system has also been upgraded. NNN expenses are estimated at $4 per square foot per year. A 5-year step-up lease is available with multiple 5-year options. The space is delivered as a vanilla box, with interior modifications at the tenant's expense. The location has a Walk Score of 83, indicating it is Very Walkable, and a Bike Score of 57, indicating it is Bikeable.
    Location Intelligence

    Current Use by Public Records

    Light 'N Leisure ... (Bike/Boat/Book/etc) Store Guitar Center (Bike/Boat/Book/etc) Store Twisted Fate Brewing Production Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Danvers
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9670675
    Latitude
    42.5557451

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    FAQs

    What type of property is this?
    Retail space - Prime retail location with high traffic and excellent visibility.
    Where is this retail space located?
    The property is located at 120 Andover St 3 Danvers, MA.
    What is the lease rate?
    The lease rate is $1.00 SF/Yr.
    What are key features of this property?
    This property features: High‑traffic location on Andover Street (Route 114) with over 44,000 vehicles per day (VPD), offering **excellent visibility**.; **Large 6950sf retail space** with open floor plan, warehouse with loading dock, individual offices, and two ADA restrooms.; Located in a highly active retail corridor on the North Shore, surrounded by prominent retail businesses.
    (978) 828-8944
    We can help!
    Listing Contact
    Janet Faulkner
    Janet Faulkner
    Real Estate License ID: 066987
    Learn More
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    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.

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    120 Andover St 3, Danvers, MA 01923
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