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    451 Andover St North Andover, MA 01845

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    For Sale
    $1,100,000

    Medical/office condominiums for sale in North Andover Medical Park.

    Property size:
    4,600 SF
    Lot size:
    5.25 Acres

    Property Features for 451 Andover St

    General Information

    Size
    4,600 SF
    Lot size
    5.25 Acres

    We can help!

    Listing Contact
    Henry F. Carpenito
    Source: Moodyscre

    Listing Agency: Flagship Commercial Real Estate Listing Agent: Henry F. Carpenito

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    North Andover Medical/Office Condominiums

    Medical and office condominiums are available for purchase within the North Andover Medical Park, situated in North Andover, Massachusetts. The office park is home to tenants such as Andover Pediatrics, North Andover Auto School, Steward Medical Group Primary Care of North Andover, Northeast Oral Surgery & Dental Implant Center, and Quest Diagnostics. The location is near Merrimack College, at the intersection of Route 125 and Route 114, which has a traffic volume of 41,243 vehicles per day according to MASSDOT 2024 data. It is also approximately 1 mile from Exit 100A off I-495. Nearby businesses include Bertucci’s, CVS, Burton’s Grill & Bar, Chipotle Mexican Grill, The Eagle Tribune, TD Bank, Starbucks, and Rocky’s Ace Hardware. The property offers 4,600 square feet of space.
    Location Intelligence

    Current Use by Public Records

    Express Employment Professionals Employment Agency Foot Health Center ... Podiatrist Brian Fellows General Practitioner Cari Skin Care ... Skin Care Clinic Vida Wellness Day Spa

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Similar Places Nearby

    Petco Vaccination Clinic

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1270666
    Latitude
    42.6734351

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    FAQs

    What type of property is this?
    Medical office - Medical/office condominiums for sale in North Andover Medical Park.
    Where is this medical office located?
    The property is located at 451 Andover St North Andover, MA.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: - High-traffic location at the intersection of Route 125 and Route 114 with 41,243 vehicles per day (MASSDOT 2024).; - Located in the North Andover Medical Park, surrounded by established medical and professional tenants.; - Convenient access to I-495 (Exit 100A), just 1 mile away.
    (978) 686-2111
    Request Owner's contact information
    451 Andover St North Andover, MA 01845
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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.

    More about this property
    451 Andover St North Andover, MA 01845
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    We can help!
    Listing Contact
    Henry F. Carpenito
    (978) 686-2111
    Learn more
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