Multi-Tenanted Building on Route
2302 Turnpike St North Andover, MA 01845
For Sale
$12,500,000
30,000 SF building on 3.5 acres near major highways.
Property Size30,000 SF
Lot Size3.52 Acres
Price / SF$416.67
Days on Market94
Property Features for 2302 Turnpike St
General Information
- Standard status
- Active
- Size
- 30,000 SF
- Lot size
- 3.52 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 2018
Listing Agency:
Charlesgate Realty Group LLC
(978) 815-6098
Listed By:
John E. Magazzu · License #91287
(978) 815-6098
Source:
Liongatere
Added: Apr 25
Changed: Jul 10
Last Checked: Jun 26 at 9:13PM
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 Charlesgate Realty Group LLC
Investment Insights
Based on property information with market context.
This multi-tenanted building offers an opportunity for an owner-user or investor. The building, totaling approximately 30,000 square feet, is situated on 3.519 acres. The property features office, retail, warehouse, garage/contractor bays, and high-end vehicle storage. It is located on the highly trafficked Route 114, with convenient access to major highways and approximately 21 miles from Boston.
Key Highlights
- 30,000 sq ft multi‑tenanted building ideal for owner‑user or investor.
- Located on highly trafficked Route 114, just 21 miles from Boston.
- Diverse spaces including office, retail, warehouse, garage/contractor bays, and high‑end vehicle storage.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.37M | $45.60 |
| − Vacancy | −$253.1k | −$8.44 |
| EGI | $1.11M | $37.16 |
| − OpEx | −$278.7k | −$9.29 |
| NOI | $836.2k | $27.87 |
30,000 SF · lease $45.60/SF/yr · vacancy 18.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$11.95M
$10.45M – $13.94M
NOI $836,190 @ 7.0% cap · market cap 6.69%
Second Best
Mixed Use
$8.68M
$7.59M – $10.13M
NOI $607,500 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$17.76M
$15.54M – $20.72M
NOI $1,243,192 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ultra Safe Pest ...
Garden Center
Fafa’s Auto Spa
Car Wash
The Vinyl Touch
Auto Repair Shop
Sunny Health Spa
Alternative Medicine Practice
FAQs
What type of property is this?
Mixed-use property - 30,000 SF building on 3.5 acres near major highways.
Where is this mixed-use property located?
The property is located at 2302 Turnpike St North Andover, MA.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: 30,000 sq ft multi‑tenanted building ideal for owner‑user or investor.; Located on highly trafficked Route 114, just 21 miles from Boston.; Diverse spaces including office, retail, warehouse, garage/contractor bays, and high‑end vehicle storage.
