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    Turnkey Two-Story Office Condo Title is generated by Realmo AI

    191 Chandler Road # B, Andover, MA 01810

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    For Sale
    $629,000

    Move-in ready office condominium with medical-appropriate layout, private offices, therapy/meeting rooms, and direct I-93 visibility.

    Type:Multi Tenant Office
    Property size:
    3,899 SF
    Price / SF:
    $161/SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 2:43 am

    Property Features for 191 Chandler Road # B

    General Information

    Standard status
    Active
    Size
    3,899 SF
    Property subtype
    Multi Tenant Office

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    Jeremy Cyrier

    Listing agent Jeremy Cyrier

    Listing office MANSARD

    Listing date Jun 3, 2026

    Source Thebrokerlist

    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 MANSARD

    HighLights

    • Move‑in ready 2‑story office condo with medical‑appropriate layout, multiple private offices, dedicated therapy and meeting rooms, and a large open‑plan area
    • Four half‑bathrooms and a buildout described as costing $150,000+ to replicate from shell condition
    • Direct I‑93 visibility with immediate access to the Andover/I‑93 professional corridor
    • 3,899 SF building built in 1970; priced at $161/SF
    • Condo fee (2025): $1,000/month; real estate taxes (2025): $10,677
    • Zoned ID (Institutional/Industrial) in Andover, permitting medical offices, behavioral health/therapy, outpatient clinics, professional services, and light R&D by right

    Overview

    191 Chandler Road, Unit B is a fully built-out, two-story office condominium built in 1970, offering 3,899 SF of professional space. The unit has been extensively renovated and is presented move-in ready with multiple private offices, dedicated therapy and meeting rooms, a large open-plan area, and four half-bathrooms. Condo fees are $1,000 per month (2025) and real estate taxes for 2025 are $10,677, with the property located within the Institutional/Industrial (ID) zoning district.

    The ID zoning designation supports a broad range of uses including medical offices, behavioral health and therapy practices, outpatient clinics, professional services, and light R&D by right. The property also benefits from direct I-93 visibility and immediate access to the Andover/I-93 professional corridor, placing it in a high-traffic, client-facing context. Andover’s MBTA commuter rail station is approximately 3 miles away, with regional connections to Boston and Southern New Hampshire, and both Logan International Airport (under 30 minutes) and Manchester-Boston Regional Airport (about 35 minutes) within driving distance.

    This turnkey configuration can support professional and medical tenants looking for a ready-to-operate suite, with rooming that includes private offices plus dedicated therapy and meeting space. Convenient access and visible presence from I-93 make it a practical fit for firms serving clients on-site, including outpatient and therapy-oriented practices.
    Location Intelligence

    Current Use by Public Records

    Iannazzi Electrical Services Electrical Service Chiropractic Wellness Centre, ... Alternative Medicine Practice Stay in Tune Creative ... Gym & Fitness Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Nail Salon Hotel & Motel 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
    -71.2019364
    Latitude
    42.678945

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    FAQs

    What type of property is this?
    Office units - Move-in ready office condominium with medical-appropriate layout, private offices, therapy/meeting rooms, and direct I-93 visibility.
    Where is this office units located?
    The property is located at 191 Chandler Road # B Andover, MA.
    What is the asking price?
    The asking price for this property is $629,000.
    What are key features of this property?
    This property features: Move‑in ready 2‑story office condo with medical‑appropriate layout, multiple private offices, dedicated therapy and meeting rooms, and a large open‑plan area; Four half‑bathrooms and a buildout described as costing $150,000+ to replicate from shell condition; Direct I‑93 visibility with immediate access to the Andover/I‑93 professional corridor
    (617) 674-2203
    We can help!
    Listing Contact
    Jeremy Cyrier
    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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    191 Chandler Road # B, Andover, MA 01810
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