First-Floor Professional Office
For Sale
$90,000
160-451 Andover St, North Andover, MA 01845
Two-room office layout with direct access from the building lobby and parking area.
Property Size203 SF
Price / SF$443.35
Days on Market163
Property Features for 160-451 Andover St
General Information
Standard status
Active
Size
203 SF
Additional Details
Floor
First Floor
Taxes and HOA fees
Annual Taxes
$798
Listing Agency:
DiPietro Group Real Estate
(603) 216-5086
Listed By:
Kim Oliveira
(978) 618-3299
Source:
Exprealty
Added: Apr 8
Changed: Sep 13
Last Checked: Sep 17 at 12:46AM
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 DiPietro Group Real Estate
Investment Insights
Based on property information with market context.
Unit 160 is a first-floor professional office suite at 451 Andover St in North Andover, Massachusetts. The space includes two rooms and is positioned at the building’s primary entrance, with convenient access from both the lobby and parking area.
The flexible configuration is suited to professional office, medical, wellness, or creative service uses. Unit 150 is also available for purchase, providing an option to add space at the same address.
The flexible configuration is suited to professional office, medical, wellness, or creative service uses. Unit 150 is also available for purchase, providing an option to add space at the same address.
Key Highlights
- First‑floor suite with two‑room configuration
- Located at the building’s main entrance
- Convenient access from the lobby and parking area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$5,658
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$113,160
$113.2K
Cap Rate 7%
$80,829
$80.8K
Cap Rate 9%
$62,867
$62.9K
Market Conditions
NOI Build-Up for 203 SF
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.
Gross rent
$9.3K $45.60/SF
− Vacancy
−$1.7K −$8.44/SF
EGI
$7.5K $37.16/SF
− OpEx
−$1.9K −$9.29/SF
NOI
$5.7K $27.87/SF
Area
Essex County, MA
Vacancy
18.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$113,160
Cap Rate 7%
$80,829
Cap Rate 9%
$62,867
Alternative Uses
Best Use
Office B
$80.8K
$70.7K – $94.3K
NOI $5,658 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$120.2K
$105.2K – $140.2K
NOI $8,412 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 01845, MA
31,855
Population
12,010
Households
2.7
Avg Household Size
39
Median Age
61%
College-Educated
97%
High-School Grad
26.4 sq mi
ZIP Area
1,207
Density / Sq Mi
$134,319
Median Household Income
$64,592
Median Earnings
$2,113
Median Rent
$670,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-room office layout with direct access from the building lobby and parking area.
Where is this office units located?
The property is located at 160-451 Andover St North Andover, MA.
What is the asking price?
The asking price for this property is $90,000.
What are key features of this property?
This property features: First‑floor suite with two‑room configuration; Located at the building’s main entrance; Convenient access from the lobby and parking area
