Multi-Tenant Flex
New
For Sale
$12,500,000
2302 Turnpike St, North Andover, MA 01845
Built in 2018, the property combines office, retail, warehouse, garage, and vehicle-storage areas.
Property Size30,000 SF
Lot Size3.52 Acres
Price / SF$416.67
Days on Market2
Property Features for 2302 Turnpike St
General Information
Standard status
Active
Size
30,000 SF
Lot size
3.52 Acres
Property subtype
Commercial
Zoning
B2
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$59,284
Building Details
Year Built
2018
Buildings
1
Building Size
30,000 SF
Tenancy
Multi
Listing Agency:
Charlesgate Realty Group LLC
(860) 564-8000
Listed By:
John E. Magazzu · License #91287
Source:
Spauldingrealty
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 4:03AM
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.
Completed in 2018, this approximately 30,000-square-foot flex property occupies 3.519 acres and supports multiple commercial functions. The building includes office and retail areas, warehouse space, garage and contractor bays, and dedicated high-end vehicle storage. The multi-tenant configuration is suited to both occupant and investment ownership structures.
The property is located at 2302 Turnpike St in North Andover, Massachusetts, along Route 114. It is positioned near major highways and approximately 21 miles from Boston. B2 zoning applies to the site.
The property is located at 2302 Turnpike St in North Andover, Massachusetts, along Route 114. It is positioned near major highways and approximately 21 miles from Boston. B2 zoning applies to the site.
Key Highlights
- Approximately 30,000 square foot building on 3.519 acres
- Office, retail, warehouse, garage, and contractor‑bay areas
- High‑end vehicle storage within the building
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
$836,190
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
6.69%
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%
$16,723,800
$16.7M
Cap Rate 7%
$11,945,571
$11.9M
Cap Rate 9%
$9,291,000
$9.3M
Market Conditions
NOI Build-Up for 30,000 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
$1.37M $45.60/SF
− Vacancy
−$253.1K −$8.44/SF
EGI
$1.11M $37.16/SF
− OpEx
−$278.7K −$9.29/SF
NOI
$836.2K $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%
$16,723,800
Cap Rate 7%
$11,945,571
Cap Rate 9%
$9,291,000
Alternative Uses
Best Use
Office B
$11.95M
$10.45M – $13.94M
NOI $836,190 @ 7.0% cap · market cap 6.69%
Second Best
Flex RnD
$7.48M
$6.54M – $8.72M
NOI $523,411 @ 7.0% cap · market cap 4.19%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Built in 2018, the property combines office, retail, warehouse, garage, and vehicle-storage areas.
Where is this flex space 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: Approximately 30,000 square foot building on 3.519 acres; Office, retail, warehouse, garage, and contractor‑bay areas; High‑end vehicle storage within the building
