Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Modern Office Space on Route 114 Title is generated by Realmo AI

    255 Andover St #202, Peabody, MA 01960

    View on Map
    Claim this Listing
    For Lease
    $31 SF/Yr $4,244/Mo (calc)

    Bright, flexible commercial suite with high visibility and ample parking.

    Type:Commercial
    Property size:
    1,643 SF
    Added:
    Oct 23, 2025
    Days on Market:
    226
    Last Refresh:
    Apr 5 at 11:36 pm

    Property Features for 255 Andover St #202

    General Information

    Standard status
    Active
    Size
    1,643 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    2019

    We can help!

    Listing Contact
    Melanie Lentini
    Melanie Lentini

    Listing agent Melanie Lentini License #448510392

    Listing office Leading Edge Real Estate

    Listing date Oct 23, 2025

    Source Corcoran

    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 Leading Edge Real Estate

    HighLights

    • High visibility location on Route 114 with outstanding signage opportunities.
    • Modern building built in 2019 with a sleek, contemporary design.
    • Flexible suite layout with office‑style rooms, a large open area, and storage space.
    • Ample on‑site parking for staff and clients.
    • Suitable for various businesses including educational, medical, and professional offices.
    • Turnkey space, available now in a well‑maintained property.

    Overview

    This modern commercial building at 255 Andover Street offers a sun-drenched suite with exceptional visibility on Route 114. The 1643-square-foot space features three office-style rooms and a spacious open area suitable for classrooms, training sessions, conferences, or collaborative work. An additional storage space is available. On-site parking is ample. Signage opportunities on Route 114 provide exposure to passing vehicles. This turnkey space is suitable for educational programs, medical or wellness practices, or professional offices.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto Body Clinic Auto Repair Shop Hertz Car Rental ... Car Rental Facility Thrifty Car Rental ... Car Rental Facility

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Peabody
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9526
    Latitude
    42.5493

    Nearby Similar for Lease

    • Sponsored
      $129-$13,223/Mo
      11-2,551 SF

      Centennial Drive

      9 Centennial Dr, Unit 2ND, Peabody, MA 01960
      View Details
    • $14 SF/Yr
      9,500 SF

      Renovated Mill Building with Potential

      Three-story mill building with flexible lease terms and modern updates.
      119R Foster St #Building 4, Peabody, MA 01960
      View Details
    • $550/Mo
      150 SF

      Downtown Peabody Office Space Available

      Single-room office in downtown Peabody, available July 1st.
      24 Main Street #308, Peabody, MA 01960
      View Details
    • $18 SF/Yr
      1,000 SF

      Retail Space in Winona Plaza

      1,000 SF retail unit in West Peabody for lease.
      136 Newbury Street #6/F, Peabody, MA 01960
      View Details
    • $22 SF/Yr
      5,728 SF

      Peabody Corporate Center Office Space

      Move-in ready office spaces available in Peabody Corporate Center.
      100 Corporate Pl #502, Peabody, MA 01960
      View Details
    • $2,100/Mo
      835 SF

      Peabody Retail Space For Rent

      Retail suite in a popular location near North Shore Mall.
      80 Prospect St, Peabody, MA 01960
      View Details
    • $25 SF/Yr
      4,000 SF

      Peabody Warehouse Space Available

      4,000 sq ft warehouse space suitable for various businesses.
      141 Summit, Peabody, MA 01960
      View Details
    • $2,850/Mo
      1,864 SF

      Peabody Commercial Space For Rent

      High-visibility commercial space in a multi-tenant strip center.
      8 Bourbon St, Peabody, MA 01960
      View Details
    • $17 SF/Yr
      1,278 SF

      Bright Space in Church Property

      Three rooms available within a church, suitable for various uses.
      33 Lake St., Peabody, MA 01960
      View Details
    • $1,700/Mo
      2,000 SF

      Industrial Space with Office

      2,000 sq ft industrial/warehouse space with office for lease.
      15 Walnut St, Peabody, MA 01960
      View Details
    • $22 SF/Yr
      1,943 SF

      Peabody Corporate Center Commercial Space

      Commercial space available in Peabody Corporate Center from April 2026.
      200 Corporate Pl #5C, Peabody, MA 01960
      View Details
    • $22 SF/Yr
      2,500 SF

      Peabody Corporate Center Office Space

      First floor office space available October 1, 2026.
      100 Corporate Pl #103, Peabody, MA 01960
      View Details

    FAQs

    What type of property is this?
    Office units - Bright, flexible commercial suite with high visibility and ample parking.
    Where is this office units located?
    The property is located at 255 Andover St #202 Peabody, MA.
    What is the lease rate?
    The lease rate is $31 SF/Yr.
    What are key features of this property?
    This property features: High visibility location on Route 114 with outstanding signage opportunities.; Modern building built in 2019 with a sleek, contemporary design.; Flexible suite layout with office‑style rooms, a large open area, and storage space.
    (781) 729-5505
    We can help!
    Listing Contact
    Melanie Lentini
    Melanie Lentini
    Real Estate License ID: 448510392
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    255 Andover St #202, Peabody, MA 01960
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!