Two-Level Office Condo
For Sale
Contact for pricing
348A & 348B N Main St, Andover, MA 01810
Flexible commercial office configuration in a mixed-use building with basement storage and on-site parking.
Property Size3,000 SF
Price / SF$308.33
Days on Market19
Property Features for 348A & 348B N Main St
General Information
Standard status
Active
Size
3,000 SF
Class
C
Total Parking Spaces
6
Property subtype
Office
Zoning
SRA-General Business
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
1930
Buildings
1
Stories
4
Units
2
Tenancy
Single
Listing Agency:
Gibson | Sotheby's International Realty
Listed By:
Michael Hartwick · License #CN238113
Source:
Crexi
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 29 at 2:01PM
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 Gibson | Sotheby's International Realty
Investment Insights
Based on property information with market context.
This office condominium offering comprises 3,000 square feet across two levels within a mixed-use building. The configuration can be separated into two 1,500-square-foot office units, providing flexibility for ownership or occupancy planning. Additional basement storage expands the usable support space, and the property includes six parking spaces.
Located at 348A & 348B N Main St in Andover, the property is just off 495 and minutes from downtown. The building dates to 1930 and carries SRA-General Business zoning.
Located at 348A & 348B N Main St in Andover, the property is just off 495 and minutes from downtown. The building dates to 1930 and carries SRA-General Business zoning.
Key Highlights
- 3,000 square feet of office condominium space
- Two‑level layout divisible into two 1,500 SF units
- Six parking spaces included
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
$83,619
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
9.04%
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%
$1,672,380
$1.7M
Cap Rate 7%
$1,194,557
$1.2M
Cap Rate 9%
$929,100
$929.1K
Market Conditions
NOI Build-Up for 3,000 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
$136.8K $45.60/SF
− Vacancy
−$25.3K −$8.44/SF
EGI
$111.5K $37.16/SF
− OpEx
−$27.9K −$9.29/SF
NOI
$83.6K $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%
$1,672,380
Cap Rate 7%
$1,194,557
Cap Rate 9%
$929,100
Alternative Uses
Best Use
Office B
$1.19M
$1.05M – $1.39M
NOI $83,619 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,319 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 01810, MA
35,621
Population
13,803
Households
2.6
Avg Household Size
43
Median Age
75%
College-Educated
97%
High-School Grad
30.5 sq mi
ZIP Area
1,168
Density / Sq Mi
$167,591
Median Household Income
$86,838
Median Earnings
$2,046
Median Rent
$813,800
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 - Flexible commercial office configuration in a mixed-use building with basement storage and on-site parking.
Where is this office units located?
The property is located at 348A & 348B N Main St Andover, MA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 3,000 square feet of office condominium space; Two‑level layout divisible into two 1,500 SF units; Six parking spaces included
