First-Floor Office Suite with Entrance
For Sale
$125,000
451 Andover Street Unit 150, North Andover, MA 01845
Three-room first-floor suite at the main entrance with convenient parking and lobby access.
Property Size295 SF
Price / SF$423.73
Days on Market272
Property Features for 451 Andover Street Unit 150
General Information
Standard status
Active
Size
295 SF
Property subtype
Commercial
Building Details
Year Built
1990
Listing Agency:
DiPietro Group Real Estate
Listed By:
Kim Oliveira
(617) 694-0004
Source:
Somervillelofts
Added: Nov 25, 2025
Changed: Aug 24
Last Checked: Aug 24 at 6:39AM
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.
This first-floor, three-room professional suite is positioned directly at the building’s main entrance. The space is designed for a range of office-oriented uses, with a flexible layout that can support professional services, including medical or wellness, general office, and creative services.
The suite is located at 451 Andover Street in a well-maintained complex. Its placement at the main entry supports straightforward wayfinding for visitors, with easy access from the parking area and through the lobby.
For tenants or buyers looking for a compact, front-of-house office setup, the suite offers practical in-and-out convenience and a configuration suited to multiple professional functions within one connected space. Unit 150 is also offered for purchase, and additional space may be available with Unit 160 if expansion is a consideration.
The suite is located at 451 Andover Street in a well-maintained complex. Its placement at the main entry supports straightforward wayfinding for visitors, with easy access from the parking area and through the lobby.
For tenants or buyers looking for a compact, front-of-house office setup, the suite offers practical in-and-out convenience and a configuration suited to multiple professional functions within one connected space. Unit 150 is also offered for purchase, and additional space may be available with Unit 160 if expansion is a consideration.
Key Highlights
- 1990‑built professional building in North Andover
- First‑floor, 3‑room suite (Unit 150) located at the building’s main entrance
- Convenient access from the parking area and the building lobby
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
$8,223
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
6.58%
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%
$164,460
$164.5K
Cap Rate 7%
$117,471
$117.5K
Cap Rate 9%
$91,367
$91.4K
Market Conditions
NOI Build-Up for 295 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
$13.5K $45.60/SF
− Vacancy
−$2.5K −$8.44/SF
EGI
$11.0K $37.16/SF
− OpEx
−$2.7K −$9.29/SF
NOI
$8.2K $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%
$164,460
Cap Rate 7%
$117,471
Cap Rate 9%
$91,367
Alternative Uses
Best Use
Office B
$117.5K
$102.8K – $137.1K
NOI $8,223 @ 7.0% cap · market cap 6.58%
Second Best
Healthcare Medical
$77.7K
$68.0K – $90.7K
NOI $5,442 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$174.6K
$152.8K – $203.8K
NOI $12,225 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
740
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 - Three-room first-floor suite at the main entrance with convenient parking and lobby access.
Where is this office units located?
The property is located at 451 Andover Street Unit 150 North Andover, MA.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: 1990‑built professional building in North Andover; First‑floor, 3‑room suite (Unit 150) located at the building’s main entrance; Convenient access from the parking area and the building lobby
