First-Floor Professional Office
For Sale
$90,000
451 Andover St Unit 160, North Andover, MA 01845
Two-room office unit positioned beside the building entrance with direct access from the parking area and lobby.
Property Size203 SF
Price / SF$443.35
Days on Market41
Property Features for 451 Andover St Unit 160
General Information
Standard status
Active
Size
203 SF
Additional Details
Floor
1
Building Details
Year Built
1990
Listing Agency:
DiPietro Group Real Estate
(603) 883-8400
Listed By:
Kim Oliveira
Source:
Susansells
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:50AM
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 with two rooms at 451 Andover Street. Its placement beside the building’s primary entrance provides convenient arrival from both the parking area and interior lobby. The suite is located within a complex constructed in 1990 and is suitable for professional office operations, including medical, wellness, general office, or creative service uses.
The property is identified as an office unit at a North Andover commercial address. Unit 150 is also offered for purchase, providing an option to acquire additional space within the same property.
The property is identified as an office unit at a North Andover commercial address. Unit 150 is also offered for purchase, providing an option to acquire additional space within the same property.
Key Highlights
- Two‑room first‑floor professional suite
- Adjacent to the building’s main entrance
- Access from both the parking area and 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
$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
Healthcare Medical
$53.5K
$46.8K – $62.4K
NOI $3,745 @ 7.0% cap · market cap 4.16%
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
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 - Two-room office unit positioned beside the building entrance with direct access from the parking area and lobby.
Where is this office units located?
The property is located at 451 Andover St Unit 160 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: Two‑room first‑floor professional suite; Adjacent to the building’s main entrance; Access from both the parking area and lobby
