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 Market252
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
(978) 618-3299
Source:
Somervillelofts
Added: Feb 15
Changed: Oct 25
Last Checked: Oct 24 at 10:13PM
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
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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 / Yr
$8,223
Cap Rate
6.58%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Three-room first-floor suite at the main entrance with convenient parking and lobby access.
Where is this office unit 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
