Two-Story Office
For Sale
Contact for pricing
Pending
51 Mill St, Hanover, MA 02339
Commercial office condominium with private work areas, collaboration space, kitchen, conference room, and dedicated bathrooms.
Property Size2,114 SF
Days on Market193
Property Features for 51 Mill St
General Information
Standard status
Pending
Size
2,114 SF
Class
B
Property subtype
Office
Zoning
Commercial
Building Details
Buildings
1
Stories
2
Listing Agency:
Ellis Realty Advisors
Listed By:
David Ellis · License #MA 9524572
(781) 919-0800
Source:
Crexi
Added: Apr 10
Changed: Oct 6
Last Checked: Oct 19 at 6:53AM
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 Ellis Realty Advisors
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This two-story office condominium offers 2,114 square feet within the Mill Street Office Complex. The layout includes four private offices, a collaboration area, kitchen space, a large conference room, and two private bathrooms. The property is classified for Commercial use and is arranged for professional office operations.
The unit is part of a campus-style office park with ample parking. Its combination of enclosed offices, shared work space, meeting capacity, and support areas provides a defined configuration for an office occupant.
The unit is part of a campus-style office park with ample parking. Its combination of enclosed offices, shared work space, meeting capacity, and support areas provides a defined configuration for an office occupant.
Key Highlights
- 2,114‑square‑foot two‑story office condominium
- Four private offices plus a collaboration area
- Large conference room and kitchen area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,216
Cap Rate
8.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$884,320
$884.3K
Cap Rate 7%
$631,657
$631.7K
Cap Rate 9%
$491,289
$491.3K
Market Conditions
NOI Build-Up for 2,114 SF
Gross rent
$71.0K $33.60/SF
− Vacancy
−$12.1K −$5.71/SF
EGI
$59.0K $27.89/SF
− OpEx
−$14.7K −$6.97/SF
NOI
$44.2K $20.92/SF
Area
Plymouth County, MA
Vacancy
17.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$884,320
Cap Rate 7%
$631,657
Cap Rate 9%
$491,289
Alternative Uses
Best Use
Office B
$631.7K
$552.7K – $736.9K
NOI $44,216 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,604 @ 7.0% cap · market cap 17.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Explore this area
Business Placement
Demographics for 02339, MA
14,833
Population
4,974
Households
3
Avg Household Size
42
Median Age
57%
College-Educated
96%
High-School Grad
15.5 sq mi
ZIP Area
957
Density / Sq Mi
$174,821
Median Household Income
$69,688
Median Earnings
$1,642
Median Rent
$706,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Commercial office condominium with private work areas, collaboration space, kitchen, conference room, and dedicated bathrooms.
Where is this office unit located?
The property is located at 51 Mill St Hanover, MA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,114‑square‑foot two‑story office condominium; Four private offices plus a collaboration area; Large conference room and kitchen area
