Conventional Restaurant
For Sale
$5,250,000
560 S Main St, Andover, MA 01810
Established restaurant property with substantial parking and direct connections to Routes 28 and 125.
Property Size9,010 SF
Lot Size1.46 Acres
Price / SF$582.69
Days on Market328
Property Features for 560 S Main St
General Information
Standard status
Active
Size
9,010 SF
Total Parking Spaces
100
Lot size
1.46 Acres
Property subtype
Commercial
Zoning
SRC
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$69,859
Building Details
Year Built
2008
Listing Agency:
J.M.I. Investment Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Oct 7, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:01PM
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 J.M.I. Investment Properties
Investment Insights
Based on property information with market context.
This 9,010-square-foot commercial building occupies 1.46 acres and includes 100 marked parking spaces. Constructed in 2008, the property has operated for years as the home of Tokyo Steakhouse, a hibachi and sushi restaurant. The existing configuration supports continued restaurant use, while the site is also positioned for retail or mixed-use redevelopment under SRC zoning.
The property is located at 560 S Main St in Andover, at the intersection of Route 28 and Route 125. Regional access includes nearby connections to I-93 and I-495, with residential neighborhoods and business districts in the surrounding area. Sale and leasing options are available.
The property is located at 560 S Main St in Andover, at the intersection of Route 28 and Route 125. Regional access includes nearby connections to I-93 and I-495, with residential neighborhoods and business districts in the surrounding area. Sale and leasing options are available.
Key Highlights
- 9,010‑square‑foot commercial building on 1.46 acres
- 100 marked parking spaces
- Built in 2008
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
$166,543
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
3.17%
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%
$3,330,860
$3.3M
Cap Rate 7%
$2,379,186
$2.4M
Cap Rate 9%
$1,850,478
$1.9M
Market Conditions
NOI Build-Up for 9,010 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
$227.1K $25.20/SF
− Vacancy
−$5.0K −$0.55/SF
EGI
$222.1K $24.65/SF
− OpEx
−$55.5K −$6.16/SF
NOI
$166.5K $18.48/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$25.20 /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%
$3,330,860
Cap Rate 7%
$2,379,186
Cap Rate 9%
$1,850,478
Alternative Uses
Best Use
Specialty Retail
$2.38M
$2.08M – $2.78M
NOI $166,543 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.33M
$4.67M – $6.22M
NOI $373,372 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
9k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Dunkin' Donuts
Dining
8,627 visits/mo
0.5 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant property with substantial parking and direct connections to Routes 28 and 125.
Where is this conventional restaurant located?
The property is located at 560 S Main St Andover, MA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 9,010‑square‑foot commercial building on 1.46 acres; 100 marked parking spaces; Built in 2008
