Conventional Restaurant
For Sale
$4,950,000
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$549.39
Days on Market69
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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
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$69,859
Building Details
Year Built
2008
Listing Agency:
The Minuteman Realty Group
Listed By:
Fred Hoang
(781) 996-2951
Source:
Classifiedrealtygroup
Added: Aug 8
Changed: Oct 6
Last Checked: Oct 14 at 8:20PM
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 The Minuteman Realty Group
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 / Yr
$166,543
Cap Rate
3.36%
Suggested Prices Based on Cap Rates
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
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 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 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.33M
$4.67M – $6.22M
NOI $373,372 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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 $4,950,000.
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
