Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    565 Turnpike St, Unit 83 North Andover, MA 01845

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Office condominium available for purchase, with monthly condo fees.

    Property Features for 565 Turnpike St

    General Information

    Standard status
    Active

    Building Details

    Year built
    1986

    We can help!

    Listing Contact
    Henry Carpenito
    Source: Corcoran

    Listing Agency: Flagship Commercial Real Estate, Inc. Listing Agent: Henry Carpenito

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    North Andover Office Condominium For Sale

    This is an office condominium with a condo fee of $282.00 per month.
    Location Intelligence

    Current Use by Public Records

    Sondarya Health n ... Spa & Massage Center Eyebrow Threading Hair Salon Andover Smiles Dental Office Bernardini Law P.C Law Firm Sondarya Skin Care Clinic

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.116041
    Latitude
    42.6651352

    Nearby Similar for Sale

    • Contact for pricing

      Professional Office Condo For Sale

      Office condominium with elevator access, ample parking, and kitchen.
      565 Turnpike St, North Andover, MA 01845
      View Details
    • $3,500,000

      Four-Story Office Building on Route

      Freestanding office building on Route 114 in North Andover.
      1538 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing

      North Andover Medical Office Condo

      Full-floor medical office condo with easy highway access.
      203 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing

      North Andover Office Condo For Sale

      Well-maintained office condo in North Andover Office Park.
      203 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      1,876 SF

      Retail/Office Condo in North Andover

      1,876 SF retail/office condo in North Andover for sale.
      1007-1017 Osgood St, North Andover, MA 01845
      View Details
    • $350,000

      Modern Office/Retail Space on Route

      Renovated office/retail space with high traffic and modern design.
      989 Osgood 989, North Andover, MA 01845
      View Details
    • Contact for pricing
      94,328 SF

      First-Class Office Space Available

      Office park with updated amenities and convenient highway access.
      790 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      15,228 SF

      Retail/Office Condominium in North Andover

      Retail/office condominium space available in North Andover, Massachusetts.
      1007 Osgood St, North Andover, MA 01845
      View Details
    • $200,000

      Professional Office Space Available

      Professional office space in North Andover, near major highways.
      231 2H, North Andover, MA 01845
      View Details
    • $350,000
      1,299 SF

      Modern Office/Retail Space For Sale

      Class A office/retail space, renovated in 2023, high traffic location.
      989 Osgood St, North Andover, MA 01845
      View Details
    • $850,000
      3,437 SF

      Modern Office/Retail Space on Route

      Renovated office/retail space with high traffic and flexible layout.
      989-991 Osgood St, North Andover, MA 01845
      View Details
    • $799,900

      Well-Maintained Two-Family Home

      Two-family home in desirable neighborhood with development potential.
      29 Brightwood Ave, North Andover, MA 01845
      View Details

    FAQs

    What type of property is this?
    Office units - Office condominium available for purchase, with monthly condo fees.
    Where is this office units located?
    The property is located at 565 Turnpike St, Unit 83 North Andover, MA.
    What are key features of this property?
    This property features: - Office Condominium; - Condo Fee: $282.00 per month; - Year Built: 1986
    (978) 686-2111
    Request Owner's contact information
    565 Turnpike St, Unit 83 North Andover, MA 01845
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    565 Turnpike St, Unit 83
    North Andover, MA 01845
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    565 Turnpike St, Unit 83 North Andover, MA 01845
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Henry Carpenito
    (978) 686-2111
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!