Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    51 Mill St, Unit F Hanover, MA 02339

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $22 SF/Yr ($9,029 /Mo)

    Office suite for rent, ideal for medical or office use.

    Property size:
    4,925 SF
    Lot size:
    4,925 SF

    Property Features for 51 Mill St

    General Information

    Standard status
    Active
    Size
    4,925 SF

    Building Details

    Year built
    2001

    We can help!

    Listing Contact
    Vincent Albanese
    Source: Corcoran

    Listing Agent: Vincent Albanese

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

    Learn more

    Property Insight Report

    Overview

    First Floor Office Suite For Rent

    This 4,925 square foot office suite is located on the first floor and is adjacent to the New Hanover Crossing. The property offers full building identity and ample direct parking. It provides easy access to Route 3. The suite is ideally suited for medical, institutional, physical therapy, or general office use. Currently, the space is configured as a customer service center with 30 workstations.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Smoot Associates Consultant I T Strategies ... Business Management Consultant Investment Advisory Group Financial Planner Litchfield Paul N ... Accountant Sarah Thornton Nurse Practitioner

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Plymouth
    State
    Massachusetts
    Longitude
    -70.8402244
    Latitude
    42.1403442

    Nearby Similar for Lease

    • Contact for pricing
      3,000 SF

      Route 53 Retail/Office Opportunity

      Mixed-use building with high visibility and flexible zoning.
      962 Washington St, Hanover, MA 02339
      View Details
    • $250 SF/Yr

      Furnished Office Space for Rent

      Furnished shared office space suitable for mental health professionals.
      000 Rt. 139, Hanover, MA 02339
      View Details
    • $700 /Mo

      Hanover Office Spaces for Lease

      Office spaces available for lease on Route 139 in Hanover.
      269 Hanover St, Hanover, MA 02339
      View Details
    • $20 SF/Yr
      16,000 SF

      Hanover Medical Office Space

      Prime Hanover location, multiple suites available.
      222 Webster St, Hanover, MA 02339
      View Details
    • Contact for pricing
      3,770 SF

      Hanover Retail Space - Prime Location

      Former bank, 3,770 sq ft, high visibility.
      303 Columbia Rd, Hanover, MA 02339
      View Details
    • $12 SF/Yr
      91,377 SF

      Prime South Shore Warehouse Space

      10,300 SF Industrial Space Available
      285 Circuit St, Hanover, MA 02339
      View Details
    • $1,466 /Mo
      2,400 SF

      Retail Space in Hanover Corridor

      Retail/office space with high visibility in a bustling commercial area.
      197 Rockland St, Hanover, MA 02339
      View Details
    • $1,800 /Mo
      1,130 SF

      Hanover Office Space For Rent

      Office space available in Hanover with utilities included.
      2048 Washington St, Hanover, MA 02339
      View Details
    • Contact for pricing
      59,590 SF

      Hanover Retail Center: Prime Location

      High-traffic Route 3 Corridor retail space.
      220 Columbia Rd, Hanover, MA 02339
      View Details
    • $20 SF/Yr

      New Retail/Office Space Available

      New construction retail/office space with frontage on Washington Street.
      965 Washington St, Hanover, MA 02339
      View Details
    • $13 SF/Yr
      2,500 SF

      Hanover Flex Space with Loading

      Flex space with office, warehouse, and loading dock access.
      145-155 Webster St, Hanover, MA 02339
      View Details
    • $600 /Mo
      300 SF

      Renovated Office with Route 53 Signage

      Newly renovated office space with high visibility and storage.
      1130 Washington St, Hanover, MA 02339
      View Details

    FAQs

    What type of property is this?
    Office space - Office suite for rent, ideal for medical or office use.
    Where is this office space located?
    The property is located at 51 Mill St, Unit F Hanover, MA.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: - 4,925 SF First Floor Office Suite; - Full Building Identity; - Ample Direct Parking
    (617) 413-1193
    Request Owner's contact information
    51 Mill St, Unit F Hanover, MA 02339
    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.
    51 Mill St, Unit F
    Hanover, MA 02339
    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
    51 Mill St, Unit F Hanover, MA 02339
    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
    Vincent Albanese
    (617) 413-1193
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.