Renovated Downtown Retail
For Sale
$435,305
L9-2-1 Elm Sq, Andover, MA 01810
Totally renovated commercial suite with a flexible floor plan and two off-street parking spaces near the commuter rail.
Property Size2,353 SF
Price / SF$185
Days on Market21
Property Features for L9-2-1 Elm Sq
General Information
Standard status
Active
Size
2,353 SF
Total Parking Spaces
2
Additional Details
Business Included
No
Listing Agency:
Lillian Montalto Signature Properties
(978) 475-1400
Listed By:
Team Lillian Montalto
(978) 475-1400
Source:
Exprealty
Added: Jul 10
Changed: Jul 28
Last Checked: Jul 30 at 11:25AM
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 Lillian Montalto Signature Properties
Investment Insights
Based on property information with market context.
Totally renovated commercial space at 1 Elm Square offers a flexible floor plan designed to support a range of professional, retail, or service-based uses. The suite includes two off-street parking spaces and is positioned for strong visibility based on pedestrian and vehicle traffic.
Located in downtown Andover, the property is surrounded by restaurants, retail shops, professional offices, and local amenities. It also benefits from convenient access near major routes and the commuter rail, supporting easy arrival for clients, customers, and employees.
For sale and offered as a downtown storefront-style opportunity, this space is well-suited for an operator looking for an updated commercial environment with practical parking and high local foot traffic.
Located in downtown Andover, the property is surrounded by restaurants, retail shops, professional offices, and local amenities. It also benefits from convenient access near major routes and the commuter rail, supporting easy arrival for clients, customers, and employees.
For sale and offered as a downtown storefront-style opportunity, this space is well-suited for an operator looking for an updated commercial environment with practical parking and high local foot traffic.
Key Highlights
- Totally renovated commercial space at 1 Elm Square in downtown Andover
- Flexible floor plan for a variety of professional, retail, or service‑based uses
- 2 off‑street parking spaces
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.5k | $24.00 |
| − Vacancy | −$1.2k | −$0.53 |
| EGI | $55.2k | $23.47 |
| − OpEx | −$16.6k | −$7.04 |
| NOI | $38.7k | $16.43 |
2,353 SF · lease $24.00/SF/yr · vacancy 2.20% · expense 30.00%
Alternative Uses
Best Use
Office B
$936.9K
$819.8K – $1.09M
NOI $65,585 @ 7.0% cap · market cap 15.07%
Second Best
Retail
$552.3K
$483.3K – $644.4K
NOI $38,661 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,508 @ 7.0% cap · market cap 22.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,664
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Totally renovated commercial suite with a flexible floor plan and two off-street parking spaces near the commuter rail.
Where is this office units located?
The property is located at L9-2-1 Elm Sq Andover, MA.
What is the asking price?
The asking price for this property is $435,305.
What are key features of this property?
This property features: Totally renovated commercial space at 1 Elm Square in downtown Andover; Flexible floor plan for a variety of professional, retail, or service‑based uses; 2 off‑street parking spaces
