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Property profile & analytics
OFF-MARKET
Estimated value
$24,345,000
Industrial properties
150 Minuteman Rd, Andover, MA 01810-1031
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US38-0952190
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
2001
Construction
STEEL FRAME
Total area
114,785 SF
Lot
8.51 ac (370,783 SF)
Zoning code
ID
APN
ANDO M:00187 B:00006 L:0000A
UPID
US38-0952190
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Smith & Nephew, Inc. Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$18.79M
Comparable Approach
Comparable
$25.81M
Blend (final)
Blend
$24.35M
Owner & transaction history
150 Minuteman Prop LLC · 1 yrs held
150 Minuteman Prop LLC
since 2025
Last sale
$26.4M
7 recorded transactions
Zoning & alternative use
ID · Andover, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$39.6M
+110.8%
Apartment house (5+ units)
$36.7M
+95.3%
Office building
$29.1M
+54.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Andover submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Andover submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$20,350,000
6.5%
$18,785,000
7%
$17,440,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$18,795,000
Current use
RESTAURANT
$39,620,000
Change: +111% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$36,700,000
Change: +95% · Conversion: Difficult
OFFICE BUILDING
$29,105,000
Change: +55% · Conversion: Difficult
AUTO REPAIR, GARAGE
$27,495,000
Change: +46% · Conversion: Easy
RETAIL STORES
$25,530,000
Change: +36% · Conversion: Moderate
COMMERCIAL (GENERAL)
$22,880,000
Change: +22% · Conversion: Difficult
WAREHOUSE, STORAGE
$16,140,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$24.35M
Range $21.91M – $26.78M · ±10% · vs last sale $26.40M (Dec 28 2024)
Last sale anchor
$26.40M
Dec 28 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$212 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$431,917
Tax year 2024
Assessed value
$16,951,200
Assessed 2024
Previous assessed
$14,267,700
+18.8% YoY
Effective rate
2.55%
On assessed value
Assessed land
$4,770,100
Assessed improvement
$12,181,100
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
2001
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
1
Bathrooms
6
Total area
114,785 SF
Lot
8.51 ac (370,783 SF)
Zoning code
ID
APN
ANDO M:00187 B:00006 L:0000A
UPID
US38-0952190
Jurisdiction
ANDOVER
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
ID · Andover, MA
Zoning ID · permitted uses
ID · Andover, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Andover. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$18.8M
RESTAURANT
Est. value
$39.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$36.7M
OFFICE BUILDING
Est. value
$29.1M
AUTO REPAIR, GARAGE
Est. value
$27.5M
RETAIL STORES
Est. value
$25.5M
COMMERCIAL (GENERAL)
Est. value
$22.9M
WAREHOUSE, STORAGE
Est. value
$16.1M
INDUSTRIAL (GENERAL) Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2001
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
1
Bathrooms
6
Lot
8.51 ac
Current owner
From public records · entity-resolved
150 Minuteman Prop LLC
Entity
Mailing address
PO BOX 92129, SOUTHLAKE, TX 76092-0102
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 28, 2025
$26,400,000
150 Minuteman Prop LLC
Minuteman Prop Owner Corp
Deed
$16,000,000 · Cornerstone Bank
Feb 13, 2023
—
Minuteman Prop Owner Corp
—
Deed
related
$19,950,000 · Berkshire Bank
Mar 6, 2018
$32,000,000
Minuteman Property Own
Whetstone 150 Minutema
Quit Claim Arm's Length For Ne States
$19,200,000 · Usaa Life Insurance
Oct 26, 2017
—
Whetstone 150 Minuteman
150 Minuteman Park LLC
Quit Claim Deed
related
$118,000,000 · Bank Of America
Sep 3, 2015
$22,531,315
150 Minuteman Park LLC
150 Minuteman LLC
Quit Claim Deed
—
Dec 15, 2005
$1
150 Minuteman LLC
150 Minuteman LP
Grant Deed
related
—
Jun 26, 1997
—
150 Minuteman LP
—
Deed Of Trust
related
$1,000,000 · Misc Other
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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