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    1538 Turnpike St North Andover, MA 01845
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    Property profile & analytics

    1538 Turnpike St North Andover, MA 01845

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    • Office buildings
    • 20,238 SF
    • 1.00 lot acres
    For Sale
    $3,500,000
    View Listing →
    Four-Story Office Building on Route For Sale
    $3,500,000
    20,294 SF

    Four-Story Office Building on Route

    Freestanding office building on a prominent lot with prime visibility.

    1538 Turnpike St, North Andover, MA 1845
    View Listing
    Property ID
    US38-0545888
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Merrimack Insurance / Insurance Agency
    • North Andover Dental Associates / Dental Office
    • Apex Lending / Loan Service / Bank
    • Dr. Kenneth J. Murphy, DMD / Dental Office
    • Onsite Dental Care / Dental Office

    Property Details for 1538 Turnpike St

    Year built
    1986
    Lot size
    1.00 lot acres
    Property size
    20,238 SF
    Zone code
    VR
    Property type
    Office buildings
    APN
    NAND M:00107 B:B0005 L:00000
    APU
    NANDM00107BB0005L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,947,000
      Market price range: $2.95M - $8.47M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.0832
    Latitude
    42.6421
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $25,868
    $348,500
    $1,309,700
    $1,658,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $4,165,000
      17,126 SF

      1060 Osgood St

      OFFICE BUILDING • 17,126 SF
      1060 Osgood St, North Andover, MA 01845-1500
      View Details
    • Value Estimation
      $1,125,000
      4,184 SF

      104 Main St

      OFFICE BUILDING • 4,184 SF
      104 Main St, North Andover, MA 01845-2420
      View Details
    • Value Estimation
      $12,425,000
      61,380 SF

      815 Chestnut St

      OFFICE BUILDING • 61,380 SF
      815 Chestnut St, North Andover, MA 01845-6009
      View Details
    • Value Estimation
      $800,000
      1,794 SF

      483 Chickering Rd

      OFFICE BUILDING • 1,794 SF
      483 Chickering Rd, North Andover, MA 01845-4036
      View Details
    • Value Estimation
      $1,445,000
      3,818 SF

      1320 Osgood St

      OFFICE BUILDING • 3,818 SF
      1320 Osgood St, North Andover, MA 01845-1011
      View Details
    • Value Estimation
      $2,265,000
      8,538 SF

      1270 Tpke St

      OFFICE BUILDING • 8,538 SF
      1270 Tpke St, North Andover, MA 01845-6116
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Four-Story Office Building on Route 114

      Freestanding office building on Route 114 in North Andover.
      1538 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      20,294 SF

      Freestanding Office Building on Route 114

      Four-story office building on an acre lot in North Andover.
      1538 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing

      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
      20,294 SF

      Four-Story Office Building on Route

      Freestanding office building on a prominent lot with prime visibility.
      1538 Turnpike St, North Andover, MA 01845
      View Details
    • $199,900

      North Andover Office Space For Sale

      Well-located office space in the desirable Willows Office Park.
      871 Turnpike St, North Andover, MA 01845
      View Details
    • $125,000

      Professional Suite in North Andover

      First-floor, 3-room professional suite with high visibility and accessibility.
      451 Andover St, North Andover, MA 01845
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Professional Office Spaces For Rent

      Furnished office spaces available in North Andover professional building.
      33 Walker Rd, North Andover, MA 01845
      View Details
    • Contact for pricing
      2,310 SF

      North Andover Office Space Available

      Office space available for rent in North Andover, MA.
      89 Main St, North Andover, MA 01845
      View Details
    • Contact for pricing

      Professional Office Space Available

      1,400 SF office space with flexible, open layout.
      999 Osgood St, North Andover, MA 01845
      View Details
    • Contact for pricing
      1,420 SF

      North Andover Office Space Available

      First-class office space in North Andover with updated amenities.
      800 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      48,000 SF

      North Andover Office Conference Room

      Conference room available for rent in North Andover, MA.
      30 Massachusetts Ave, North Andover, MA 01845
      View Details
    • $25 SF/Yr
      46,104 SF

      First & Main: North Andover Office

      Prime North Andover office space, multiple suites available.
      109 Main St, North Andover, MA 01845
      View Details
    View Listing
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    North Andover, MA 01845
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    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
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