159 Riv Rd, Unit 3 Andover, MA 01810-1014

Property Details for 159 Riv Rd

Year built

2020

Construction

STEEL FRAME

Property size

4,540 SF

Zone code

ID2

Property type

Commercial real estate

APN

ANDO M:00166 B:00011 L:00003

APU

ANDOM00166B00011L00003

Description

This exceptional Class A retail property in Andover, MA, presents a compelling investment opportunity. Located at 159 River Rd, this 4,040 square foot, single-tenant building sits on a 4-acre lot and boasts a 100% occupancy rate with a credit-rated tenant under a NNN lease with 2% annual rent bumps. The lease commenced August 21, 2020, and has a remaining term of approximately 6 years, expiring November 30, 2030, with lease options for 2-5 years. The property features ample parking (50 spaces per 1,000 sq ft) and benefits from a highly visible location at the entrance to both Shattuck and Minuteman Office Parks, near I-93, and within a half-mile of six hotels. The property is zoned GB and was built in 2020. The asking price is $2,700,000, representing a 5.93% cap rate and a price per square foot of $668.32. The property's strong tenant, high visibility, and favorable lease terms make it an attractive investment for those seeking a stable, high-performing asset. The property is offered as a 1031 exchange opportunity. The Net Operating Income (NOI) is $160,199. This is a single-story building with a condo ownership structure. Nearby businesses include The Learning Experience and Boston Vision. The property is an end-cap location with street frontage.

Location Insight

City

Andover

County

Essex

State

Massachusetts

Longitude

-71.2144

Latitude

42.6894

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments