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    1820 Turnpike St, Unit 200 North Andover, MA 01845
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    Property profile & analytics

    1820 Turnpike St, Unit 200, North Andover, MA 01845

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    • Retail space
    • 19,803 SF
    • 2.03 lot acres
    For Lease
    $3,400/Mo
    View Listing →
    Modern Office Space Available For Lease
    $3,400/Mo
    2,900 SF

    Modern Office Space Available

    Bright office space with private offices and open floorplan.

    1820 Turnpike St #200, North Andover, MA 1845
    View Listing
    Property ID
    US38-0646285
    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

    • Dr. Alexa Shea / Alternative Medicine Practice
    • Foresight Regulatory Strategies, Inc. / Business Management Consultant
    • Snowtrition / Association / Organization
    • Michael Scholz / Physician
    • R J S Associates Inc / Insurance Agency

    Property Details for 1820 Turnpike St

    Year built
    2009
    Lot size
    2.03 lot acres
    Zone code
    GB
    Property type
    Retail space
    APN
    NAND M:00106 B:D0046 L:00000
    APU
    NANDM00106BD0046L00000

    Description

    This exceptional 1,600 square foot executive office suite is ideally located at 1820 Turnpike Street, North Andover, MA 01845, near the intersection with Berry Street. Built in 2008, this single-tenant space within a two-story building offers a bright and functional layout, perfect for a variety of professional uses. Previously utilized as a salon, the space features front-to-back windows providing excellent natural light. A private office and a storage/break room with washer/dryer hookups are included. The property boasts central heating and air conditioning, and benefits from abundant parking with 60 spaces available. This gross lease opportunity requires the tenant to pay only utilities

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,802,000
      Market price range: $1.19M - $3.85M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,405,000
      Current use
      COMMERCIAL (GENERAL)
      $5,340,000
      Change: +21% Conversion: Easy
      AUTO REPAIR, GARAGE
      $4,745,000
      Change: +8% Conversion: Difficult
      OFFICE BUILDING
      $4,430,000
      Change: +1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.074
    Latitude
    42.6351
    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
    $62,345
    $708,200
    $3,288,300
    $3,996,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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    • Value Estimation
      $510,000
      2,160 SF

      1148 Osgood St

      RETAIL STORES (PERSONAL SERVICES)
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      18 Waverley Rd

      RETAIL STORES (PERSONAL SERVICES)
      18 Waverley Rd, North Andover, MA 01845-2499
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      3,863 SF

      164 Sutton St

      RETAIL STORES (PERSONAL SERVICES)
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    • Value Estimation
      $3,405,000
      13,217 SF

      110 Tpke St

      RETAIL STORES (PERSONAL SERVICES)
      110 Tpke St, North Andover, MA 01845-5041
      View Details
    • Value Estimation
      $915,000
      5,966 SF

      137 Main St

      RETAIL STORES (PERSONAL SERVICES)
      137 Main St, North Andover, MA 01845-2421
      View Details

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      Modern Office/Retail Space on Route

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      30,000 SF

      Mixed-Use Building on 3.5 Acres

      Multi-tenanted 30,000 SF building on Route 114.
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    Similar Nearby for Lease

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      1,190 SF

      Former Restaurant and Retail Spaces

      Restaurant and retail spaces available for lease.
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      1,716 SF

      New Retail Space Available

      New street-level retail space in North Andover's newest development.
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      11,084 SF

      North Andover Retail Space Available

      11,084 SF retail space for lease in North Andover.
      800 Waverley Rd, North Andover, MA 01845
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      1,734 SF

      New Retail Space Available

      New street-level retail in North Andover's newest development.
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      2,310 SF

      Renovated Retail/Office Space Available

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    • $19 SF/Yr
      5,439 SF

      Renovated Retail/Office Condo For Lease

      5,439 SF Class A condo, renovated in 2023.
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    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.

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