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Property profile & analytics
FOR LEASE
Office buildings
2 Elm Sq 328, Andover, MA 01810
Entity Owned
24-yr Hold
Free & Clear
Property ID
US38-0218752
For Lease
1 / 10
$1,600/Mo
2 Elm Sq,Unit 328, Andover, MA 01810
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1882
Construction
STEEL FRAME
Total area
25,692 SF
Lot
0.41 ac (17,903 SF)
Zoning code
GB
APN
ANDO M:00039 B:00027 L:00000
UPID
US38-0218752
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
-
Elm Square Oyster Co. Restaurant
-
Pappas Carlson & Elwell Atty Law Firm
-
Victoria Mullett Real Estate Agency
-
Tec-Refresh, Inc Business Management Consultant Computer Security Service
-
Brian Murphy Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.86M
Blend (final)
Blend
$5.17M
Owner & transaction history
Add 1 LLC · 24 yrs held
Add 1 LLC
since 2002
7 recorded transactions
Zoning & alternative use
GB · Andover, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$8.2M
+26.1%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$6,515,000
Current use
APARTMENT HOUSE (5+ UNITS)
$8,215,000
Change: +26% · Conversion: Easy
AUTO REPAIR, GARAGE
$6,155,000
Change: -6% · Conversion: Difficult
RETAIL STORES
$5,715,000
Change: -12% · Conversion: Moderate
Blend value · Realmo final
$5.17M
Range $4.65M – $5.69M · ±10%
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
$201 / 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
$89,249
Tax year 2024
Assessed value
$3,502,700
Assessed 2024
Previous assessed
$3,193,300
+9.7% YoY
Effective rate
2.55%
On assessed value
Assessed land
$711,300
Assessed improvement
$2,791,400
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1882
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
1
Units
33
Bathrooms
7
Total area
25,692 SF
Lot
0.41 ac (17,903 SF)
Zoning code
GB
APN
ANDO M:00039 B:00027 L:00000
UPID
US38-0218752
Jurisdiction
ANDOVER
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
GB · Andover, MA
Zoning GB · permitted uses
GB · 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
OFFICE BUILDING Current
Est. value
$6.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.2M
AUTO REPAIR, GARAGE
Est. value
$6.2M
RETAIL STORES
Est. value
$5.7M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
RETAIL STORES
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
1882
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
Yes
Stories
1
Buildings
1
Units
33
Bathrooms
7
Lot
0.41 ac
Current owner
From public records · entity-resolved
Add 1 LLC
Entity
Free & Clear · 24 yrs held
Mailing address
107 AUDUBON RD STE #2, WAKEFIELD, MA 01880-1245
Ownership since
2002
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 15, 2008
—
Musgrove LLC
—
Deed Of Trust
related
$5,400,000 · First National Bank Ipswch
Sep 27, 2006
—
Add 1 LLC
—
Deed Of Trust
related
$1,025,000 · Zuckerman Family Nomi
Sep 22, 2006
—
Add 1 LLC
—
Deed Of Trust
related
$1,025,000 · Olde Ctr Ventures INC
Jun 8, 2006
—
Anthony D Dinapoli
—
Deed Of Trust
related
$500,000 · Olde Center Ventures
Feb 4, 2002
$273,750
Add 1 LLC
Parklot Registered LP
Grant Deed
—
Feb 4, 2002
$4,380,000
Add I LLC
Sw Trust
Grant Deed
$3,575,000 · Merrill Lynch Mortgage Corp
Aug 28, 1998
—
Elaw Corp Tr
—
Deed Of Trust
related
$760,000 · Poave Registered LLP
Nov 15, 1991
—
Fed Deposit Ins Corp
—
Deed Of Trust
related
$870,500 · Zuckerman Family Nomi
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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