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    2 Elm Sq, Unit 328 Andover, MA 01810
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    Property profile & analytics

    2 Elm Sq, Unit 328 Andover, MA 01810

    View on Map
    • Office buildings
    • 25,692 SF
    • 0.41 lot acres
    For Lease
    $1,600/Mo
    View Listing →
    Downtown Andover Office Space Available For Lease
    $1,600/Mo
    834 SF

    Downtown Andover Office Space Available

    Commercial office space for lease in downtown Andover.

    2 Elm Sq #328, Andover, MA 1810
    View Listing
    Property ID
    US38-0218752
    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

    • 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

    Property Details for 2 Elm Sq

    Year built
    1882
    Construction
    STEEL FRAME
    Lot size
    0.41 lot acres
    Property size
    25,692 SF
    Zone code
    GB
    Property type
    Office buildings
    APN
    ANDO M:00039 B:00027 L:00000
    APU
    ANDOM00039B00027L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,860,000
      Market price range: $4.61M - $7.92M
      AI Estimate
      $3,259,000
      Market price range: $1.89M - $6.51M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1404
    Latitude
    42.657
    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
    $89,249
    $711,300
    $2,791,400
    $3,502,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $8,695,000
      45,763 SF

      303 Main St

      OFFICE BUILDING • 45,763 SF
      303 Main St, Andover, MA 01810
      View Details
    • Value Estimation
      $2,455,000
      9,633 SF

      342 Main St

      OFFICE BUILDING • 9,633 SF
      342 Main St, Andover, MA 01810-2636
      View Details
    • Value Estimation
      $16,825,000
      88,813 SF

      25 Frontage Rd

      OFFICE BUILDING • 88,813 SF
      25 Frontage Rd, Andover, MA 01810-5424
      View Details
    • Value Estimation
      $1,125,000
      4,320 SF

      79 Main St

      OFFICE BUILDING • 4,320 SF
      79 Main St, Andover, MA 01810-3510
      View Details
    • Value Estimation
      $3,865,000
      64,579 SF

      138 Riv Rd

      OFFICE BUILDING • 64,579 SF
      138 Riv Rd, Andover, MA 01810-1072
      View Details
    • Value Estimation
      $1,340,000
      5,414 SF

      10 High St

      OFFICE BUILDING • 5,414 SF
      10 High St, Andover, MA 01810-3582
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      45,000 SF

      Andover Office Building For Sale

      Downtown Andover office building with convenient access and ample parking.
      305 N Main St, Andover, MA 01810
      View Details
    • Contact for pricing

      Updated Office Condo Near I-93

      Two-story office condo with modern systems and flexible layout.
      191 Chandler Rd, Andover, MA 01810
      View Details
    • $1,100,000

      Turnkey Medical Office in Andover

      Modernized, freestanding office building in Andover's Historic Shawsheen Village.
      6 Windsor St, Andover, MA 01810
      View Details
    • Contact for pricing

      Andover Office/Medical Space For Sale

      4,300+ SF, updated, ADA access, near major routes.
      6 Windsor St, Andover, MA 01810
      View Details
    • $695,000
      3,899 SF

      Updated Office Condo Near I-93

      Two-story office condo with modern systems and flexible layout.
      191 Chandler Rd, Andover, MA 01810
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      44,407 SF

      Office Space with Amenity Center

      Office space with planned amenity center, fitness, and recreation.
      3000 Minuteman Rd, Andover, MA 01810
      View Details
    • Contact for pricing
      43,620 SF

      Class A Office Building Andover

      Premier office and R&D space near I-93 and I-495.
      6 Riverside Dr, Andover, MA 01810
      View Details
    • $32 SF/Yr

      Downtown Andover Office Space Available

      Centrally located office building near Andover Train Station.
      2 Elm Sq, Andover, MA 01810
      View Details
    • $35 SF/Yr
      3,205 SF

      Downtown Andover Standalone Office Building

      Furnished 3,205 SF office building in downtown Andover.
      13 Bartlet St, Andover, MA 01810
      View Details
    • Contact for pricing
      21,000 SF

      Class A Office Space Andover

      Class A office park with suites available in Andover, MA.
      1 Tech Dr, Andover, MA 01810
      View Details
    • $35 SF/Yr

      Downtown Andover Standalone Office Building

      Turnkey, furnished office space in downtown Andover with parking.
      13 Bartlet St, Andover, MA 01810
      View Details
    View Listing
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    Andover, MA 01810
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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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