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    Property profile & analytics

    2 Main St Andover, MA 01810-3702

    • Retail space
    • 1,626 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $355,000
    Show details
    Cap Rate Potential
    7.8%
    Retail space
    Location Intelligence
    Property ID
    US38-1222630
    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.

    Current Use by Public Records

    • Memorial Hall Library / Public Library
    • Helen Thomas Simply Smashing / Gift Shop
    • Melissa's tutoring / Tutoring Service

    Property Details for 2 Main St

    Year built
    1933
    Lot size
    0.04 lot acres
    Property size
    1,626 SF
    Zone code
    GB
    Property type
    Retail space
    APN
    ANDO M:00039 B:00025 L:00000
    APU
    ANDOM00039B00025L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $485,000
      6.5%
      $445,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $535,000
      Market price range: $225k - $536k
      AI Estimate
      $230,000
      Market price range: $81.4k - $231k

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

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1404
    Latitude
    42.6566
    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
    $12,959
    $206,500
    $302,100
    $508,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $625,000
      10,880 SF

      111 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 10,880 SF
      111 Elm St, Andover, MA 01810-1708
      View Details
    • Value Estimation
      $805,000
      15,688 SF

      1 Main St

      RETAIL STORES (PERSONAL SERVICES) • 15,688 SF
      1 Main St, Andover, MA 01810-3982
      View Details
    • Value Estimation
      $345,000
      2,217 SF

      28 Railroad St

      RETAIL STORES (PERSONAL SERVICES) • 2,217 SF
      28 Railroad St, Andover, MA 01810
      View Details
    • Value Estimation
      $685,000
      12,887 SF

      19 Lupine Rd

      RETAIL STORES (PERSONAL SERVICES) • 12,887 SF
      19 Lupine Rd, Andover, MA 01810-3909
      View Details
    • Value Estimation
      $375,000
      3,448 SF

      9-11 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,448 SF
      9-11 Main St, Andover, MA 01810
      View Details
    • Value Estimation
      $1,040,000
      20,744 SF

      77 Main St

      RETAIL STORES (PERSONAL SERVICES) • 20,744 SF
      77 Main St, Andover, MA 01810-3845
      View Details

    Similar Nearby for Sale

    • $325,000
      1,472 SF

      Downtown Andover Retail/Office Space

      Retail/office space in downtown Andover, steps from amenities and transport.
      1 Elm Sq, Andover, MA 01810
      View Details
    • $159,900

      Profitable Turnkey Business Opportunity

      Established business with beer, wine, lottery, tobacco, and ATM licenses.
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    • $350,000

      Andover Office Condo for Sale

      Prime Andover location, versatile office space.
      0 Elm Sq, Andover, MA 01810
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    • $399,900

      Andover Acre Lot Opportunity

      One-acre lot in Andover, convenient location with privacy.
      22 Haggetts Pond Rd, Andover, MA 01810
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    • $695,000

      Updated Office Condo For Sale

      3,899 SF office condo with flexible layout and modern systems.
      191 Chandler Rd, Andover, MA 01810
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    Similar Nearby for Lease

    • Contact for pricing
      2,964 SF

      Retail Space in Andover, MA

      Retail space available for lease in Andover, Massachusetts.
      60 Main St, Andover, MA 01810
      View Details
    • $35 SF/Yr

      Downtown Andover Commercial Space

      Renovated 2,200 SF space in the heart of Andover.
      2 Punchard Ave, Andover, MA 01810
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space in Andover Plaza

      Retail space available in a busy Andover shopping center.
      209 N Main St, Andover, MA 01810
      View Details
    • $25 SF/Yr

      Downtown Andover Retail/Restaurant Space

      Retail and restaurant space in downtown Andover with parking.
      89-93 Main St, Andover, MA 01810
      View Details
    • $25 SF/Yr

      Downtown Andover Office/Retail Space

      Office/retail space in downtown Andover with convenient highway access.
      89-93 Main St, Andover, MA 01810
      View Details
    • $29 SF/Yr
      4,000 SF

      Prime Retail Space in Andover

      Former bank location with high visibility signage on Main Street.
      211 North Main St, Andover, MA 01810
      View Details
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    2 Main St
    Andover, MA 01810-3702
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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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