Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    203 Tpke St Ste, Unit 303 North Andover, MA 01845-5042

    • Office Properties & Spaces
    • 1,787 SF
    OFF-MARKET
    Last Sale
    Jan 31, 2020
    $1,750,000
    Value Estimations
    $1,665,000
    Show details
    Cap Rate Potential
    3.5%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US38-1465788
    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

    • Office Properties & Spaces

    Property Details for 203 Tpke St Ste

    Year built
    1971
    Property size
    1,787 SF
    Property type
    Office Properties & Spaces
    APN
    NAND M:00024 B:00028 L:0303B
    APU
    NANDM00024B00028L0303B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,535,000
      ML approach
      $1,615,000

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

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1273
    Latitude
    42.6734
    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
    $4,781
    $0.00
    $306,500
    $306,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      177 SF

      451 Andover St Ste, Unit 214

      CONDOMINIUM OFFICES • 177 SF
      451 Andover St Ste, North Andover, MA 01845-5079
      View Details
    • Value Estimation by Request
      568 SF

      565 Tpke St Ste 63c

      CONDOMINIUM OFFICES • 568 SF
      565 Tpke St Ste 63c, North Andover, MA 01845-5936
      View Details
    • Value Estimation by Request
      540 SF

      793 Tpke St, Unit 103

      CONDOMINIUM OFFICES • 540 SF
      793 Tpke St, North Andover, MA 01845-6170
      View Details
    • Value Estimation by Request
      540 SF

      795 Tpke St, Unit 104

      CONDOMINIUM OFFICES • 540 SF
      795 Tpke St, North Andover, MA 01845-6128
      View Details
    • Value Estimation by Request
      3,974 SF

      162 Sutton St

      Restaurants • 3,974 SF
      162 Sutton St, North Andover, MA 01845
      View Details
    • Value Estimation by Request
      3,334 SF

      231 Sutton St Ste 1a

      CONDOMINIUM OFFICES • 3,334 SF
      231 Sutton St Ste 1a, North Andover, MA 01845-1620
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,228 SF

      Retail/Office Condominium in North Andover

      Retail/office condominium space available in North Andover, Massachusetts.
      1007 Osgood St, North Andover, MA 01845
      View Details
    • $1,100,000
      4,600 SF

      North Andover Medical/Office Condominiums

      Medical/office condominiums for sale in North Andover Medical Park.
      451 Andover St, North Andover, MA 01845
      View Details
    • $169,999
      2,257 SF

      North Andover Office Space Available

      Office space for sale in North Andover, Massachusetts.
      565 Turnpike St, North Andover, MA 01845
      View Details
    • $350,000
      1,299 SF

      Modern Office/Retail Space on Route

      Renovated office/retail space with high traffic count, near major routes.
      991-1003 Osgood St, North Andover, MA 01845
      View Details
    • $3,500,000

      Four-Story Office Building on Route

      Freestanding office building on Route 114 in North Andover.
      1538 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      1,876 SF

      Retail/Office Condo in North Andover

      1,876 SF retail/office condo in North Andover for sale.
      1007-1017 Osgood St, North Andover, MA 01845
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      46,104 SF

      First & Main: North Andover Office

      Prime North Andover office space, multiple suites available.
      109 Main St, North Andover, MA 01845
      View Details
    • $300 /Mo
      48,000 SF

      North Andover Office Conference Room

      Conference room available for rent in North Andover, MA.
      30 Massachusetts Ave, North Andover, MA 01845
      View Details
    • $3,400 /Mo
      2,117 SF

      Versatile Commercial Space on Rt. 125

      2,117 sq. ft. space ideal for office or retail.
      1211 Osgood St, North Andover, MA 01845
      View Details
    • Contact for pricing
      3,477 SF

      New Mixed-Use Development Space

      Retail/office space in North Andover's newest mixed-use development.
      149 Main St, North Andover, MA 01845
      View Details
    • $1,395 /Mo
      1,080 SF

      North Andover Office Space Available

      Second-floor office space in North Andover for rent.
      789-795 Turnpike St, North Andover, MA 01845
      View Details
    • $2,050 /Mo
      2,310 SF

      Renovated Retail/Office Space Available

      Prime downtown North Andover location, suitable for retail or office.
      89 Main St, North Andover, MA 01845
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    203 Tpke St Ste, Unit 303
    North Andover, MA 01845-5042
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.