Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$6,830,000
Office buildings
229 Andover St Wilmington, MA 01887-1088
Entity Owned
10-yr Hold
Absentee Owner
Free & Clear
Property ID
US38-0757627
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1983
Construction
STEEL FRAME
Total area
25,742 SF
Lot
2.19 ac (95,396 SF)
APN
WILM M:00R1 L:0000 P:0108B
UPID
US38-0757627
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
-
C J Mccarthy Insurance Agency: Russo Joseph Insurance Agency
-
Advan Source Biomaterials Corporation Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.31M
Blend (final)
Blend
$6.83M
Owner & transaction history
Murphy 229 Andover St LLC · 10 yrs held
Murphy 229 Andover St LLC
since 2015
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$7.5M
+32.6%
Auto repair, garage
$7.2M
+28.6%
Neighborhood: shopping center
$7.1M
+26.6%
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 Wilmington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wilmington 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
$5,635,000
Current use
RESTAURANT
$7,475,000
Change: +33% · Conversion: Moderate
AUTO REPAIR, GARAGE
$7,245,000
Change: +29% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$7,130,000
Change: +27% · Conversion: Difficult
RETAIL STORES
$6,940,000
Change: +23% · Conversion: Moderate
COMMERCIAL (GENERAL)
$6,650,000
Change: +18% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$5,930,000
Change: +5% · Conversion: Easy
Blend value · Realmo final
$6.83M
Range $6.15M – $7.51M · ±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
$265 / 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
$83,485
Tax year 2024
Assessed value
$3,182,800
Assessed 2024
Previous assessed
$3,046,100
+4.5% YoY
Effective rate
2.62%
On assessed value
Assessed land
$943,800
Assessed improvement
$2,239,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Off-Market
Year built
1983
Construction
STEEL FRAME
Heating
FORCED AIR
Buildings
1
Stories
2
Units
1
Bathrooms
2
Total area
25,742 SF
Lot
2.19 ac (95,396 SF)
APN
WILM M:00R1 L:0000 P:0108B
UPID
US38-0757627
Jurisdiction
WILMINGTON
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$5.6M
RESTAURANT
Est. value
$7.5M
AUTO REPAIR, GARAGE
Est. value
$7.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$7.1M
RETAIL STORES
Est. value
$6.9M
COMMERCIAL (GENERAL)
Est. value
$6.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.9M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1983
Construction
STEEL FRAME
Heating
FORCED AIR
Stories
2
Buildings
1
Units
1
Bathrooms
2
Lot
2.19 ac
Current owner
From public records · entity-resolved
Murphy 229 Andover St LLC
Entity
Free & Clear · 10 yrs held
Mailing address
28 DAMRELL ST STE #102, BOSTON, MA 02127-2775
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 13, 2015
$2,575,000
Murphy 229 Andover St LLC
229 Andover Street LLC
Quit Claim Deed
—
Apr 11, 2012
—
229 Andover Street LLC
—
Deed Of Trust
related
$680,000 · Gary Needham
Dec 22, 2011
$2,000,000
229 Andover Street LLC
Advansource Biomaterials
Grant Deed
—
Jul 8, 2011
—
Advansource Biomaterials
—
Deed Of Trust
related
$800,000 · Axiom Partners LP
Dec 23, 2003
$1,750,000
Cardiotech Intl INC
229 Andover St RT
Grant Deed
—
Apr 11, 2001
—
229 Andover St. RT
—
Deed Of Trust
related
$1,700,000 · Citizens Bank Of Ma
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 229 Andover St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
