Add Listing
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

    248 Andover St Peabody, MA 01960-1502

    • Banks
    • 15,030 SF
    • 1.38 lot acres
    OFF-MARKET
    Value Estimations
    $1,405,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0746351
    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

    • North Shore Bank / Bank / Loan Service

    Property Details for 248 Andover St

    Year built
    2007
    Construction
    FRAME
    Lot size
    1.38 lot acres
    Property size
    15,030 SF
    Zone code
    BR
    Property type
    Banks
    APN
    PEAB M:0039 B:0025-A
    APU
    PEABM0039B0025A

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $1,825,000
      Current use
      RESTAURANT
      $2,100,000
      Change: +15% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,980,000
      Change: +8% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,855,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Peabody
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9488
    Latitude
    42.547
    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
    $84,535
    $1,302,400
    $3,187,000
    $4,489,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      5,484 SF

      31 Cross St

      FINANCIAL BUILDING • 5,484 SF
      31 Cross St, Peabody, MA 01960-1608
      View Details
    • Value Estimation by Request
      7,288 SF

      32 Main St

      FINANCIAL BUILDING • 7,288 SF
      32 Main St, Peabody, MA 01960-5552
      View Details
    • Value Estimation
      $515,000
      8,160 SF

      2 Central St

      FINANCIAL BUILDING • 8,160 SF
      2 Central St, Peabody, MA 01960-4308
      View Details
    • Value Estimation by Request
      3,146 SF

      37 Foster St

      FINANCIAL BUILDING • 3,146 SF
      37 Foster St, Peabody, MA 01960-5505
      View Details
    • Value Estimation
      $1,525,000
      34,224 SF

      61 Prospect St

      FINANCIAL BUILDING • 34,224 SF
      61 Prospect St, Peabody, MA 01960
      View Details
    • Value Estimation
      $1,200,000
      18,705 SF

      10 Main St

      FINANCIAL BUILDING • 18,705 SF
      10 Main St, Peabody, MA 01960-5552
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,640 SF

      High-Visibility Commercial Building in Peabody

      Standalone commercial building in a strong retail corridor, excellent visibility.
      37 Margin St, Peabody, MA 01960
      View Details
    • Contact for pricing
      5,385 SF

      Prime Commercial Property in Peabody

      Two-unit, fully leased commercial property with income potential.
      49 Lowell St, Peabody, MA 01960
      View Details
    • Contact for pricing

      Prime Peabody Retail Investment Opportunity

      Retail property with long-term leases in a strategic location.
      1 Sylvan St, Peabody, MA 01960
      View Details
    • Contact for pricing
      3,000 SF

      Prime Retail Space on Route 1

      High-visibility retail space available on a highly traveled corridor.
      82 Newbury St, Peabody, MA 01960
      View Details
    • $4,100,000
      2,400 SF

      New Starbucks with Tesla Chargers

      Newly constructed Starbucks with Tesla chargers on Route 1.
      1 Newbury St, Peabody, MA 01960
      View Details
    • Contact for pricing

      Approved Condominium Development Opportunity

      Approved 22-unit condominium project near Route 114 in Peabody.
      55 Pulaski St, Peabody, MA 01960
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Versatile Office and Retail Space

      Well-maintained office space ideal for retail and professional businesses.
      160 Main St, Peabody, MA 01960
      View Details
    • Contact for pricing
      1,702 SF

      Retail Space in Peabody Center

      Retail space available in neighborhood shopping center anchored by CVS.
      79 Lynnfield St, Peabody, MA 01960
      View Details
    • Contact for pricing
      9,750 SF

      Renovated Mill Building with Flexible Space

      Three-story mill building with modern renovated space and flexible lease terms.
      119R Foster St, Peabody, MA 01960
      View Details
    • Contact for pricing
      12,615 SF

      Former Walgreens Retail Space Available

      Up to 12,615 SF retail space with drive-thru.
      229 Andover St, Peabody, MA 01960
      View Details
    • Contact for pricing
      1,864 SF

      Prime Commercial Space on Route 1

      High-visibility space ideal for retail, office, or medical use.
      8 Bourbon St, Peabody, MA 01960
      View Details
    • $2,500 /Mo
      994 SF

      Peabody Retail Space For Lease

      Retail space in central Peabody with high visibility.
      2 Main St, Peabody, MA 01960
      View Details

    Property Visit Statistics

    • Visits by month
      2.0k
    • Visitors by month
      1.1k
    • Avg Time on site
      29 min
    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.
    248 Andover St
    Peabody, MA 01960-1502
    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.
    Sign Up Successful!
    You now have access to more from Realmo!