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Property profile & analytics
OFF-MARKET
Estimated value
$635,000
Super regional malls
28 Chestnut St Andover, MA 01810-3669
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US38-0574559
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
1989
Construction
FRAME
Total area
10,440 SF
Lot
0.64 ac (27,748 SF)
Zoning code
GB
APN
ANDO M:00039 B:00033 L:00000
UPID
US38-0574559
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
-
salon invi Hair Salon
-
Leonard Orthodontics Dental Office
-
Lady Black Tie Clothing & Fashion Store
-
Andover Bake Shop Bakery Specialty Food Shop
-
StretchMed - Andover Spa & Massage Center Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$610k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$658k
Blend (final)
Blend
$635k
Owner & transaction history
Loupan Realty LLC · 14 yrs held
Loupan Realty LLC
since 2011
7 recorded transactions
Zoning & alternative use
GB · Andover, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.0M
+124.4%
Medical building
$750,000
+66.8%
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 Andover submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Andover 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
$610,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$450,000
Current use
RETAIL STORES
$1,010,000
Change: +124% · Conversion: Easy
MEDICAL BUILDING
$750,000
Change: +67% · Conversion: Difficult
Blend value · Realmo final
$635k
Range $572k – $699k · ±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
$61 / 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
$83,569
Tax year 2024
Assessed value
$3,279,800
Assessed 2024
Previous assessed
$3,002,000
+9.3% YoY
Effective rate
2.55%
On assessed value
Assessed land
$954,200
Assessed improvement
$2,325,600
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
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
Off-Market
Year built
1989
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
7
Bathrooms
7
Total area
10,440 SF
Lot
0.64 ac (27,748 SF)
Zoning code
GB
APN
ANDO M:00039 B:00033 L:00000
UPID
US38-0574559
Jurisdiction
ANDOVER
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
GB · Andover, MA
Zoning GB · permitted uses
GB · Andover, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Andover. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$450,000
RETAIL STORES
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$750,000
NEIGHBORHOOD: SHOPPING CENTER Current
RETAIL STORES
MEDICAL BUILDING
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
1989
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
7
Bathrooms
7
Lot
0.64 ac
Current owner
From public records · entity-resolved
Loupan Realty LLC
Entity
Mailing address
42 SCHOOL ST, ANDOVER, MA 01810-4039
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 6, 2020
—
Loupan Realty LLC
—
Deed
related
$3,000,000 · Enterprise Bank & Trust Co
Jul 28, 2011
$3,150,000
Loupan Realty LLC
Northern Enteprises RT
Grant Deed
$2,050,000 · Enterprise Bank & Trust
Dec 11, 2008
—
Northern Enterprises RT
—
Deed Of Trust
related
$550,000 · East Boston Savings Bank
Oct 4, 2005
—
Northern Enterprises RT
—
Deed Of Trust
related
$1,700,000 · Salem Five Cents Savings Bank
Mar 15, 2002
$2,050,000
Northern Enterprise RT
Andover RT
Grant Deed
$1,652,300 · First Essex Bank
Nov 7, 2000
—
Belmont Manor RT
—
Deed Of Trust
related
$395,000 · Belmont Savings Bank
Apr 28, 1998
—
Belmont Manor RT
—
Deed Of Trust
related
$1,441,000 · Belmont Savings Bank
Oct 1, 1997
$2,000,000
Belmont Manor RT
28 Chestnut St RT
Grant Deed
$1,500,000 · Belmont Savings Bank
Oct 1, 1997
—
Belmont Manor RT
—
Deed Of Trust
related
$250,000 · Twenty 8 Chestnut RT
Dec 31, 1991
—
28 Chestnut St. RT
—
Deed Of Trust
related
$395,000 · Arthur J Epstein
Jan 16, 1990
—
28 Chestnut St. RT
—
Deed Of Trust
related
$1,775,000 · Gary Needham
Jul 11, 1989
—
28 Chestnutst RT
—
Deed Of Trust
related
$640,000 · Malden Trust Co
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.
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