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    Property profile & analytics

    28 School St North Andover, MA 01845

    • Office buildings
    • 2,592 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Dec 23, 2022
    $495,500
    Value Estimations
    $560,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0714088
    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

    • Chang's Taekwondo America / Training Center / Sports School

    Property Details for 28 School St

    Year built
    1960
    Lot size
    0.26 lot acres
    Property size
    2,592 SF
    Zone code
    GB
    Property type
    Office buildings
    APN
    NAND M:00030 B:00038 L:00000
    APU
    NANDM00030B00038L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $555,000
      ML approach
      $565,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $683,000
      Market price range: $377k - $1.08M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $580,000
      Current use
      COMMERCIAL (GENERAL)
      $700,000
      Change: +20% Conversion: Easy
      AUTO REPAIR, GARAGE
      $620,000
      Change: +7% Conversion: Difficult
      RETAIL STORES
      $575,000
      Change: -1% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1317
    Latitude
    42.702
    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
    $7,720
    $257,700
    $237,200
    $494,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $12,425,000
      61,380 SF

      815 Chestnut St

      OFFICE BUILDING • 61,380 SF
      815 Chestnut St, North Andover, MA 01845-6009
      View Details
    • Value Estimation
      $800,000
      1,794 SF

      483 Chickering Rd

      OFFICE BUILDING • 1,794 SF
      483 Chickering Rd, North Andover, MA 01845-4036
      View Details
    • Value Estimation
      $3,510,000
      18,308 SF

      100 Andover Byp St

      OFFICE BUILDING • 18,308 SF
      100 Andover Byp St, North Andover, MA 01845-5820
      View Details
    • Value Estimation
      $2,200,000
      8,876 SF

      40 Bayfield Dr

      OFFICE BUILDING • 8,876 SF
      40 Bayfield Dr, North Andover, MA 01845-6016
      View Details
    • Value Estimation by Request
      916 SF

      238 Sutton St

      OFFICE BUILDING • 916 SF
      238 Sutton St, North Andover, MA 01845-1631
      View Details
    • Value Estimation
      $1,800,000
      7,624 SF

      1740 Tpke St

      OFFICE BUILDING • 7,624 SF
      1740 Tpke St, North Andover, MA 01845-6323
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      20,294 SF

      Four-Story Office Building on Route

      Freestanding office building on a prominent lot with prime visibility.
      1538 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing

      First-Class Office Space Available

      Office park with updated amenities and convenient highway access.
      790 Turnpike St, North Andover, MA 01845
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    • $199,900
      1,100 SF

      North Andover Office Space For Sale

      Well-located 1,100 SF office space in North Andover, MA.
      871 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      20,294 SF

      North Andover Office Space Available

      Well-maintained 5,000 SF office space for sale.
      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
    • $50,000
      426 SF

      Professional Office Park Unit

      Office space in professional park near major highways.
      231 Sutton St, North Andover, MA 01845
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Flex Space in Beaver Brook

      Modern flex building in a convenient Littleton location.
      11 Beaver Brook Rd, Littleton, MA 01845
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    • Sponsored
      Contact for pricing

      MA, North Andover - Osgood Street

      Workspaces, services and support to help you work better in MA, North Andover - Osgood Street
      1274 Osgood St, North Andover, MA 01845
      View Details
    • $3,400 /Mo
      2,900 SF

      Modern Office Space Available

      Bright office space with private offices and open floorplan.
      1820 Turnpike St, North Andover, MA 01845
      View Details
    • Contact for pricing
      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
    • $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
    • $25 SF/Yr
      5,050 SF

      Adaptable Commercial Space with Natural Light

      Versatile 5,050 SF commercial space suitable for various uses.
      1820 Turnpike St, North Andover, MA 01845
      View Details
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    28 School St
    North Andover, MA 01845
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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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