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    Property profile & analytics

    37 Main St North Andover, MA 01845

    • Auto shops
    • 5,510 SF
    • 0.56 lot acres
    OFF-MARKET
    Last Sale
    May 19, 2020
    Value Estimations
    $365,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0683196
    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

    • Auto shops

    Property Details for 37 Main St

    Year built
    1979
    Lot size
    0.56 lot acres
    Property size
    5,510 SF
    Zone code
    IS
    Property type
    Auto shops
    APN
    NAND M:00028 B:00005 L:00000
    APU
    NANDM00028B00005L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $355,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $510,000
      Market price range: $335k - $1.09M

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

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1336
    Latitude
    42.7076
    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
    $9,767
    $224,800
    $401,300
    $626,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $375,000
      4,000 SF

      307 Clark St

      AUTO REPAIR, GARAGE • 4,000 SF
      307 Clark St, North Andover, MA 01845-1019
      View Details
    • Value Estimation
      $365,000
      2,000 SF

      120 Holt Rd

      AUTO REPAIR, GARAGE • 2,000 SF
      120 Holt Rd, North Andover, MA 01845-1040
      View Details
    • Value Estimation
      $320,000
      1,260 SF

      77 Main St

      AUTO REPAIR, GARAGE • 1,260 SF
      77 Main St, North Andover, MA 01845-2426
      View Details
    • Value Estimation
      $335,000
      1,260 SF

      1615 Osgood St

      AUTO REPAIR, GARAGE • 1,260 SF
      1615 Osgood St, North Andover, MA 01845-1021
      View Details
    • Value Estimation
      $400,000
      4,408 SF

      141 Sutton St

      AUTO REPAIR, GARAGE • 4,408 SF
      141 Sutton St, North Andover, MA 01845-1610
      View Details
    • Value Estimation
      $580,000
      1,830 SF

      150 Sutton St

      AUTO REPAIR, GARAGE • 1,830 SF
      150 Sutton St, North Andover, MA 01845-1611
      View Details

    Similar Nearby for Sale

    • $1,850,000

      Commercial Property with Income Potential

      Two properties with business and residential income potential near Amazon.
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    • $999,990

      Garage with Highway Access

      Commercial garage with highway access, client base, and equipment.
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    • $2,750,000
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      North Andover Commercial Land & Businesses

      Prime 3-acre lot with two thriving businesses.
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    • $350,000
      1,299 SF

      Modern Office/Retail Space on Route

      Renovated office/retail space with high traffic count, near major routes.
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    • $400,000

      Established Restaurant Business For Sale

      Award-winning restaurant with loyal customer base and growth potential.
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    • Contact for pricing
      15,228 SF

      Retail/Office Condominium in North Andover

      Retail/office condominium space available in North Andover, Massachusetts.
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    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
    • $3,400 /Mo
      2,117 SF

      Versatile Commercial Space on Rt. 125

      2,117 sq. ft. space ideal for office or retail.
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    • Contact for pricing
      1,650 SF

      Former Restaurant and Retail Spaces

      Restaurant and retail spaces available for lease.
      542-562 Turnpike St, N Andover, MA 01845
      View Details
    • Contact for pricing
      2,129 SF

      Retail Space in Eaglewood Shops

      Retail spaces available in North Andover's primary retail corridor.
      93-115 Turnpike St, North Andover, MA 01845
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    • Contact for pricing

      North Andover Retail Development Opportunity

      New development on Route 114 with high traffic volume.
      North Andover, MA 01845
      View Details
    • $34 SF/Yr
      1,734 SF

      New Retail Space Available

      New street-level retail in North Andover's newest development.
      1274 1St St North Andover, North Andover, MA 01845
      View Details
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    37 Main 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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