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Property profile & analytics
OFF-MARKET
Estimated value
$1,165,000
Office buildings
38 Essex St, Andover, MA 01810-3761
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US38-0371935
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1998
Construction
FRAME
Total area
4,279 SF
Lot
0.26 ac (11,500 SF)
Zoning code
GB
APN
ANDO M:00055 B:00056 L:00000
UPID
US38-0371935
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
-
Michael P. Miller, Esq. Law Firm
-
Rev. Henry B.Smith,O.S.A. Assembly Hall Church Mosque
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.32M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.32M
Blend (final)
Blend
$1.17M
Owner & transaction history
38 Essex LLC · 6 yrs held
38 Essex LLC
since 2020
Last sale
$1.0M
7 recorded transactions
Zoning & alternative use
GB · Andover, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$1,285,000
ML approach
$1,315,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,085,000
Current use
AUTO REPAIR, GARAGE
$1,025,000
Change: -6% · Conversion: Difficult
RETAIL STORES
$950,000
Change: -12% · Conversion: Moderate
Blend value · Realmo final
$1.17M
Range $1.05M – $1.28M · ±10% · vs last sale $1.00M (Jan 21 2020)
Last sale anchor
$1.00M
Jan 21 2020
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
$272 / 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
$28,953
Tax year 2024
Assessed value
$1,136,300
Assessed 2024
Previous assessed
$1,041,200
+9.1% YoY
Effective rate
2.55%
On assessed value
Assessed land
$336,000
Assessed improvement
$800,300
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
1998
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
2
Units
1
Bathrooms
2
Total area
4,279 SF
Lot
0.26 ac (11,500 SF)
Zoning code
GB
APN
ANDO M:00055 B:00056 L:00000
UPID
US38-0371935
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
OFFICE BUILDING Current
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.0M
RETAIL STORES
Est. value
$950,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
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
1998
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
1
Units
1
Bathrooms
2
Lot
0.26 ac
Current owner
From public records · entity-resolved
38 Essex LLC
Entity
Mailing address
34 ESSEX ST, ANDOVER, MA 01810-3714
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 21, 2020
$1,000,000
38 Essex LLC
Independent Living Corp
Quit Claim Arm's Length For Ne States
$800,000 · Enterprise Bank & Trust Co
Nov 27, 2013
—
Independent Living Corp
—
Deed Of Trust
related
$400,000 · Enterprise Bank & Trust
Aug 14, 2007
—
Independent Living Corp
—
Deed Of Trust
related
$100,000 · Sovereign Bank
Jul 28, 2006
—
Independent Living Corp
—
Deed Of Trust
related
$99,920 · Sovereign Bank
Mar 30, 2004
—
Independent Living Corp
—
Deed Of Trust
related
$640,000 · Enterprise Bank & Trust
Oct 26, 1999
—
Independent Living Co
—
Deed Of Trust
related
$485,000 · Bay State Federal Savings Bank
Feb 1, 1999
—
Independent Living Co
—
Deed Of Trust
related
$500,000 · Misc Other
Jun 10, 1998
—
Independent Living
—
Deed Of Trust
related
$350,000 · One World Fund RT
Aug 1, 1996
$288,750
Independent Living Co
Richmond,donald I
Grant Deed
—
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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