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    Property profile & analytics

    451 Andover St North Andover, MA 01845

    • Office Properties & Spaces
    • 880 SF
    For Lease
    View listing
    $22 SF/Yr
    Last Sale
    Jan 31, 2020
    $1,750,000
    Value Estimations
    $1,640,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0497617
    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

    • Express Employment Professionals / Employment Agency / Employment Center
    • Foot Health Center of Merrimack Valley / Podiatrist
    • Brian Fellows / General Practitioner
    • Cari Skin Care & Therapeutic Massage Centre / Skin Care Clinic / Beauty Salon
    • Vida Wellness / Day Spa / Facial Spa

    Property Details for 451 Andover St

    Year built
    1990
    Property size
    880 SF
    Property type
    Office Properties & Spaces
    APN
    NAND M:00024 B:00028 L:0011A
    APU
    NANDM00024B00028L0011A

    Description

    This exceptional investment opportunity presents medical office condominiums available for lease within the prestigious North Andover Medical Park, situated in North Andover, Massachusetts. The park comprises two four-story buildings, totaling 54,564 square feet, offering flexible spaces ranging from a minimum of 413 square feet to a maximum contiguous space of 1,377 square feet. Built in 1972, the property features elevators for convenient access to all floors. The property is zoned B4 and benefits from a multi-tenant occupancy. The location is highly desirable, boasting excellent visibility and accessibility. It's strategically positioned at the intersection of Route 125 and Route 114, experiencing a high volume of vehicular traffic (42,500 vehicles per day according to MASSDOT 2019 data), and enjoys proximity to major roadways, including I-495 (Exit 42 is just one mile away). The surrounding area offers a wealth of amenities, including popular restaurants (Bertucci's, Burton's Grill & Bar, Chipotle), retail establishments (CVS, Rocky's Ace Hardware, Starbucks), and financial institutions (TD Bank). The property also benefits from its adjacency to Merrimack College and a strong tenant base, including Andover Pediatrics, North Andover Auto School, Steward Medical Group Primary Care of North Andover, Northeast Oral Surgery & Dental Implant Center, and Quest Diagnostics, among others. This presents a unique chance to establish or expand a medical practice in a thriving and well-connected community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,535,000
      ML approach
      $1,535,000

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

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1262
    Latitude
    42.6731
    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
    $2,516
    $0.00
    $161,300
    $161,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      540 SF

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      CONDOMINIUM OFFICES • 3,334 SF
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    Similar Nearby for Sale

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      North Andover Medical/Office Condominiums

      Medical/office condominiums for sale in North Andover Medical Park.
      451 Andover St, North Andover, MA 01845
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    • $169,999
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      North Andover Office Space Available

      Office space for sale in North Andover, Massachusetts.
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      Modern Office/Retail Space on Route

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      Four-Story Office Building on Route

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    Similar Nearby for Lease

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      2,117 sq. ft. space ideal for office or retail.
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    • $22 SF/Yr
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      North Andover Medical Office Condos

      Medical office suites for lease in prime location.
      451 Andover St, North Andover, MA 01845
      View Details
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      North Andover Commercial Building For Rent

      Stand-alone 1400 SF commercial building in busy downtown North Andover.
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      Conference Room for Rent

      Conference room available for daily rental with teleconferencing.
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    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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