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    Property profile & analytics

    498 Chickering Rd North Andover, MA 01845-2840

    • Banks
    • 3,194 SF
    • 0.84 lot acres
    OFF-MARKET
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0982373
    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

    • Lowell Five Bank / Savings Bank / Atm
    • North Andover Tree Services / Tree Service

    Property Details for 498 Chickering Rd

    Year built
    2012
    Lot size
    0.84 lot acres
    Property size
    3,194 SF
    Zone code
    GB
    Property type
    Banks
    APN
    NAND M:00071 B:00026 L:00000
    APU
    NANDM00071B00026L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $445,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $445,000
      Market price range: $209k - $587k

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

    Location Insight

    • Map
    • Local Demand
    City
    North Andover
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1202
    Latitude
    42.6941
    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
    $15,620
    $460,500
    $540,800
    $1,001,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $420,000
      4,549 SF

      555 Chickering Rd

      FINANCIAL BUILDING • 4,549 SF
      555 Chickering Rd, North Andover, MA 01845-2830
      View Details
    • Value Estimation
      $500,000
      3,268 SF

      247 Chickering Rd

      FINANCIAL BUILDING • 3,268 SF
      247 Chickering Rd, North Andover, MA 01845-4535
      View Details
    • Value Estimation
      $860,000
      2,820 SF

      154 Main St

      FINANCIAL BUILDING • 2,820 SF
      154 Main St, North Andover, MA 01845-2434
      View Details
    • Value Estimation
      $575,000
      12,225 SF

      89 Tpke St

      FINANCIAL BUILDING • 12,225 SF
      89 Tpke St, North Andover, MA 01845-5045
      View Details
    • Value Estimation
      $365,000
      3,172 SF

      108 Main St

      FINANCIAL BUILDING • 3,172 SF
      108 Main St, North Andover, MA 01845-2420
      View Details
    • Value Estimation
      $1,485,000
      3,477 SF

      149 Main St

      FINANCIAL BUILDING • 3,477 SF
      149 Main St, North Andover, MA 01845-2421
      View Details

    Similar Nearby for Sale

    • 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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      Modern Office/Retail Space on Route

      Renovated office/retail space with high traffic and modern design.
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      Modern Office/Retail Space For Sale

      Class A office/retail space, renovated in 2023, high traffic location.
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    • $1,200,000
      5,439 SF

      Renovated Office/Retail Space on Route

      Modern, renovated office/retail space with high traffic exposure.
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    • $1,199,999

      Corner Commercial Unit For Sale

      Corner commercial unit in a busy business district, built in 2007.
      1019 Osgood St, North Andover, MA 01845
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    • $850,000
      3,437 SF

      Modern Office/Retail Space on Route

      Renovated office/retail space with high traffic and flexible layout.
      989-991 Osgood St, North Andover, MA 01845
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      North Andover Retail Development Opportunity

      New development on Route 114 with high traffic volume.
      North Andover, MA 01845
      View Details
    • 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
      View Details
    • $3,400 /Mo
      2,117 SF

      Versatile Commercial Space on Rt. 125

      2,117 sq. ft. space ideal for office or retail.
      1211 Osgood St, North Andover, MA 01845
      View Details
    • $2,600 /Mo
      1,400 SF

      North Andover Commercial Building For Rent

      Stand-alone 1400 SF commercial building in busy downtown North Andover.
      238 Sutton St, North Andover, MA 01845
      View Details
    • Contact for pricing
      2,946 SF

      2,946 SF Drive-Thru Available

      2,946 SF drive-thru restaurant space available for lease immediately.
      435 Winthrop Ave, N Andover, MA 01845
      View Details
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    498 Chickering Rd
    North Andover, MA 01845-2840
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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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