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Musto Family LLC Acquires Office Property From Eastern Bank In Andover For $2.526M

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SOLD
$2,526,000

Massachusetts

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Office11,400 SF
Sold 02/13/2025
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SOLD

Musto Family LLC Acquires Office Property From Eastern Bank In Andover For $2.526M

69 Park Street

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Office11,400 SF
Sold 02/13/2025
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Summary

MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$221
Total Square Footage:11,400 SF
Transaction Type:Sale

The property involved in this transaction is located at 69 Park Street in Andover, MA. The asset type is classified as an office space, encompassing a total of 11,400 square feet. The sale price reached $2,526,000, which translates to a price per square foot of $222. This property is occupied by three tenants along with a vacant first-floor bank branch.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $2,526,000
  • Address: 69 Park Street
  • Market: Andover, MA
  • Square Footage: 11,400
  • Price Per Square Foot: $222
  • Buyer: Musto Family LLC
  • Seller: Eastern Bank
  • Brokers: Brendan Coan & Richard Pilla - Paramount Partners

The transaction was facilitated by brokers Brendan Coan and Richard Pilla, representing Paramount Partners. They arranged the sale on behalf of the seller, Eastern Bank, while the buyer, Musto Family LLC, acquired the property. The presence of multiple tenants and a vacant bank branch adds to the profile of this transaction.

Players

3 deals$6.9M volume
BROKER

Details

SOLD
IMAGE: Brendan Coan & Richard Pilla DATE: 02/13/2025 ADDRESS: 69 Park Street MARKET: Andover, MA ASSET TYPE: Office BUYER: Musto Family LLC SELLER: Eastern Bank BROKERS: Brendan Coan & Richard Pilla - Paramount Partners SALE PRICE: $2,526,000 SF: 11,400 ~ PPSF: $222 NOTE: Paramount Partners arranged the $2.526M sale of 69 Park St. in Andover, MA, on behalf of seller Eastern Bank. Buyer Musto Family LLC acquired the 11,400 SF property, which includes three tenants and a vacant first-floor bank branch.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$134,719.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,974.35
Cash-on-Cash Return-1.27%
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