Renovated Side-by-Side
For Sale
$1,050,000
2-4 Brechin Ter, Andover, MA 01810
Andover, MA
Property Size2,741 SF
Price / SF$383.07
Days on Market46
Property Features for 2-4 Brechin Ter
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 4
Standard status
Active
Size
2,741 SF
Building Details
Year built
1907
Listing Agency:
Engel & Volkers Boston · Engel & Völkers
(617) 936-4194
Listed By:
Valerie Post
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 31 at 7:06AM
MLS# 73498613
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 2-4 Brechin Ter in Andover, this side-by-side duplex contains two separate residential units. The larger unit offers 3 bedrooms and 2 bathrooms following a comprehensive interior renovation that includes a redesigned kitchen, updated bathrooms, and new flooring. The second unit provides 2 bedrooms and 1 bathroom, creating a distinct configuration within the property.
Exterior work includes Hardie siding and a new roof. Built in 1907, the property contains 2,741 square feet and is situated in Andover, Massachusetts, within Essex County. The two-unit layout supports separate residential occupancy, with one residence substantially updated and the other maintained as a separate 2-bedroom, 1-bath unit.
Exterior work includes Hardie siding and a new roof. Built in 1907, the property contains 2,741 square feet and is situated in Andover, Massachusetts, within Essex County. The two-unit layout supports separate residential occupancy, with one residence substantially updated and the other maintained as a separate 2-bedroom, 1-bath unit.
Key Highlights
- 2,741‑square‑foot side‑by‑side duplex
- One unit renovated with a redesigned kitchen, updated bathrooms, and new flooring
- 3‑bedroom, 2‑bath unit paired with a 2‑bedroom, 1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$46,175
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$923,500
$923.5K
Cap Rate 7%
$659,643
$659.6K
Cap Rate 9%
$513,056
$513.1K
Market Conditions
NOI Build-Up for 2,741 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$69.1K $25.20/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$66.0K $24.07/SF
− OpEx
−$19.8K −$7.22/SF
NOI
$46.2K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$923,500
Cap Rate 7%
$659,643
Cap Rate 9%
$513,056
Alternative Uses
Best Use
Multifamily LT 5
$659.6K
$577.2K – $769.6K
NOI $46,175 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$595.4K
$521.0K – $694.7K
NOI $41,681 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,586 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 01810, MA
35,621
Population
13,803
Households
2.6
Avg Household Size
43
Median Age
75%
College-Educated
97%
High-School Grad
30.5 sq mi
ZIP Area
1,168
Density / Sq Mi
$167,591
Median Household Income
$86,838
Median Earnings
$2,046
Median Rent
$813,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one fully renovated residence and recent exterior improvements.
Where is this duplex located?
The property is located at 2-4 Brechin Ter Andover, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 2,741‑square‑foot side‑by‑side duplex; One unit renovated with a redesigned kitchen, updated bathrooms, and new flooring; 3‑bedroom, 2‑bath unit paired with a 2‑bedroom, 1‑bath unit
