Duplex with Remodeled
New
For Sale
$949,900
10-12 Johnson Street, North Andover, MA 01845
Two residences feature high ceilings, hardwood floors, generous room proportions, and placement within the Franklin School district.
Property Size2,618 SF
Days on Market7
Property Features for 10-12 Johnson Street
General Information
Standard status
Active
Size
2,618 SF
Total Parking Spaces
2
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,059
Building Details
Building Size
2,618 SF
Year Built
1920
Listing Agency:
Compass
Listed By:
The Lush Group · License #2013009293
(404) 689-4408
Source:
Classifiedrealtygroup
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 15 at 5:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
Constructed in 1920, this duplex contains two spacious residences with high ceilings, hardwood floors, and well-proportioned rooms. The property also includes front and rear porches that have been remodeled and reinforced, adding usable exterior space to the traditional residential design.
The address is in North Andover’s Old Center near the Town Common, Youth Center, Drummond Playground, and Stevens-Coolidge. The Stevens Trail provides access toward Weir Hill and additional hiking, while Lake Cochichewick and North Andover Country Club are located minutes away. The property is within the Franklin School district.
The address is in North Andover’s Old Center near the Town Common, Youth Center, Drummond Playground, and Stevens-Coolidge. The Stevens Trail provides access toward Weir Hill and additional hiking, while Lake Cochichewick and North Andover Country Club are located minutes away. The property is within the Franklin School district.
Key Highlights
- Duplex with two spacious residences
- Built in 1920
- High ceilings and hardwood floors
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
$44,103
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
4.64%
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%
$882,060
$882.1K
Cap Rate 7%
$630,043
$630.0K
Cap Rate 9%
$490,033
$490.0K
Market Conditions
NOI Build-Up for 2,618 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
$66.0K $25.20/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$63.0K $24.07/SF
− OpEx
−$18.9K −$7.22/SF
NOI
$44.1K $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%
$882,060
Cap Rate 7%
$630,043
Cap Rate 9%
$490,033
Alternative Uses
Best Use
Multifamily LT 5
$630.0K
$551.3K – $735.1K
NOI $44,103 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$568.7K
$497.6K – $663.5K
NOI $39,810 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,489 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 01845, MA
31,855
Population
12,010
Households
2.7
Avg Household Size
39
Median Age
61%
College-Educated
97%
High-School Grad
26.4 sq mi
ZIP Area
1,207
Density / Sq Mi
$134,319
Median Household Income
$64,592
Median Earnings
$2,113
Median Rent
$670,000
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 residences feature high ceilings, hardwood floors, generous room proportions, and placement within the Franklin School district.
Where is this duplex located?
The property is located at 10-12 Johnson Street North Andover, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Duplex with two spacious residences; Built in 1920; High ceilings and hardwood floors
