Two-Unit Duplex with Private
For Sale
$850,000
Pending
38-40 Pleasant, North Andover, MA 01845
Duplex offering two separate units with private entrances, basements, and in-unit washer and dryer for each side.
Property Size2,227 SF
Days on Market43
Property Features for 38-40 Pleasant
General Information
Standard status
Pending
Size
2,227 SF
Total Parking Spaces
8
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,311
Building Details
Building Size
2,227 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
J. Borstell Real Estate, Inc.
(978) 501-2594
Listed By:
James Williamson · License #258023025
Source:
Classifiedrealtygroup
Added: Jul 14
Changed: Aug 23
Last Checked: Aug 4 at 3:17AM
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 J. Borstell Real Estate, Inc.
Investment Insights
Based on property information with market context.
This well-maintained duplex includes two separate residences at 38 Pleasant St. and 40 Pleasant St., each with its own private entrance and basement. The 38 Pleasant unit features two bedrooms and 1.5 baths, along with a welcoming porch, an oversized primary bedroom, and spacious living and dining rooms. The 40 Pleasant St. unit offers two bedrooms and 1 bath, plus a private deck.
Both units include dedicated basements with washer and dryer, providing convenient laundry and additional storage within each side of the property. The duplex is described as having separate driveways and a backyard setting.
For buyers seeking a two-family setup, the property provides two distinct floorplans within one building, with individual basement laundry and separate entries designed to support everyday privacy.
Both units include dedicated basements with washer and dryer, providing convenient laundry and additional storage within each side of the property. The duplex is described as having separate driveways and a backyard setting.
For buyers seeking a two-family setup, the property provides two distinct floorplans within one building, with individual basement laundry and separate entries designed to support everyday privacy.
Key Highlights
- Two‑unit duplex at 38 and 40 Pleasant St with separate driveways and private entrances
- Each unit has its own basement plus dedicated washer and dryer
- 38 Pleasant St: 2 bedrooms, 1.5 baths, porch, and oversized primary bedroom with living and dining rooms
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
$37,516
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
4.41%
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%
$750,320
$750.3K
Cap Rate 7%
$535,943
$535.9K
Cap Rate 9%
$416,844
$416.8K
Market Conditions
NOI Build-Up for 2,227 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
$56.1K $25.20/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$53.6K $24.07/SF
− OpEx
−$16.1K −$7.22/SF
NOI
$37.5K $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%
$750,320
Cap Rate 7%
$535,943
Cap Rate 9%
$416,844
Alternative Uses
Best Use
Multifamily LT 5
$535.9K
$469.0K – $625.3K
NOI $37,516 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$483.8K
$423.3K – $564.4K
NOI $33,865 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,286 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
733
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
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex offering two separate units with private entrances, basements, and in-unit washer and dryer for each side.
Where is this duplex located?
The property is located at 38-40 Pleasant North Andover, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑unit duplex at 38 and 40 Pleasant St with separate driveways and private entrances; Each unit has its own basement plus dedicated washer and dryer; 38 Pleasant St: 2 bedrooms, 1.5 baths, porch, and oversized primary bedroom with living and dining rooms
