Corner Residential Income
New
For Sale
$379,900
149 Andover St, Andover, MA 01810
Updated condominium unit with historic details, open living space, private setting, and enclosed parking.
Property Size699 SF
Price / SF$543.49
Days on Market6
Property Features for 149 Andover St
General Information
Standard status
Active
Size
699 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
central air
intercom system
in-unit washer and dryer
Range
Dishwasher
Microwave
Refrigerator
Washer
Dryer
Central Air
Tile
Hardwood
Forced Air, Electric
1.0 Story
$3,868 Taxes
Public
Built in 1889
Building Details
Year Built
1889
Listing Agency:
Coldwell Banker Realty - Andovers/Readings Regional
(978) 475-2201
Listed By:
Jennifer Mason
Source:
Donahuere
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 3:17PM
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 Coldwell Banker Realty - Andovers/Readings Regional
Investment Insights
Based on property information with market context.
This corner condominium unit at Bradlee Condominiums combines its 1889 construction date with a series of modern interior improvements. The residence includes 699 square feet, one bedroom, one bathroom, an open-plan living area, oversized windows, exposed brick, hardwood flooring, recessed lighting, and a remodeled bathroom. Central air, an intercom system, and an in-unit washer and dryer add practical functionality.
The property is located at 149 Andover St in Andover, Massachusetts. A one-car garage with an opener is included, providing dedicated parking and additional convenience. The unit’s corner position and window placement support a bright interior while maintaining a quiet, private setting.
The property is located at 149 Andover St in Andover, Massachusetts. A one-car garage with an opener is included, providing dedicated parking and additional convenience. The unit’s corner position and window placement support a bright interior while maintaining a quiet, private setting.
Key Highlights
- 1‑bedroom, 1‑bath corner condominium unit
- 699 square feet at Bradlee Condominiums
- Built in 1889 with exposed brick 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
$10,629
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
2.80%
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%
$212,580
$212.6K
Cap Rate 7%
$151,843
$151.8K
Cap Rate 9%
$118,100
$118.1K
Market Conditions
NOI Build-Up for 699 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
$20.1K $28.80/SF
− Vacancy
−$805 −$1.15/SF
EGI
$19.3K $27.65/SF
− OpEx
−$8.7K −$12.44/SF
NOI
$10.6K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$212,580
Cap Rate 7%
$151,843
Cap Rate 9%
$118,100
Alternative Uses
Best Use
Apartment 5plus
$151.8K
$132.9K – $177.2K
NOI $10,629 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$413.8K
$362.1K – $482.8K
NOI $28,966 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
122
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium unit with historic details, open living space, private setting, and enclosed parking.
Where is this residential income property located?
The property is located at 149 Andover St Andover, MA.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 1‑bedroom, 1‑bath corner condominium unit; 699 square feet at Bradlee Condominiums; Built in 1889 with exposed brick and hardwood floors
