Building Details

Year Built 1880

Listing Agency: Roche Realty Group

Listed By: Richard Hagan Show Phone

Source: Seevermonthomesforsale

Added: Sep 9 Changed: Sep 13 Last Checked: Sep 13 at 8:07AM

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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 Roche Realty Group

Investment Insights

Based on property information with market context.

Built in 1880, this duplex occupies a 0.781-acre lot and includes two distinct residential units. The 1,400-square-foot first-floor residence provides one-level living with one bedroom and one bathroom, hardwood and laminate flooring, tin ceilings, a propane fireplace, oil-fired hot-water heat, and access to a covered deck. The 1,438-square-foot upper apartment has two bedrooms, a kitchen, living room, den, and bonus room, with original hardwood beneath carpeting and propane Monitor heat.

Located at 20 Lawrence St in Andover, the property is two blocks from Proctor Academy. Public water and a private sewer serve the property. A detached two-story barn adds garage parking and storage, while the existing configuration also supports the potential conversion to a single-family residence.

Key Highlights

• 0.781‑acre lot with a two‑unit residential layout
• 1,400‑square‑foot first‑floor unit with 1 bedroom and 1 bathroom
• 1,438‑square‑foot upper apartment with 2 bedrooms, den, and bonus room

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

$40,392

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

7.36%

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%

$807,840 $807.8K

Cap Rate 7%

$577,029 $577.0K

Cap Rate 9%

$448,800 $448.8K

Market Conditions

NOI Build-Up for 2,812 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

$60.7K $21.60/SF

− Vacancy

−$3.0K −$1.08/SF

EGI

$57.7K $20.52/SF

− OpEx

−$17.3K −$6.16/SF

NOI

$40.4K $14.36/SF

Area

Merrimack County, NH

Vacancy

5.00%

Lease Rate

$21.60 /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%

$807,840

Cap Rate 7%

$577,029

Cap Rate 9%

$448,800

Alternative Uses

Best Use

Multifamily LT 5

$577.0K

$504.9K – $673.2K (±1% cap)

NOI $40,392 @ 7.0% cap · market cap 7.36%

Second Best

Apartment 5plus

$531.7K

$465.3K – $620.3K (±1% cap)

NOI $37,220 @ 7.0% cap · market cap 6.78%

Theoretical Best

Office A

$732.2K

$640.7K – $854.2K (±1% cap)

NOI $51,253 @ 7.0% cap · market cap 9.34%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Plumbing Service Auto Parts Store Garden Center Veterinary Clinic Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

57

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with separate entrances, covered outdoor space, and substantial storage improvements.

Where is this duplex located?

The property is located at 20 Lawrence St Andover, NH.

What is the asking price?

The asking price for this property is $549,000.

What are key features of this property?

This property features: 0.781‑acre lot with a two‑unit residential layout; 1,400‑square‑foot first‑floor unit with 1 bedroom and 1 bathroom; 1,438‑square‑foot upper apartment with 2 bedrooms, den, and bonus room