In-Town Duplex with Detached
New
For Sale
$549,000
20 Lawrence Street, Andover, NH 01810
Multi-Family, Andover, NH
Property Size2,812 SF
Lot Size0.78 Acres
Price / SF$195.23
Days on Market5
Property Features for 20 Lawrence Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Basement, Bathroom 1, Bedroom 1, Bedroom 2
Parking features
Covered, Off Street
Patio and Porch features
Porch, Deck
Exterior features
Barn, Deck, Covered Porch, Screened Porch
Appliances
Electric Water Heater
Lot features
Level, Major Road Frontage, In Town
Elementary school district
Proctors School District
Middle school district
Proctors School District
High school district
Proctors School District
Directions
Main Street to Lawrence #20 on the right. See sign.
Standard status
Active
Size
2,812 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7622
Utilities
Heating system
Propane (Heating), Hot Water(Heating), Oil, Baseboard
Water source
Public
Building Details
Year built
1880
Floors in Building
3
Number of units
2
Flooring type
Laminate, Carpet, Hardwood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Roche Realty Group
(603) 279-7046
Listed By:
Richard Hagan
(800) 926-5253
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 11:06PM
MLS# 5108880
Copyright © 2026 PrimeMLS. 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.
Built in 1880, this 2,812-square-foot duplex combines two distinct residential layouts within a wood-frame building with vinyl siding. The first-floor unit provides 1,400 square feet, one bedroom, one bathroom, hardwood and laminate flooring, tin ceilings, a propane fireplace, oil-fired hot-water heat, and access to a covered deck. The upper apartment measures 1,438 square feet and includes two bedrooms, a kitchen, living room, den, bonus room, and private entrance. Its propane Monitor heater is paid for by the tenant.
The property is located at 20 Lawrence Street in Andover, two blocks from Proctor Academy. Public water and a private sewer serve the property. Exterior features include a deck, covered porch, screened porch, and a detached two-story barn with covered parking and storage. Off-street parking is also provided.
The property is located at 20 Lawrence Street in Andover, two blocks from Proctor Academy. Public water and a private sewer serve the property. Exterior features include a deck, covered porch, screened porch, and a detached two-story barn with covered parking and storage. Off-street parking is also provided.
Key Highlights
- 2,812‑square‑foot duplex on a 0.78‑acre lot
- First‑floor unit measures 1,400 square feet with 1 bedroom and 1 bathroom
- Upper apartment offers 1,438 square feet, 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
NOI $40,392 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$531.7K
$465.3K – $620.3K
NOI $37,220 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$732.2K
$640.7K – $854.2K
NOI $51,253 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include a first-floor one-bedroom layout and an upstairs two-bedroom apartment.
Where is this duplex located?
The property is located at 20 Lawrence Street 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: 2,812‑square‑foot duplex on a 0.78‑acre lot; First‑floor unit measures 1,400 square feet with 1 bedroom and 1 bathroom; Upper apartment offers 1,438 square feet, 2 bedrooms, den, and bonus room
