Two-Unit Residential Income
For Sale
$599,000
21 Andrews St, Bellingham, MA 02019
Well-maintained two-family home with two vacant 2-bed, 1-bath units, including outdoor deck and patio access.
Property Size2,048 SF
Lot Size0.27 Acres
Price / SF$292.48
Days on Market52
Property Features for 21 Andrews St
General Information
Standard status
Active
Size
2,048 SF
Lot size
0.27 Acres
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1986
Listing Agency:
Coldwell Banker Realty - Framingham
Listed By:
Team MA New Listings
(617) 485-0840
Source:
Lawanaandcompany
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 12 at 3:22PM
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 - Framingham
Investment Insights
Based on property information with market context.
This two-family duplex features two spacious 2-bedroom, 1-bath units with inviting layouts, abundant natural light, picture windows, and ample storage. The upper unit includes a large kitchen with access to a deck overlooking the backyard, while the lower unit provides direct patio access and generous living space. Both units are vacant and move-in ready.
Set on a private, wooded 0.27-acre lot on a quiet dead-end street, the property’s grounds are meticulously cared for and offer a peaceful setting. The location is described as convenient to shopping, public transportation, and Route 495.
Designed to be flexible, the property can suit an owner-occupant and supplement income by leasing the other unit, or support leasing of one or both units.
Set on a private, wooded 0.27-acre lot on a quiet dead-end street, the property’s grounds are meticulously cared for and offer a peaceful setting. The location is described as convenient to shopping, public transportation, and Route 495.
Designed to be flexible, the property can suit an owner-occupant and supplement income by leasing the other unit, or support leasing of one or both units.
Key Highlights
- Well‑maintained two‑family home built in 1986 with two 2‑bedroom, 1‑bath units
- Two vacant units—move‑in ready for an owner‑occupant or to lease one or both
- Upper unit includes a large kitchen with deck access overlooking the backyard
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
$36,687
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
6.12%
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%
$733,740
$733.7K
Cap Rate 7%
$524,100
$524.1K
Cap Rate 9%
$407,633
$407.6K
Market Conditions
NOI Build-Up for 2,048 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
$55.3K $27.00/SF
− Vacancy
−$2.9K −$1.41/SF
EGI
$52.4K $25.59/SF
− OpEx
−$15.7K −$7.68/SF
NOI
$36.7K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$733,740
Cap Rate 7%
$524,100
Cap Rate 9%
$407,633
Alternative Uses
Best Use
Multifamily LT 5
$524.1K
$458.6K – $611.5K
NOI $36,687 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$483.6K
$423.1K – $564.2K
NOI $33,849 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,869 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 02019, MA
16,945
Population
6,555
Households
2.6
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
18.3 sq mi
ZIP Area
926
Density / Sq Mi
$120,966
Median Household Income
$61,453
Median Earnings
$1,788
Median Rent
$425,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family home with two vacant 2-bed, 1-bath units, including outdoor deck and patio access.
Where is this duplex located?
The property is located at 21 Andrews St Bellingham, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Well‑maintained two‑family home built in 1986 with two 2‑bedroom, 1‑bath units; Two vacant units—move‑in ready for an owner‑occupant or to lease one or both; Upper unit includes a large kitchen with deck access overlooking the backyard
