De-Leaded 2-Unit
For Sale
$799,900
23-25 Glenwood St, North Andover, MA 01845
Two matching residences offer hardwood floors, separate utilities, in-unit laundry hookups, and access to a large yard.
Property Size2,334 SF
Price / SF$342.72
Days on Market74
Property Features for 23-25 Glenwood St
General Information
Standard status
Active
Size
2,334 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R4
Net Operating Income
$26,367
Property Condition
Severity
Repairs Needed
Evidence
ready for some sweat equity
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,638
Building Details
Building Size
2,334 SF
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
Castlearch Property Advisors
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 18
Changed: Aug 29
Last Checked: Aug 29 at 2:48PM
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 Castlearch Property Advisors
Investment Insights
Based on property information with market context.
This de-leaded two-family property contains two residences with matching, flexible layouts. Each unit features original hardwood floors, large bedrooms, a spacious living area, an eat-in kitchen, and a dining room. Separate utilities and washer/dryer hookups are provided within the units. A dry walkout basement adds storage, while the third floor includes partially finished space currently used exclusively by the second-floor residence.
The first unit is scheduled for vacant delivery, and the second unit has an existing tenancy through 7/31/2027. Exterior improvements include vinyl siding and windows described as newer. The property also offers a large yard and is located in North Andover, Massachusetts. It was built in 1900 and carries R4 zoning.
The first unit is scheduled for vacant delivery, and the second unit has an existing tenancy through 7/31/2027. Exterior improvements include vinyl siding and windows described as newer. The property also offers a large yard and is located in North Andover, Massachusetts. It was built in 1900 and carries R4 zoning.
Key Highlights
- 2,334 SF de‑leaded two‑family property built in 1900
- Unit #1 is scheduled to be delivered vacant
- Unit #2 is leased through 7/31/2027
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
$39,319
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
4.92%
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%
$786,380
$786.4K
Cap Rate 7%
$561,700
$561.7K
Cap Rate 9%
$436,878
$436.9K
Market Conditions
NOI Build-Up for 2,334 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
$58.8K $25.20/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$56.2K $24.07/SF
− OpEx
−$16.9K −$7.22/SF
NOI
$39.3K $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%
$786,380
Cap Rate 7%
$561,700
Cap Rate 9%
$436,878
Alternative Uses
Best Use
Multifamily LT 5
$561.7K
$491.5K – $655.3K
NOI $39,319 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$507.0K
$443.7K – $591.5K
NOI $35,492 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,720 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
832
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences offer hardwood floors, separate utilities, in-unit laundry hookups, and access to a large yard.
Where is this duplex located?
The property is located at 23-25 Glenwood St North Andover, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,334 SF de‑leaded two‑family property built in 1900; Unit #1 is scheduled to be delivered vacant; Unit #2 is leased through 7/31/2027
