Top-Floor Residential Income
For Sale
$359,900
237 North Main Street, Andover, MA 01810
Two-bedroom condo with a balcony, dedicated dining area, large windows, and generous bedroom storage.
Property Size1,000 SF
Price / SF$359.90
Days on Market9
Property Features for 237 North Main Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
Dishwasher
Microwave
Refrigerator
ENERGY STAR Qualified Refrigerator
ENERGY STAR Qualified Dishwasher
Cooktop
Range
Oven
Wall Unit(s)
Wood
Baseboard
3.0 Stories
$3,618 Taxes
Public
Built in 1965
Building Details
Year Built
1965
Listing Agency:
Greatland Real Estate LLC
(978) 761-2733
Listed By:
Jerry Song
Source:
Donahuere
Added: Aug 25
Changed: Aug 30
Last Checked: Sep 1 at 2:34PM
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 Greatland Real Estate LLC
Investment Insights
Based on property information with market context.
This approximately 1,000-square-foot condominium occupies the top floor of a building constructed in 1965. The layout includes two bedrooms, a living room, a separate dining area, and a balcony that extends the usable living space outdoors. Large windows bring natural light throughout the residence, while both bedrooms provide substantial closet storage.
The property is located at 237 North Main Street in Downtown Andover, Massachusetts. Its upper-level position means there are no neighbors above the unit. The second bedroom is described as flexible in its use, providing additional adaptability within the two-bedroom configuration.
The property is located at 237 North Main Street in Downtown Andover, Massachusetts. Its upper-level position means there are no neighbors above the unit. The second bedroom is described as flexible in its use, providing additional adaptability within the two-bedroom configuration.
Key Highlights
- Approximately 1,000 square feet with two bedrooms
- Top‑floor position with no neighbors above
- Balcony provides additional outdoor living space
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
$15,206
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
4.23%
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%
$304,120
$304.1K
Cap Rate 7%
$217,229
$217.2K
Cap Rate 9%
$168,956
$169.0K
Market Conditions
NOI Build-Up for 1,000 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
$28.8K $28.80/SF
− Vacancy
−$1.2K −$1.15/SF
EGI
$27.6K $27.65/SF
− OpEx
−$12.4K −$12.44/SF
NOI
$15.2K $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%
$304,120
Cap Rate 7%
$217,229
Cap Rate 9%
$168,956
Alternative Uses
Best Use
Apartment 5plus
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$592.0K
$518.0K – $690.7K
NOI $41,440 @ 7.0% cap · market cap 11.51%
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
576
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 - Two-bedroom condo with a balcony, dedicated dining area, large windows, and generous bedroom storage.
Where is this residential income property located?
The property is located at 237 North Main Street Andover, MA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Approximately 1,000 square feet with two bedrooms; Top‑floor position with no neighbors above; Balcony provides additional outdoor living space
