Top-Floor Residential Income
For Sale
$335,000
354 North Main Street, Andover, MA 01810
Historic condominium residence with elevator access, hardwood flooring, and a bright open interior near local transportation.
Property Size800 SF
Price / SF$418.75
Days on Market8
Property Features for 354 North Main Street
General Information
Standard status
Active
Size
800 SF
Elevators
Yes
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
laundry
Range
Dishwasher
Refrigerator
Window Unit(s)
Hardwood
Flooring - Hardwood
Hot Water, Steam, Oil
1.0 Story
$3,417 Taxes
Public
Built in 1930
Building Details
Year Built
1930
Construction
brick
Listing Agency:
Keller Williams Realty
(978) 475-2111
Listed By:
Mary O'Neill
Source:
Donahuere
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 12:38PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Unit 308 is an 800-square-foot condominium residence on the third floor of the Aberdeen Building, a 1930 historic brick property. The interior has been freshly painted and features eleven-foot ceilings, hardwood floors, five oversized windows, an open living room, a spacious bedroom sized for a king bed, a galley kitchen, adjacent dining space, and a full bathroom. An elevator serves the building.
The property is located within one mile of Andover Center, the train station, and Route 495. The building entry includes a large foyer with high ceilings and classic architectural detailing.
The property is located within one mile of Andover Center, the train station, and Route 495. The building entry includes a large foyer with high ceilings and classic architectural detailing.
Key Highlights
- 800 sf third‑floor condominium residence in the historic Aberdeen Building
- 1930 building with elevator access
- Eleven‑foot ceilings and hardwood floors
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
$12,165
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
3.63%
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%
$243,300
$243.3K
Cap Rate 7%
$173,786
$173.8K
Cap Rate 9%
$135,167
$135.2K
Market Conditions
NOI Build-Up for 800 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
$23.0K $28.80/SF
− Vacancy
−$922 −$1.15/SF
EGI
$22.1K $27.65/SF
− OpEx
−$10.0K −$12.44/SF
NOI
$12.2K $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%
$243,300
Cap Rate 7%
$173,786
Cap Rate 9%
$135,167
Alternative Uses
Best Use
Apartment 5plus
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$473.6K
$414.4K – $552.5K
NOI $33,152 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
499
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 - Historic condominium residence with elevator access, hardwood flooring, and a bright open interior near local transportation.
Where is this residential income property located?
The property is located at 354 North Main Street Andover, MA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 800 sf third‑floor condominium residence in the historic Aberdeen Building; 1930 building with elevator access; Eleven‑foot ceilings and hardwood floors
