Renovated Three-Unit
For Sale
$1,990,000
361-363 North Main Street, Andover, MA 01810
Two-story Dutch Colonial Gambrel with upgraded interiors, multiple living areas, laundry facilities, and a fenced yard.
Property Size3,482 SF
Price / SF$571.51
Days on Market147
Property Features for 361-363 North Main Street
General Information
Standard status
Active
Size
3,482 SF
Total Parking Spaces
10
Property subtype
Multi-family / 3 Family
Zoning
SRA
Net Operating Income
$129,600
Additional Details
Gross Income
$141,600
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$15,739
Amenities
No
Wood, Tile, Hardwood
Range, Oven, Dishwasher, Refrigerator, Freezer, Washer/Dryer, Microwave, Washer, Dryer
2
Yes
5.0
Gas Dryer Hookup, Washer Hookup
Finished, Partially Finished, Interior Access
Wood Burning
Walk-Up Attic, Storage, Stone/Granite/Solid Counters, Bathroom With Tub & Shower, Remodeled, Bathroom With Tub, Upgraded Cabinets, Upgraded Countertops, Bathroom with Shower Stall, Living Room, Dining Room, Kitchen, Family Room, Laundry Room, Mudroom, Living RM/Dining RM Combo
5
5.00
Fenced
Frame
Shingle
Sprinkler System, Garden, Fenced Yard, Garden Area, Porch
Porch
Building Details
Year Built
1917
Stories
2
Construction
Dutch Colonial Gambrel
Listing Agency:
Gibson Sotheby's International Realty
(978) 526-0243
Listed By:
Henry Gourdeau · License #9572964
(978) 526-0243
Source:
Compass
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 31 at 12:16AM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 3,482-square-foot triplex occupies a classic 1917 Dutch Colonial Gambrel with two stories and three residential units. Interior improvements include remodeled bathrooms, upgraded cabinetry and countertops, hardwood, wood, and tile finishes, plus kitchens equipped with ranges, ovens, dishwashers, refrigerators, freezers, microwaves, and laundry appliances. The floor plan includes living, dining, kitchen, family, laundry, and mudroom areas, along with storage, a walk-up attic, and partially finished space.
The property is located at 361-363 North Main Street in Andover’s Shawsheen Village, with access to Route 495, Route 93, and downtown Andover. Exterior features include a porch, fenced yard, garden area, sprinkler system, frame construction, and shingle siding. SRA zoning and the three-unit configuration support both multifamily ownership and an owner-occupant approach.
The property is located at 361-363 North Main Street in Andover’s Shawsheen Village, with access to Route 495, Route 93, and downtown Andover. Exterior features include a porch, fenced yard, garden area, sprinkler system, frame construction, and shingle siding. SRA zoning and the three-unit configuration support both multifamily ownership and an owner-occupant approach.
Key Highlights
- Three‑unit multifamily property with 3,482 square feet
- 1917 two‑story Dutch Colonial Gambrel
- SRA zoning in Shawsheen Village
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
$58,658
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
2.95%
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%
$1,173,160
$1.2M
Cap Rate 7%
$837,971
$838.0K
Cap Rate 9%
$651,756
$651.8K
Market Conditions
NOI Build-Up for 3,482 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
$87.7K $25.20/SF
− Vacancy
−$3.9K −$1.13/SF
EGI
$83.8K $24.07/SF
− OpEx
−$25.1K −$7.22/SF
NOI
$58.7K $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%
$1,173,160
Cap Rate 7%
$837,971
Cap Rate 9%
$651,756
Alternative Uses
Best Use
Multifamily LT 5
$838.0K
$733.2K – $977.6K
NOI $58,658 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$756.4K
$661.9K – $882.5K
NOI $52,949 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,293 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two-story Dutch Colonial Gambrel with upgraded interiors, multiple living areas, laundry facilities, and a fenced yard.
Where is this triplex located?
The property is located at 361-363 North Main Street Andover, MA.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 3,482 square feet; 1917 two‑story Dutch Colonial Gambrel; SRA zoning in Shawsheen Village
