Four-Unit Townhouse-Style
New
For Sale
$1,499,999
42-48 Red Spring Rd, Andover, MA 01845
Townhouse-style configuration across two multifamily properties offered together.
Property Size4,920 SF
Price / SF$304.88
Days on Market5
Property Features for 42-48 Red Spring Rd
General Information
Standard status
Active
Size
4,920 SF
Property subtype
4 Family - 4 Units Side by Side
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,245
Building Details
Building Size
4,920 SF
Year Built
1897
Buildings
2
Listing Agency:
Century 21 North East
Listed By:
Pratt Properties Team
(781) 286-8900
Source:
Kevinfruh
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 5:10PM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This offering includes two multifamily properties comprising four townhouse-style residential units. The properties are being conveyed together as one transaction and provide an income-producing configuration within an established residential setting.
Located at 42-48 Red Spring Rd in Andover, Massachusetts, the property carries SRA zoning and dates to 1897. The four-unit arrangement creates a compact multifamily asset with separate townhouse-style residences across the two-property offering.
Located at 42-48 Red Spring Rd in Andover, Massachusetts, the property carries SRA zoning and dates to 1897. The four-unit arrangement creates a compact multifamily asset with separate townhouse-style residences across the two-property offering.
Key Highlights
- Four townhouse‑style residential units across two properties
- Two multifamily properties offered together
- Income‑producing residential configuration
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
$82,883
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
5.53%
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%
$1,657,660
$1.7M
Cap Rate 7%
$1,184,043
$1.2M
Cap Rate 9%
$920,922
$920.9K
Market Conditions
NOI Build-Up for 4,920 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
$124.0K $25.20/SF
− Vacancy
−$5.6K −$1.13/SF
EGI
$118.4K $24.07/SF
− OpEx
−$35.5K −$7.22/SF
NOI
$82.9K $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%
$1,657,660
Cap Rate 7%
$1,184,043
Cap Rate 9%
$920,922
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.04M – $1.38M
NOI $82,883 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$1.07M
$935.2K – $1.25M
NOI $74,815 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$2.91M
$2.55M – $3.40M
NOI $203,884 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,354
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?
Multifamily property - Townhouse-style configuration across two multifamily properties offered together.
Where is this multifamily property located?
The property is located at 42-48 Red Spring Rd Andover, MA.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Four townhouse‑style residential units across two properties; Two multifamily properties offered together; Income‑producing residential configuration
