Three-Level Two-Family
For Sale
$795,000
Pending
46 Whittier Street, Andover, MA 01810
Two distinct units offer flexible living areas, period character, and backyard space.
Property Size1,951 SF
Days on Market140
Property Features for 46 Whittier Street
General Information
Standard status
Pending
Size
1,951 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
SRA
Property Condition
Severity
Repairs Needed
Evidence
ready for updates
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,082
Amenities
fireplace
backyard
Building Details
Building Size
1,951 SF
Year Built
1881
Stories
3
Units
2
Listing Agency:
Berkshire Hathaway HomeServices Verani Realty
(978) 265-3068
Listed By:
Julie Ratte
(978) 265-3068
Source:
Aucoinryanrealty
Added: Apr 14
Changed: Aug 29
Last Checked: Apr 24 at 6:16AM
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 Berkshire Hathaway HomeServices Verani Realty
Investment Insights
Based on property information with market context.
Located at 46 Whittier Street, this two-family property extends across three levels and offers 1,951 square feet of living area. Built in 1881, the building retains period details alongside hardwood flooring, high ceilings, a fireplace, and generously sized living spaces. The first residence includes one bedroom, a kitchen with pantry, and connected dining and living areas. The upper residence occupies the second and third floors, with additional flexible space suitable for a home office and potential bedroom use.
The property includes a backyard that can accommodate gardening, outdoor relaxation, or entertaining. Its downtown Andover setting places the building near the commuter rail, major highways, Phillips Academy, coffee shops, restaurants, parks, and other downtown amenities.
The property includes a backyard that can accommodate gardening, outdoor relaxation, or entertaining. Its downtown Andover setting places the building near the commuter rail, major highways, Phillips Academy, coffee shops, restaurants, parks, and other downtown amenities.
Key Highlights
- 1,951 square feet across three levels
- Two‑family layout with one‑bedroom first‑floor unit
- Upper unit spans the second and third 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
$33,692
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
4.24%
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%
$673,840
$673.8K
Cap Rate 7%
$481,314
$481.3K
Cap Rate 9%
$374,356
$374.4K
Market Conditions
NOI Build-Up for 2,000 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
$50.4K $25.20/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$48.1K $24.07/SF
− OpEx
−$14.4K −$7.22/SF
NOI
$33.7K $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%
$673,840
Cap Rate 7%
$481,314
Cap Rate 9%
$374,356
Alternative Uses
Best Use
Multifamily LT 5
$481.3K
$421.2K – $561.5K
NOI $33,692 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$434.5K
$380.2K – $506.9K
NOI $30,413 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,879 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,658
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?
Duplex - Two distinct units offer flexible living areas, period character, and backyard space.
Where is this duplex located?
The property is located at 46 Whittier Street Andover, MA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 1,951 square feet across three levels; Two‑family layout with one‑bedroom first‑floor unit; Upper unit spans the second and third floors
