Greek Revival Residential Income
For Sale
$2,395,000
65 Washington St, Hanover, MA 02339
The 1850 building includes a wood-burning fireplace, off-street parking, and a range of kitchen appliances.
Property Size6,592 SF
Price / SF$363.32
Days on Market60
Property Features for 65 Washington St
General Information
Standard status
Active
Size
6,592 SF
Total Parking Spaces
14
Property subtype
Residential Income
Zoning
RES
Taxes and HOA fees
Annual Taxes
$15,697
Amenities
Central Air, Window Unit(s), Zoned
Forced Air, Hot Water, Oil, Zoned
Full, Concrete, Unfinished
Trash Compactor, Range, Dishwasher, Microwave, Refrigerator, Washer, Dryer, Wine Refrigerator, Range Hood, Plumbed For Ice Maker
Pantry, Storage
Wood Burning
Invisible, Stone
Paved, Off Street, Driveway
Rain Gutters, Outdoor Grill, Gas Grill, Lighting
Antique, Greek Revival
Building Details
Building Size
6,592 SF
Year Built
1850
Stories
3
Listing Agency:
Compass
Listed By:
Cara Williams
(617) 834-8202
Source:
Evrealestate
Added: Jul 30
Changed: Sep 26
Last Checked: Sep 26 at 3:20PM
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 Compass
Investment Insights
Based on property information with market context.
At 65 Washington St in Hanover, this residential income property dates to 1850 and has Greek Revival architecture. Interior features include a wood-burning fireplace, pantry and storage space, and a kitchen equipped with a range, dishwasher, microwave, refrigerator, wine refrigerator, and washer and dryer.
The property also has paved off-street parking, rain gutters, outdoor lighting, and a gas grill. Heating and cooling features include central air, window units, forced air, and hot water.
The property also has paved off-street parking, rain gutters, outdoor lighting, and a gas grill. Heating and cooling features include central air, window units, forced air, and hot water.
Key Highlights
- Greek Revival architecture; built in 1850
- Paved driveway with off‑street parking
- Wood‑burning fireplace
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
$102,677
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
4.29%
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%
$2,053,540
$2.1M
Cap Rate 7%
$1,466,814
$1.5M
Cap Rate 9%
$1,140,856
$1.1M
Market Conditions
NOI Build-Up for 6,592 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
$197.8K $30.00/SF
− Vacancy
−$11.1K −$1.68/SF
EGI
$186.7K $28.32/SF
− OpEx
−$84.0K −$12.74/SF
NOI
$102.7K $15.58/SF
Area
Plymouth County, MA
Vacancy
5.60%
Lease Rate
$30.00 /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%
$2,053,540
Cap Rate 7%
$1,466,814
Cap Rate 9%
$1,140,856
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.28M – $1.71M
NOI $102,677 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,171 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 02339, MA
14,833
Population
4,974
Households
3
Avg Household Size
42
Median Age
57%
College-Educated
96%
High-School Grad
15.5 sq mi
ZIP Area
957
Density / Sq Mi
$174,821
Median Household Income
$69,688
Median Earnings
$1,642
Median Rent
$706,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 1850 building includes a wood-burning fireplace, off-street parking, and a range of kitchen appliances.
Where is this residential income property located?
The property is located at 65 Washington St Hanover, MA.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Greek Revival architecture; built in 1850; Paved driveway with off‑street parking; Wood‑burning fireplace
