3-Family Property with 4-Bay
For Sale
$924,900
Pending
91-93 Andover Street, Lawrence, MA 01843
Well-maintained residential income property with updated exterior features, de-leading, and supplemental garage space.
Property Size3,720 SF
Days on Market200
Property Features for 91-93 Andover Street
General Information
Standard status
Pending
Size
3,720 SF
Total Parking Spaces
14
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
R-3
Net Operating Income
$69,000
Units
Unit Mix
1 x 3BR, 2 x 4BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,474
Amenities
No
3.0
Full, Interior Access, Concrete Floor, Unfinished Basement
3
3.00
Fenced/Enclosed, Fenced
Cleared, Level
Balcony, Fenced Yard, Porch
Porch
Building Details
Year Built
1910
Buildings
1
Stories
3
Listing Agency:
Blairemont Realty Group, LLC
(978) 804-2505
Listed By:
Hernan Guerrero · License #9537143
(978) 804-2505
Source:
Compass
Added: Feb 11
Changed: Aug 30
Last Checked: Aug 30 at 7:58AM
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 Blairemont Realty Group, LLC
Investment Insights
Based on property information with market context.
This three-family residential property contains 3,720 square feet and was built in 1910. The first-floor apartment includes three bedrooms, an open living area, a separate dining room, and a large kitchen. The second- and third-floor apartments each offer four bedrooms, generous living space, and separate dining areas. The property is zoned R-3 and includes a full unfinished basement with interior access and a concrete floor.
Exterior improvements include fresh siding, new porches, balconies, and a fenced yard. The property has been de-leaded through the Lawrence program, and the mechanical systems are described as being in good condition. A four-bay garage provides additional usable space and income potential. The property has remained with the same family for 30 years.
Exterior improvements include fresh siding, new porches, balconies, and a fenced yard. The property has been de-leaded through the Lawrence program, and the mechanical systems are described as being in good condition. A four-bay garage provides additional usable space and income potential. The property has remained with the same family for 30 years.
Key Highlights
- Three‑family property with 3,720 square feet
- Apartment mix includes one 3‑bedroom unit and two 4‑bedroom units
- Four‑bay garage offers additional space and income potential
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
$62,668
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
6.78%
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%
$1,253,360
$1.3M
Cap Rate 7%
$895,257
$895.3K
Cap Rate 9%
$696,311
$696.3K
Market Conditions
NOI Build-Up for 3,720 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
$93.7K $25.20/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$89.5K $24.07/SF
− OpEx
−$26.9K −$7.22/SF
NOI
$62.7K $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%
$1,253,360
Cap Rate 7%
$895,257
Cap Rate 9%
$696,311
Alternative Uses
Best Use
Multifamily LT 5
$895.3K
$783.4K – $1.04M
NOI $62,668 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$808.1K
$707.1K – $942.8K
NOI $56,568 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,156 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,203
Businesses Nearby
Explore this area
Business Placement
Demographics for 01843, MA
28,346
Population
10,968
Households
2.6
Avg Household Size
34
Median Age
20%
College-Educated
79%
High-School Grad
3.4 sq mi
ZIP Area
8,337
Density / Sq Mi
$72,163
Median Household Income
$38,957
Median Earnings
$1,703
Median Rent
$393,700
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 - Well-maintained residential income property with updated exterior features, de-leading, and supplemental garage space.
Where is this triplex located?
The property is located at 91-93 Andover Street Lawrence, MA.
What is the asking price?
The asking price for this property is $924,900.
What are key features of this property?
This property features: Three‑family property with 3,720 square feet; Apartment mix includes one 3‑bedroom unit and two 4‑bedroom units; Four‑bay garage offers additional space and income potential
