Five-Unit Multifamily
For Sale
$1,599,000
94 Main St, North Andover, MA 01845
Five-unit residential property with mixed 1-, 2-, and 3-bedroom layouts, 10 off-street parking spaces, and city water and sewer.
Property Size3,884 SF
Lot Size0.22 Acres
Price / SF$411.69
Days on Market186
Property Features for 94 Main St
General Information
Standard status
Active
Size
3,884 SF
Total Parking Spaces
10
Lot size
0.22 Acres
Property subtype
Multi-Family
Zoning
GB
Net Operating Income
$120,111
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Business Included
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,899
Building Details
Building Size
3,884 SF
Year Built
1900
Stories
5
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 3
Changed: Sep 4
Last Checked: Sep 5 at 4:52AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This five-unit multifamily property offers a total of 10 bedrooms across a mix of 1-, 2-, and 3-bedroom layouts, with 5 full and 1 half bathrooms. The building includes an unfinished basement and features a vinyl exterior with an asphalt shingle roof. The property sits on a 0.22-acre corner lot and provides 10 off-street parking spaces.
The asset is located at 94 Main St in North Andover, with convenience to public transportation, shopping, parks, and major highway access.
Available annual operating data reflects current in-place performance, with approximately $142,317 in gross annual rental income and $121,296 in net income.
The asset is located at 94 Main St in North Andover, with convenience to public transportation, shopping, parks, and major highway access.
Available annual operating data reflects current in-place performance, with approximately $142,317 in gross annual rental income and $121,296 in net income.
Key Highlights
- 5‑unit multi‑family at 94 Main Street in North Andover with mixed 1-, 2-, and 3‑bedroom layouts
- Approximately $142,317 gross annual rental income and $121,296 net income reported
- 10 bedrooms and 5 full baths plus 1 half bath across approximately 3,884 sq ft of living space
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
$59,062
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
3.69%
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%
$1,181,240
$1.2M
Cap Rate 7%
$843,743
$843.7K
Cap Rate 9%
$656,244
$656.2K
Market Conditions
NOI Build-Up for 3,884 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
$111.9K $28.80/SF
− Vacancy
−$4.5K −$1.15/SF
EGI
$107.4K $27.65/SF
− OpEx
−$48.3K −$12.44/SF
NOI
$59.1K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /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%
$1,181,240
Cap Rate 7%
$843,743
Cap Rate 9%
$656,244
Alternative Uses
Best Use
Apartment 5plus
$843.7K
$738.3K – $984.4K
NOI $59,062 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,952 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,179
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit residential property with mixed 1-, 2-, and 3-bedroom layouts, 10 off-street parking spaces, and city water and sewer.
Where is this apartment building located?
The property is located at 94 Main St North Andover, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 5‑unit multi‑family at 94 Main Street in North Andover with mixed 1-, 2-, and 3‑bedroom layouts; Approximately $142,317 gross annual rental income and $121,296 net income reported; 10 bedrooms and 5 full baths plus 1 half bath across approximately 3,884 sq ft of living space
