Five-Unit Multifamily Income
94 Main Street North Andover, MA 01845
94 Main Street, North Andover, MA, 01845
$1,599,000
For Sale
$1,599,000
Five-unit rental property with 10 off-street parking spaces, vinyl exterior, and city water and sewer.
Property Size3,884 SF
Price / SF$411.69
Days on Market144
Property Features for 94 Main Street
General Information
- Standard status
- Active
- Size
- 3,884 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Lillian Montalto Signature Properties
Listed by
Team Lillian Montalto
(617) 696-6100
Source
Kelleyrege
Added: Feb 28 Updated: Jul 21 at 9:48AM Checked: Jul 21 at 9:48AM
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 Lillian Montalto Signature Properties
Investment Insights
Based on property information with market context.
This five-unit multifamily property provides in-place rental income and a practical unit mix, offering 10 bedrooms with five full and one half bath across approximately 3,884 square feet. Units feature a blend of 1-, 2-, and 3-bedroom layouts. The building also includes a full unfinished basement and is supported by city water and sewer, with vinyl exterior and an asphalt shingle roof.
Set on a 0.22-acre corner lot, the property includes 10 off-street parking spaces. Public transportation, shopping, parks, and major highway access are described as nearby, and annual operating data is available for review.
The asset is positioned for investors seeking a straightforward residential income setup with established tenancy and on-site parking.
Set on a 0.22-acre corner lot, the property includes 10 off-street parking spaces. Public transportation, shopping, parks, and major highway access are described as nearby, and annual operating data is available for review.
The asset is positioned for investors seeking a straightforward residential income setup with established tenancy and on-site parking.
Key Highlights
- Generates approximately $141,132 in gross annual rental income with approximately $120,111 in net income
- 5‑unit multifamily with 10 bedrooms and 5 full, 1 half baths across approximately 3,884 sq ft
- Unit mix includes 1-, 2-, and 3‑bedroom layouts
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.9k | $28.80 |
| − Vacancy | −$4.5k | −$1.15 |
| EGI | $107.4k | $27.65 |
| − OpEx | −$48.3k | −$12.44 |
| NOI | $59.1k | $15.21 |
3,884 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit rental property with 10 off-street parking spaces, vinyl exterior, and city water and sewer.
Where is this apartment building located?
The property is located at 94 Main Street 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: Generates approximately $141,132 in gross annual rental income with approximately $120,111 in net income; 5‑unit multifamily with 10 bedrooms and 5 full, 1 half baths across approximately 3,884 sq ft; Unit mix includes 1-, 2-, and 3‑bedroom layouts
