
45 Third Street North Andover — Photo 1 of 42
$1,200,000
Investment Analysis — 45 Third Street
North Andover, MA 01845 — Library Area/Downtown
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01845 carries an estimated $3,960/mo in gross rent — about a 2.37% cap rate and $28,415/yr in estimated NOI at the $1,200,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
2.5
SqFt
3,000
Style
Single Family
Built
1890
Timeless Victorian Charm with Modern Updates. 45 Third wasn't just an old house that happened to survive. It was built in the late-19th-century expansion during a significant period of North Andover's transformation from agriculture to industry and trades. Built in 1890, this beautifully renovated Victorian blends timeless character with today’s modern comforts. The welcoming open staircase foyer leads to a spacious living room featuring a fireplace, bay windows, wood floors and classic pocket doors. The formal dining room offers wood floors, a crystal chandelier, closet and built-in glass-front cabinetry. The brand-new kitchen features quality cabinetry, quartz island, new appliances, a walk-in pantry and space for a table and chairs. The remodeled primary suite is a true retreat with a luxurious double walk-in shower, double vanity, wide pine floors and an oversized walk-in closet. Additional features include two stairways to the second floor, a walk-up attic, central air, new heating system, new windows, new lighting throughout, refinished wood floors, fresh interior paint and a new roof. Set on approximately a half-acre lot with plenty of room for outdoor enjoyment—whether you envision a pool, play area, garden, or future ADU (Accessory Dwelling Unit). Ideally located within walking distance to downtown, High Street shops and restaurants, the library, Thomson Elementary, St. Michael School, and North Andover Middle and High Schools. A rare opportunity to own a gracious Victorian home that preserves its original charm while offering the updates and amenities today’s buyers desire. Historical information provided by the North Andover Historical Society.
ADU Potential
Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 900 sq ft (the lesser of 900 sq ft or half the 3,000 sq ft principal dwelling). Lot size: 20,425 sq ft.
Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.
Estimates — not financial advice
These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Gas Water Heater • Range • Dishwasher • Refrigerator
Neighborhood
Public Transportation • Shopping • Park • Golf • Medical Facility • Conservation Area
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First15 x 14
Flooring - Wood, Window(s) - Bay/Bow/Box, French Doors, Lighting - Sconce, Lighting - Overhead, Decorative Molding, Pocket Door
Dining Room
Lvl First17 x 12
Closet, Closet/Cabinets - Custom Built, Lighting - Overhead, Decorative Molding
Kitchen
Lvl FirstFamily Room
Lvl First16 x 13
Flooring - Wood, Decorative Molding
Primary Bedroom
Lvl SecondBathroom - Full, Walk-In Closet(s), Flooring - Wood
Bedroom 2
Lvl Second15 x 12
Bedroom 3
Lvl Second13 x 12
Closet, Flooring - Wood
Bedroom 4
Lvl Second14 x 12
Closet, Flooring - Wood
Bathroom 1
Lvl FirstBathroom - Half
Bathroom 2
Lvl SecondBathroom - Full, Bathroom - Double Vanity/Sink, Bathroom - Tiled With Tub & Shower, Double Vanity
Bathroom 3
Lvl SecondBathroom - Double Vanity/Sink, Countertops - Stone/Granite/Solid
Listing Agent: Joan Fitzgibbons
Listing Office: Schruender Realty
MLS® Number: 73568655