
Lots 1 & 2 249 Andover St Danvers — Photo 1 of 5
$650,000
Investment Analysis — Lots 1 & 2 249 Andover St
Danvers, MA 01923
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a home in 01923 carries an estimated $2,160/mo in gross rent — about a 1.51% cap rate and $9,815/yr in estimated NOI at the $650,000 list price. Adjust every assumption in the calculator below.
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249 Andover Street is 3.5 acres of developable land with 300 feet of frontage on Route 114, existing improvement is a 1,734 +/- footprint with a detached 2-car garage, two (2) curb cuts and zoned R3 (Residential). It is believed there is a jurisdictional wetland and watercourse present on the property, Brian has the survey. Likely re-development uses would be a single-family by right, or two single-family homes with a shared drive through local permitting. The additional value-add with this unique property is for the developer to consider filing a sub-division plan with the town extending the abutting Commercial zoning as 1-acre in the front as Lot 1 and keeping the rear Residential as 2.5 acres as Lot 2, providing the abutting homes on LeBlanc Drive with the natural buffer zone and building the shared drive where the existing culvert is. Buyer to perform all due diligence.
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 MLS and other third-party data may be inaccurate or out of date.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
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Listing Agent: Brian Dapice
Listing Office: The Mega Group
MLS® Number: 73558487