94 Main St · Lawrence, MA 01845

$1,599,000

8 bd · 6.0 ba · 3,884 sqft · MultiFamily public records · 110 Days on market

Built 1900 9,396 sqft lot $412/sqft · 77% above area

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.4/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• DSCR +4.7/10.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

The property currently generates approximately $142,317 in gross annual rental income with net income of $121,296, providing strong in-place cash flow. This 5-unit multi-family investment at 94 Main Street in North Andover offers 10 bedrooms and 5 full, 1 half bath across approximately 3,884 sq ft of living space. The units feature a mix of 1-, 2-, and 3-bedroom layouts. Situated on a 0.22-acre corner lot, the property includes 10 off-street parking spaces, a full unfinished basement, vinyl exterior, asphalt shingle roof, and city water and sewer. Conveniently located near public transportation, shopping, parks, and major highway access. Annual operating data available. A strong opportunity for investors seeking a well-located, income-producing asset in the North Andover market.

Key facts

• 9,396 sq ft lot
• 10 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.6-bath units multifamily listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive. Per door: $122/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.33M (16.7% below list).
• Recommended offer: $1.33M (16.7% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.0% in Lawrence — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#133 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+; Watch: crime C-, amenities D, employment D-.
• North Andover (suburban): math 46% / reading 55% proficiency, ranked #100 of 302 in MA (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Thomson (math 37% / reading 47%, grade F, #462 of 938 statewide, top 52%, 301 students, 0% FRL); North Andover Middle (math 40% / reading 49%, grade D, #116 of 305 statewide, top 38%, 1,035 students, 0% FRL); North Andover High (math 61% / reading 73%, grade B, #97 of 343 statewide, top 30%, 1,336 students, 0% FRL).
• Market conditions: Rents rising (+2.5%/yr); 32 active listings in the ZIP; high-income renter base; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• At $13,324/mo this rent would consume 114% of the median local household income ($141k/yr) (locally 931% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $201k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $576k; list at $1.60M implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,332,400 (16.7% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.63%
• DSCR: 1.07
• GRM: 10.0

CMA / ARV

• ARV (median comp): $902,011
• List price: $1,599,000
• Delta: 77.27%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
269 Sutton St	0.31mi	7/3.0 (-1)	4,147 (+7%)	7mo	$955,000	$230	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.52% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-227,237
• Equity at exit: $238,416

10-year hold

• IRR: -6.2%
• Equity multiple: 0.61×
• Total profit: $-175,992
• Equity at exit: $138,252

Cash invested: $447,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 01845

• Rents YoY: 2.5%
• Active inventory: 32
• Price-to-rent: 50.0×

Monthly cashflow live

• Estimated rent: $13,324 high
• Mortgage (P&I): −$8,385
• Tax from tax record: −$866 /mo · $10,388/yr
• Insurance: −$666
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,798
• Net cashflow: $609

Break-even live

Break-even rent $12,553

Max offer price $1,599,000

Occupancy floor 90%

Sensitivity live

Price	-10% $1,514	-5% $1,061	+0% $609	+5% $156	+10% $-296
Rent	-10% $-444	-5% $82	+0% $609	+5% $1,135	+10% $1,661
Rate	-1.0pp $1,414	-0.5pp $1,015	base $609	+0.5pp $194	+1.0pp $-227

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	2	1.6	$13,325
Total (5 units)			$13,324

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $399,750
• Closing costs: $47,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $1,599,000 Active 110 DOM
2. 2026-06-18
   days on market $1,599,000 Active 107 DOM
3. 2026-06-17
   days on market $1,599,000 Active 106 DOM
4. 2026-06-16
   days on market $1,599,000 Active 105 DOM
5. 2026-06-15
   days on market $1,599,000 Active 104 DOM
6. 2026-06-13
   days on market $1,599,000 Active 102 DOM
7. 2026-06-09
   statusdays on market $1,599,000 Active 98 DOM
8. 2026-06-08
   days on market $1,599,000 Price Changed 97 DOM
9. 2026-06-07
   pricestatusdays on market $1,599,000 Price Changed 96 DOM
10. 2026-06-04
    days on market $1,650,000 Active 93 DOM
11. 2026-06-03
    days on market $1,650,000 Active 92 DOM
12. 2026-06-02
    days on market $1,650,000 Active 91 DOM
13. 2026-06-01
    days on market $1,650,000 Active 90 DOM
14. 2026-05-31
    days on market $1,650,000 Active 89 DOM
15. 2026-04-07
    price $1,650,000 789-char remark

    Show marketing remark (789 chars)

    The property currently generates approximately $142,317 in gross annual rental income with net income of $121,296, providing strong in-place cash flow. This 5-unit multi-family investment at 94 Main Street in North Andover offers 10 bedrooms and 5 full, 1 half bath across approximately 3,884 sq ft of living space. The units feature a mix of 1-, 2-, and 3-bedroom layouts. Situated on a 0.22-acre corner lot, the property includes 10 off-street parking spaces, a full unfinished basement, vinyl exterior, asphalt shingle roof, and city water and sewer. Conveniently located near public transportation, shopping, parks, and major highway access. Annual operating data available. A strong opportunity for investors seeking a well-located, income-producing asset in the North Andover market.

16. 2026-03-03
    listed $1,800,000 New 789-char remark

    Show marketing remark (789 chars)

    The property currently generates approximately $142,317 in gross annual rental income with net income of $121,296, providing strong in-place cash flow. This 5-unit multi-family investment at 94 Main Street in North Andover offers 10 bedrooms and 5 full, 1 half bath across approximately 3,884 sq ft of living space. The units feature a mix of 1-, 2-, and 3-bedroom layouts. Situated on a 0.22-acre corner lot, the property includes 10 off-street parking spaces, a full unfinished basement, vinyl exterior, asphalt shingle roof, and city water and sewer. Conveniently located near public transportation, shopping, parks, and major highway access. Annual operating data available. A strong opportunity for investors seeking a well-located, income-producing asset in the North Andover market.

17. 2017-03-10
    soldstatus $576,000 Sold 211-char remark

    Show marketing remark (211 chars)

    Fantastic investment opportunity !!!! Five units all separately metered! All but one unit on TAW according to owner. Large parking area in back of building. Buyer and buyers agents to do there own due diligence!

18. 2017-01-11
    status Contingent 211-char remark

    Show marketing remark (211 chars)

    Fantastic investment opportunity !!!! Five units all separately metered! All but one unit on TAW according to owner. Large parking area in back of building. Buyer and buyers agents to do there own due diligence!

19. 2016-11-20
    listed $599,999 New 211-char remark

    Show marketing remark (211 chars)

    Fantastic investment opportunity !!!! Five units all separately metered! All but one unit on TAW according to owner. Large parking area in back of building. Buyer and buyers agents to do there own due diligence!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $10,388 · $866/mo
• Projected year-2 tax: $15,028 · $1,252/mo
• Expected delta: +$4,640/yr (+$387/mo · 44.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $159,888
• − Mortgage interest: −$89,569
• − Property taxes: −$10,388
• − Insurance: −$7,995
• − Repairs & maintenance: −$12,791
• − Management: −$12,791
• − Depreciation: −$46,516
• Taxable loss: −$20,162
• Est. tax savings @ 24.0%: +$4,839
• After-tax cash flow: $12,144/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: North Andover
• NCES district ID: 2508700
• Math proficiency: 46% ▼ -17.00%
• Reading proficiency: 55% ▼ -8.00%
• Median HH income: $96,656
• Composite: 47.63/100
• National rank: #2251
• State rank: #100 of 302 in MA

Livability — Lawrence

• Score: 70/100
• State rank: #133
• US rank: #7750

Category grades

Amenities D Commute A+ Cost of living F Crime C- Employment D- Housing C+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Essex County · 632,995 people
• City population: 35,967
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 32,494
• Household income: $140,670
• Rent vs Own: 30.2% rent · 69.8% own
• Severe rent burden: 931.0

Population outlook (Essex County) Hauer SSP2

• Today (2025): 840,920 people
• By 2030: 872,201 · +3.7%
• By 2040: 927,918 · +10.3%
• By 2050: 970,206 · +15.4%
• By 2075: 1,077,993 · +28.2%
• By 2100: 1,103,053 · +31.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 8% Asian 6% Two or more races 5% Black 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 5% Romanian 4% Russian 2%
• Foreign-born: 12% · Canada, China, Jamaica
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 4% Chinese 2%

Political lean MEDSL · Essex

• 2024 margin: Strong D (+20.3) · D 59.2% · R 38.9% · Other 1.9%
• 2008→2024 swing: 0.0pp no change · 2008: 20.3pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+29.1 2016: D+22.5 2012: D+16.2 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -522.04%
• Current HPI: 266.3979
• Rent YoY: ▲ 2.52%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+175.0% since first listed

5 events — show timeline

• 2026-04-07 Price Changed $1,650,000 MLS PIN
• 2026-03-03 Listed $1,800,000 MLS PIN
• 2017-03-10 Sold (MLS) $576,000 MLS PIN
• 2017-01-11 Pending — MLS PIN
• 2016-11-20 Listed $599,999 MLS PIN

Property tax history

+5.4%/yr

Latest (2023): $10,388 · +3.2% YoY. Source: county tax records.