Renovated Four-Unit
For Sale
$399,000
123 Agassiz Street, Bethlehem, NH 03574
Multi-Family, Bethlehem, NH
Property Size2,256 SF
Lot Size0.17 Acres
Price / SF$176.86
Days on Market153
Property Features for 123 Agassiz Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Rooms
Basement
Patio and Porch features
Porch
Exterior features
Covered Porch
Lot features
Corner
Standard status
Active
Size
2,256 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3685
Utilities
Utilities
Cable Available
Heating system
Baseboard, Propane (Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Building materials
Vinyl Siding
Roof type
Metal
Architectural style
Other
Listing Agency:
Derek Greene
(860) 560-1006
Listed By:
Derek Greene · License #10371200613
(508) 517-4908
Added: Mar 30
Changed: Aug 20
Last Checked: Aug 29 at 12:06AM
MLS# 5081258
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,256-square-foot quadplex in Bethlehem, NH, was built in 1900 and sits on 0.17 acres. The property includes four apartments, a basement, covered porch, vinyl siding, public water, and propane baseboard heating. Three apartments received full renovations in 2024, while the building also benefits from a metal roof installed in 2020, rebuilt exterior third-floor egress completed in 2024, and a high-efficiency propane furnace installed in 2025.
The property is zoned RES and may be purchased individually or as part of a 19-unit Grafton County portfolio. A portion of the units is currently vacant, providing access for showings and an opportunity to evaluate the completed improvements directly. Cable service is available, and the exterior includes a covered porch and metal roofing.
The property is zoned RES and may be purchased individually or as part of a 19-unit Grafton County portfolio. A portion of the units is currently vacant, providing access for showings and an opportunity to evaluate the completed improvements directly. Cable service is available, and the exterior includes a covered porch and metal roofing.
Key Highlights
- 2,256‑square‑foot quadplex on 0.17 acres
- Four apartments with three fully renovated in 2024
- Metal roof installed in 2020
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
$22,385
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
5.61%
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%
$447,700
$447.7K
Cap Rate 7%
$319,786
$319.8K
Cap Rate 9%
$248,722
$248.7K
Market Conditions
NOI Build-Up for 2,256 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
$33.8K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$32.0K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.4K $9.92/SF
Area
Grafton County, NH
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$447,700
Cap Rate 7%
$319,786
Cap Rate 9%
$248,722
Alternative Uses
Best Use
Multifamily LT 5
$319.8K
$279.8K – $373.1K
NOI $22,385 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$293.0K
$256.4K – $341.8K
NOI $20,510 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$496.3K
$434.2K – $579.0K
NOI $34,738 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 03574, NH
2,514
Population
1,401
Households
1.8
Avg Household Size
48
Median Age
45%
College-Educated
96%
High-School Grad
91.0 sq mi
ZIP Area
28
Density / Sq Mi
$83,870
Median Household Income
$47,743
Median Earnings
$1,079
Median Rent
$268,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three apartments were fully renovated in 2024, alongside major roof, egress, and heating upgrades.
Where is this quadplex located?
The property is located at 123 Agassiz Street Bethlehem, NH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,256‑square‑foot quadplex on 0.17 acres; Four apartments with three fully renovated in 2024; Metal roof installed in 2020
