Triplex with Off-Street
For Sale
Under Contract
$1,350,000
197 Richards Avenue, Portsmouth, NH 03801
Multi-Family, Portsmouth, NH
Property Size2,405 SF
Lot Size0.24 Acres
Price / SF$561.33
Days on Market97
Property Features for 197 Richards Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GRA
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2
Lot features
Sidewalks, In Town, Near Shopping, Neighborhood, Near School(s)
Directions
Coming from the center of Downtown Portsmouth follow Congress street until you reach Middle St. Follow Middle street for .4 of a mile and make a left onto Richard Ave. You will find the home on your left 197 Richards Ave.
Standard status
Active Under Contract
Size
2,405 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
15641
Utilities
Utilities
Cable Available
Heating system
Oil
Water source
Public
Amenities
in-unit washer and dryer
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Carey Giampa, LLC/Rye
(603) 964-7000
Listed By:
Brady Roche
(603) 235-5887
Added: Jul 2
Changed: Sep 12
Last Checked: Oct 6 at 9:06AM
MLS# 5097886
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 1900-built triplex contains approximately 2,405 square feet of finished living space across three residential units. Each unit includes its own washer and dryer, and the property has a basement, three bedrooms, and three bathrooms. Vinyl siding, an oil heating system, a shingle roof, public water, and cable availability are also reported.
The property occupies a 0.24-acre lot at 197 Richards Avenue in Portsmouth’s Little Harbor neighborhood, near downtown. Off-street parking is positioned behind the building. The property is identified with GRA zoning and offers a three-unit configuration in a residential setting.
The property occupies a 0.24-acre lot at 197 Richards Avenue in Portsmouth’s Little Harbor neighborhood, near downtown. Off-street parking is positioned behind the building. The property is identified with GRA zoning and offers a three-unit configuration in a residential setting.
Key Highlights
- Three residential units with approximately 2,405 square feet of finished living space
- 0.24‑acre lot in Portsmouth’s Little Harbor neighborhood near downtown
- Each unit includes an in‑unit washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,515
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$810,300
$810.3K
Cap Rate 7%
$578,786
$578.8K
Cap Rate 9%
$450,167
$450.2K
Market Conditions
NOI Build-Up for 2,405 SF
Gross rent
$60.6K $25.20/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$57.9K $24.07/SF
− OpEx
−$17.4K −$7.22/SF
NOI
$40.5K $16.85/SF
Area
Rockingham County, NH
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$810,300
Cap Rate 7%
$578,786
Cap Rate 9%
$450,167
Alternative Uses
Best Use
Multifamily LT 5
$578.8K
$506.4K – $675.3K
NOI $40,515 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$800.7K
$700.6K – $934.1K
NOI $56,048 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,523
Businesses Nearby
Explore this area
Business Placement
Demographics for 03801, NH
22,767
Population
11,448
Households
2
Avg Household Size
43
Median Age
63%
College-Educated
98%
High-School Grad
23.8 sq mi
ZIP Area
957
Density / Sq Mi
$106,520
Median Household Income
$65,984
Median Earnings
$1,783
Median Rent
$647,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property near downtown Portsmouth with individual laundry and rear parking.
Where is this triplex located?
The property is located at 197 Richards Avenue Portsmouth, NH.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Three residential units with approximately 2,405 square feet of finished living space; 0.24‑acre lot in Portsmouth’s Little Harbor neighborhood near downtown; Each unit includes an in‑unit washer and dryer
