Triplex on Nearly Six
For Sale
Under Contract
$999,900
20-24 Crest Lane, Madison, NH 03849
MULTI_FAMILY - Contemporary - Madison, NH
Property Size5,851 SF
Lot Size5.98 Acres
Price / SF$170.89
Days on Market96
Property Features for 20-24 Crest Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RURAL
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bedroom 7, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Basement
Parking features
Garage
Patio and Porch features
Deck, Patio
Exterior features
Deck, Garden Space, Guest House, Hot Tub, Patio
Appliances
Electric Water Heater, Water Heater off Boiler
Lot features
Country Setting, Landscaped, Mountain View, Sloping, Mountain, Rural
Elementary school
Madison Elementary School
Middle school
A. Crosby Kennett Middle Sch
High school
A. Crosby Kennett Sr. High
Elementary school district
SAU #13
Middle school district
SAU #13
High school district
SAU #13
Directions
East Madison Road to Fox Road to Crest Lane on left.
Standard status
Active Under Contract
Size
5,851 SF
Lot size
5.98 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11730
Utilities
Heating system
Hot Water(Heating), Ductless (Heating), Pellet Stove, Wood
Cooling system
Zoned, Ductless
Water source
Well
Building Details
Year built
1988
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Tile, Carpet
Building materials
Wood Frame, Cedar Exterior
Roof type
Shingle
Architectural style
Contemporary
Additional Structures
Guest House
Listing Agency:
KW Coastal and Lakes & Mountains Realty/N Conway · Keller Williams Realty
(603) 730-5683
Listed By:
Pamela Adami
(603) 610-8500
Added: May 9
Changed: Aug 10
Last Checked: Aug 12 at 1:06AM
MLS# 5095385
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.
A Lindal Cedar triplex home with grandfathered legal three-unit status, set on 5.98 private acres. The main house is arranged across three levels, with a sun-drenched main floor featuring a double-sided stone fireplace, a granite kitchen with breakfast bar, and a first-floor den with views. The upper level combines wood, glass, and treetops with a wet bar and flexible recreation space. The walkout lower level includes two bedrooms, a full bath, a kitchen, and a family room with walls of windows, and it can function as a private apartment with its own entrance.
The property also includes a detached heated garage with an independent apartment above it: a 1,200-square-foot, two-bedroom, one-bath unit that operates with its own entrance, electric meter, septic system, heating system, and hot water system. There are two septic systems serving the property.
With wood-frame construction, cedar exterior, 1988 build year, and zoned ductless cooling, this home provides several ways to live together or separately, while also offering deck, patio, garden space, and hot tub features for outdoor time.
The property also includes a detached heated garage with an independent apartment above it: a 1,200-square-foot, two-bedroom, one-bath unit that operates with its own entrance, electric meter, septic system, heating system, and hot water system. There are two septic systems serving the property.
With wood-frame construction, cedar exterior, 1988 build year, and zoned ductless cooling, this home provides several ways to live together or separately, while also offering deck, patio, garden space, and hot tub features for outdoor time.
Key Highlights
- 5.98 private acres with sunrise views over Foss Mountain
- Grandfathered legal three‑unit status with flexible living, including a lower‑level apartment entrance
- Independent 1,200‑square‑foot, two‑bedroom, one‑bath apartment above detached heated garage
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
$68,058
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
6.81%
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%
$1,361,160
$1.4M
Cap Rate 7%
$972,257
$972.3K
Cap Rate 9%
$756,200
$756.2K
Market Conditions
NOI Build-Up for 5,851 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
$101.8K $17.40/SF
− Vacancy
−$4.6K −$0.78/SF
EGI
$97.2K $16.62/SF
− OpEx
−$29.2K −$4.99/SF
NOI
$68.1K $11.63/SF
Area
Carroll County, NH
Vacancy
4.50%
Lease Rate
$17.40 /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%
$1,361,160
Cap Rate 7%
$972,257
Cap Rate 9%
$756,200
Alternative Uses
Best Use
Multifamily LT 5
$972.3K
$850.7K – $1.13M
NOI $68,058 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$860.2K
$752.7K – $1.00M
NOI $60,213 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,268 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 03849, NH
1,446
Population
1,119
Households
1.3
Avg Household Size
52
Median Age
26%
College-Educated
95%
High-School Grad
22.3 sq mi
ZIP Area
65
Density / Sq Mi
$96,875
Median Household Income
$41,898
Median Earnings
$1,333
Median Rent
$359,400
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?
Triplex - Triplex on 5.98 private acres with flexible living layouts, including independent apartments and multiple entrances.
Where is this triplex located?
The property is located at 20-24 Crest Lane Madison, NH.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 5.98 private acres with sunrise views over Foss Mountain; Grandfathered legal three‑unit status with flexible living, including a lower‑level apartment entrance; Independent 1,200‑square‑foot, two‑bedroom, one‑bath apartment above detached heated garage
