Updated Duplex with Fenced
New
For Sale
$769,900
225 Shannon Road, Salem, NH 03079
Multi-Family, Salem, NH
Property Size2,735 SF
Lot Size1.12 Acres
Price / SF$281.50
Days on Market6
Property Features for 225 Shannon Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
RUR
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 1, Bedroom 3, Bedroom 2
Parking features
Driveway, Off Street
Patio and Porch features
Porch
Exterior features
Full Fence, Garden Space, Covered Porch, Shed, Storage, Heated Porch
Fencing
Fenced
Appliances
Electric Water Heater, Separate Water Heater
Lot features
Near Shopping
Elementary school district
Salem School District
Middle school district
Salem School District
High school district
Salem School District
Directions
Use GPS
Standard status
Active
Size
2,735 SF
Lot size
1.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8564
Utilities
Utilities
Cable Available
Heating system
Ductless (Heating), Oil, Baseboard, Hot Water(Heating)
Cooling system
Zoned, Ductless
Water source
Public
Amenities
four-season porch
partially finished basement
fenced backyard
Building Details
Year built
1954
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood, Carpet, Vinyl
Building materials
Fiberglss Batt Insulation, Foam Insulation, Vinyl Siding, Spray Foam Insulation
Roof type
Shingle
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
RE/MAX Innovative Properties · RE/MAX International
(603) 216-9270
Listed By:
Audrey Townsend
(603) 434-4101
Added: Sep 20
Changed: Sep 22
Last Checked: Sep 25 at 2:06AM
MLS# 5110693
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 2,735-square-foot duplex, built in 1954, includes a four-bedroom owner’s unit and a separate two-bedroom rental unit. The larger residence features hardwood flooring, vaulted ceilings, a four-season porch, a partially finished basement, and a renovated kitchen with granite counters, new appliances, a wine bar, and LVP flooring. Its updated bathroom includes a double vanity and refreshed tilework. The second unit provides an open kitchen, dining, and living area, separate laundry, two bedrooms, and an improved kitchen and bath.
The 1.12-acre property has a fenced backyard, garden space, a shed, storage, and outdoor areas assigned to each unit. Recent improvements include vinyl siding, composite decking and stairs, spray foam insulation, a new electric water heater, mini-splits, and updated front steps. Public water, off-street parking, a driveway, and an RUR zoning designation are also documented.
The 1.12-acre property has a fenced backyard, garden space, a shed, storage, and outdoor areas assigned to each unit. Recent improvements include vinyl siding, composite decking and stairs, spray foam insulation, a new electric water heater, mini-splits, and updated front steps. Public water, off-street parking, a driveway, and an RUR zoning designation are also documented.
Key Highlights
- Duplex with 4‑bedroom and 2‑bedroom units
- 2,735 square feet on 1.12 acres
- Updated kitchens and bathrooms in both units
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
$46,074
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
5.98%
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%
$921,480
$921.5K
Cap Rate 7%
$658,200
$658.2K
Cap Rate 9%
$511,933
$511.9K
Market Conditions
NOI Build-Up for 2,735 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
$68.9K $25.20/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$65.8K $24.07/SF
− OpEx
−$19.7K −$7.22/SF
NOI
$46.1K $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 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%
$921,480
Cap Rate 7%
$658,200
Cap Rate 9%
$511,933
Alternative Uses
Best Use
Multifamily LT 5
$658.2K
$575.9K – $767.9K
NOI $46,074 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$592.9K
$518.8K – $691.7K
NOI $41,503 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$910.6K
$796.7K – $1.06M
NOI $63,739 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Explore this area
Business Placement
Demographics for 03079, NH
30,095
Population
13,511
Households
2.2
Avg Household Size
46
Median Age
39%
College-Educated
96%
High-School Grad
24.8 sq mi
ZIP Area
1,214
Density / Sq Mi
$101,339
Median Household Income
$59,515
Median Earnings
$1,487
Median Rent
$438,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two living units offer updated kitchens, dedicated outdoor areas, and off-street parking.
Where is this duplex located?
The property is located at 225 Shannon Road Salem, NH.
What is the asking price?
The asking price for this property is $769,900.
What are key features of this property?
This property features: Duplex with 4‑bedroom and 2‑bedroom units; 2,735 square feet on 1.12 acres; Updated kitchens and bathrooms in both units
