Two-Unit Duplex with Off-Street
For Sale
$549,000
48 New York Street, Dover, NH 03820
Multi-Family, Dover, NH
Property Size1,820 SF
Lot Size0.06 Acres
Price / SF$301.65
Days on Market45
Property Features for 48 New York Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CBD
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking features
Off Street
Lot features
City Lot, Level
Directions
GPS, Broadway to New York St and it will be second property on the right.
Standard status
Active
Size
1,820 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7413
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
Wood Frame, Aluminum Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Davis McVay · License #9586649
(978) 729-1102
Added: Jul 23
Changed: Aug 20
Last Checked: Sep 5 at 12:06PM
MLS# 5101414
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 1,820-square-foot duplex contains two residential units arranged on upper and lower levels. Each unit includes 2 bedrooms, 1 full bathroom, and a bonus room that can accommodate flexible household use. The property was built in 1900 and features wood-frame construction with aluminum siding, a shingle roof, natural-gas hot-water heat, public water, and a basement.
The 0.06-acre lot includes off-street parking for two vehicles. Located at 48 New York Street in Dover, the property carries CBD zoning and is near downtown amenities, parks, the waterfront, and commuter routes. Both units are occupied, and tenants pay utilities other than water and sewer.
The 0.06-acre lot includes off-street parking for two vehicles. Located at 48 New York Street in Dover, the property carries CBD zoning and is near downtown amenities, parks, the waterfront, and commuter routes. Both units are occupied, and tenants pay utilities other than water and sewer.
Key Highlights
- Two‑unit duplex with 1,820 square feet of building area
- Each unit has 2 bedrooms, 1 full bathroom, and a bonus room
- Both units are currently occupied
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
$18,476
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
3.37%
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%
$369,520
$369.5K
Cap Rate 7%
$263,943
$263.9K
Cap Rate 9%
$205,289
$205.3K
Market Conditions
NOI Build-Up for 1,820 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
$27.3K $15.00/SF
− Vacancy
−$906 −$0.50/SF
EGI
$26.4K $14.50/SF
− OpEx
−$7.9K −$4.35/SF
NOI
$18.5K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
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%
$369,520
Cap Rate 7%
$263,943
Cap Rate 9%
$205,289
Alternative Uses
Best Use
Multifamily LT 5
$263.9K
$231.0K – $307.9K
NOI $18,476 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$243.4K
$213.0K – $284.0K
NOI $17,040 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$486.9K
$426.1K – $568.1K
NOI $34,084 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 03820, NH
32,800
Population
15,460
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
1,201
Density / Sq Mi
$92,793
Median Household Income
$53,890
Median Earnings
$1,540
Median Rent
$397,900
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?
Duplex - Both residences are leased, with tenants paying utilities other than water and sewer.
Where is this duplex located?
The property is located at 48 New York Street Dover, NH.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,820 square feet of building area; Each unit has 2 bedrooms, 1 full bathroom, and a bonus room; Both units are currently occupied
