Historic Triplex with Architectural
For Sale
$824,999
Pending
59-61 Belknap Street, Dover, NH 03820
Dover, NH
Property Size4,268 SF
Days on Market50
Property Features for 59-61 Belknap Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Elementary school
Woodman Park Elementary School
Middle school
Dover Middle School
High school
Dover High School
Elementary school district
Dover
Middle school district
Dover
High school district
Dover
Standard status
Pending
Size
4,268 SF
Building Details
Year built
1866
Listing Agency:
Dover, New Hampshire · Better Homes and Gardens Real Estate
(603) 749-4800
Listed By:
Tom Colban
(603) 749-4800
Added: Jul 8
Changed: Aug 25
Last Checked: Aug 26 at 10:06AM
MLS# 5090730
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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.
Built in 1866, this 4,268-square-foot triplex combines three-unit residential income property functionality with preserved historic character. Interior details include hardwood flooring, substantial woodwork, stained glass features, decorative tin ceilings, high ceilings, and generously proportioned rooms.
The property is located in Dover, NH, within minutes of downtown restaurants, parks, and everyday amenities. Tenant occupancy is in place, and showings require 24-hour advance notice. The configuration offers flexibility for multifamily ownership and may suit investors or buyers considering an owner-occupied arrangement.
The property is located in Dover, NH, within minutes of downtown restaurants, parks, and everyday amenities. Tenant occupancy is in place, and showings require 24-hour advance notice. The configuration offers flexibility for multifamily ownership and may suit investors or buyers considering an owner-occupied arrangement.
Key Highlights
- Three‑unit triplex totaling 4,268 square feet
- Constructed in 1866
- Hardwood floors, detailed woodwork, stained glass, and decorative tin ceilings
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
$43,326
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
5.25%
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%
$866,520
$866.5K
Cap Rate 7%
$618,943
$618.9K
Cap Rate 9%
$481,400
$481.4K
Market Conditions
NOI Build-Up for 4,268 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
$64.0K $15.00/SF
− Vacancy
−$2.1K −$0.50/SF
EGI
$61.9K $14.50/SF
− OpEx
−$18.6K −$4.35/SF
NOI
$43.3K $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%
$866,520
Cap Rate 7%
$618,943
Cap Rate 9%
$481,400
Alternative Uses
Best Use
Multifamily LT 5
$618.9K
$541.6K – $722.1K
NOI $43,326 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$570.8K
$499.5K – $666.0K
NOI $39,959 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.14M
$999.1K – $1.33M
NOI $79,928 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,425
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?
Triplex - Three-unit multifamily property with woodwork, hardwood floors, and stained glass accents.
Where is this triplex located?
The property is located at 59-61 Belknap Street Dover, NH.
What is the asking price?
The asking price for this property is $824,999.
What are key features of this property?
This property features: Three‑unit triplex totaling 4,268 square feet; Constructed in 1866; Hardwood floors, detailed woodwork, stained glass, and decorative tin ceilings
