Three-Unit Rental
For Sale
$2,200,000
84 86 88 Ryan Farm Road, Windham, NH 03087
Multi-Family, Windham, NH
Property Size6,452 SF
Price / SF$340.98
Days on Market195
Property Features for 84 86 88 Ryan Farm Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RD
Rooms
Basement
Subdivision
Del Ray Place
Lot features
Wooded
Directions
NH-111 to London Bridge Road. Take Castle Hill Rd to Ryan Farm Rd.
Standard status
Active
Size
6,452 SF
Taxes and HOA fees
Tax Year
2024
HOA Fee
$450 Monthly
Utilities
Utilities
Cable Available
Heating system
Forced Air, Propane (Heating)
Cooling system
Central Air
Water source
Private
Building Details
Year built
2026
Floors in Building
2
Number of units
3
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Compass New England, LLC
(603) 965-2265
Listed By:
Alie Broom · License #074406
(603) 540-5661
Added: Feb 27
Changed: Aug 23
Last Checked: Sep 10 at 1:06PM
MLS# 5077735
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 under-construction triplex is offered as one property with three finished rental residences totaling 6,452 square feet. Individual units range from approximately 1,900 to 2,265 square feet and include open-concept living areas, kitchens with center islands, primary suites with private baths and walk-in closets, additional bedrooms, dedicated laundry areas, attached garages, and private patios. Construction includes wood framing, vinyl siding, shingle roofing, forced-air propane heating, and central air conditioning. The property is scheduled for completion in 2026.
Situated at 84, 86, and 88 Ryan Farm Road in Windham, New Hampshire, the property carries RD zoning and has been approved by the Town of Windham for rental use only. It is located within a 55+ development governed by an 80/20 occupancy rule, and the three units must remain rentals. Private water service and cable availability are also noted.
Situated at 84, 86, and 88 Ryan Farm Road in Windham, New Hampshire, the property carries RD zoning and has been approved by the Town of Windham for rental use only. It is located within a 55+ development governed by an 80/20 occupancy rule, and the three units must remain rentals. Private water service and cable availability are also noted.
Key Highlights
- Three‑unit property with 6,452 square feet of total living area
- Individual residences measure approximately 1,900 to 2,265 square feet
- Each unit includes an attached garage and private patio
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
$108,692
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
4.94%
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%
$2,173,840
$2.2M
Cap Rate 7%
$1,552,743
$1.6M
Cap Rate 9%
$1,207,689
$1.2M
Market Conditions
NOI Build-Up for 6,452 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
$162.6K $25.20/SF
− Vacancy
−$7.3K −$1.13/SF
EGI
$155.3K $24.07/SF
− OpEx
−$46.6K −$7.22/SF
NOI
$108.7K $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%
$2,173,840
Cap Rate 7%
$1,552,743
Cap Rate 9%
$1,207,689
Alternative Uses
Best Use
Multifamily LT 5
$1.55M
$1.36M – $1.81M
NOI $108,692 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,907 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,364 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 03087, NH
15,817
Population
5,753
Households
2.7
Avg Household Size
43
Median Age
66%
College-Educated
98%
High-School Grad
26.7 sq mi
ZIP Area
592
Density / Sq Mi
$189,450
Median Household Income
$92,070
Median Earnings
$3,226
Median Rent
$684,700
Median Home Value
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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?
Triplex - Under-construction triplex with finished residences, attached garages, private patios, and rental-only approval.
Where is this triplex located?
The property is located at 84 86 88 Ryan Farm Road Windham, NH.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Three‑unit property with 6,452 square feet of total living area; Individual residences measure approximately 1,900 to 2,265 square feet; Each unit includes an attached garage and private patio
