Multifamily Residence with Six
For Sale
$775,000
102 North State St, Concord, NH 03301
Flexible layout includes private entrances, onsite parking, and a walk-out basement.
Property Size4,256 SF
Price / SF$182.10
Days on Market28
Property Features for 102 North State St
General Information
Standard status
Active
Size
4,256 SF
Property subtype
Multi-Family
Amenities
fireplaces
private porch
Building Details
Year Built
1760
Listing Agency:
BHG Masiello Concord
(603) 715-3038
Listed By:
Susan Roemer
Source:
Langelange
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 25 at 4:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHG Masiello Concord
Investment Insights
Based on property information with market context.
Built circa 1760, this multifamily residence combines period architecture with a flexible configuration. The property includes 7 bedrooms, 4 bathrooms, six fireplaces, detailed wood moldings, Victorian-era elements, and a prominent front staircase. Private entrances support the current multifamily arrangement and may accommodate an in-home business, while the property also offers potential for conversion to a single-family residence.
A granite-and-brick basement provides 10-foot ceilings, walk-out access, and space for an oversized workshop or other uses. Additional features include ample onsite parking and a private porch oriented toward the back garden. The property is located at 102 North State Street in Concord, a short walk from downtown.
A granite-and-brick basement provides 10-foot ceilings, walk-out access, and space for an oversized workshop or other uses. Additional features include ample onsite parking and a private porch oriented toward the back garden. The property is located at 102 North State Street in Concord, a short walk from downtown.
Key Highlights
- Built circa 1760 with Victorian‑era architectural details
- Configured with 7 bedrooms and 4 bathrooms
- Six fireplaces and detailed wood moldings
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
$56,334
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
7.27%
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%
$1,126,680
$1.1M
Cap Rate 7%
$804,771
$804.8K
Cap Rate 9%
$625,933
$625.9K
Market Conditions
NOI Build-Up for 4,256 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
$107.3K $25.20/SF
− Vacancy
−$4.8K −$1.13/SF
EGI
$102.4K $24.07/SF
− OpEx
−$46.1K −$10.83/SF
NOI
$56.3K $13.24/SF
Area
Merrimack County, NH
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,126,680
Cap Rate 7%
$804,771
Cap Rate 9%
$625,933
Alternative Uses
Best Use
Apartment 5plus
$804.8K
$704.2K – $938.9K
NOI $56,334 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$969.7K – $1.29M
NOI $77,572 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 03301, NH
33,352
Population
14,486
Households
2.3
Avg Household Size
43
Median Age
42%
College-Educated
92%
High-School Grad
49.2 sq mi
ZIP Area
678
Density / Sq Mi
$85,943
Median Household Income
$49,749
Median Earnings
$1,355
Median Rent
$344,300
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?
Multifamily property - Flexible layout includes private entrances, onsite parking, and a walk-out basement.
Where is this multifamily property located?
The property is located at 102 North State St Concord, NH.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Built circa 1760 with Victorian‑era architectural details; Configured with 7 bedrooms and 4 bathrooms; Six fireplaces and detailed wood moldings
