Historic Multifamily
For Sale
$775,000
102 North State Street, Concord, NH 03301
Concord, NH
Property Size4,256 SF
Price / SF$182.10
Days on Market67
Property Features for 102 North State Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 4, Bedroom 5
Elementary school
Christa McAuliffe School
Middle school
Rundlett Middle School
High school
Concord High School
Elementary school district
Concord SAU #8
Middle school district
Concord SAU #8
High school district
Concord SAU #8
Standard status
Active
Size
4,256 SF
Amenities
fireplaces
wood moldings
private porch
Building Details
Year built
1760
Listing Agency:
Concord, New Hampshire · Better Homes and Gardens Real Estate
(603) 228-0151
Listed By:
Susan Roemer
(603) 228-0151
Added: Jun 21
Changed: Aug 25
Last Checked: Aug 26 at 9:06AM
MLS# 5095564
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 1760, this 4,256-square-foot property is currently arranged for multifamily living and includes 7 bedrooms and 4 bathrooms. Interior character includes six fireplaces, detailed woodwork, Victorian-era appointments, and a prominent front staircase. The granite-and-brick basement features 10-foot ceilings and walk-out access, providing substantial additional space. A private porch overlooks the rear garden, while onsite parking supports the existing residential configuration.
Located at 102 North State Street in Concord, the property is within walking distance of downtown. Separate entrances create the possibility of an in-home business, and the layout may also be considered for conversion to a single-family residence. The combination of historic construction, generous interior volume, and multiple access points gives the property a range of residential applications.
Located at 102 North State Street in Concord, the property is within walking distance of downtown. Separate entrances create the possibility of an in-home business, and the layout may also be considered for conversion to a single-family residence. The combination of historic construction, generous interior volume, and multiple access points gives the property a range of residential applications.
Key Highlights
- 4,256‑square‑foot multifamily property at 102 North State Street
- Built in 1760 with six fireplaces and Victorian‑era architectural details
- Currently configured with 7 bedrooms and 4 bathrooms
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
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,576
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 - A spacious historic residence with onsite parking, distinctive period details, and flexible living arrangements.
Where is this multifamily property located?
The property is located at 102 North State Street 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: 4,256‑square‑foot multifamily property at 102 North State Street; Built in 1760 with six fireplaces and Victorian‑era architectural details; Currently configured with 7 bedrooms and 4 bathrooms
