Two-Family Residential Income
For Sale
$599,000
Pending
104 Lock Street, Nashua, NH 03064
Well-maintained two-unit home with in-unit laundry, one tenant-occupied unit, and a freshly painted vacant unit.
Property Size1,920 SF
Days on Market53
Property Features for 104 Lock Street
General Information
Standard status
Pending
Size
1,920 SF
Property subtype
Multi Family
Zoning
RC
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,608
Building Details
Year Built
2013
Stories
2
Listing Agency:
Keller Williams Gateway Realty
(603) 883-8400
Listed By:
The Adams Home Team
(603) 883-8400
Source:
Laerrealty
Added: Jun 30
Changed: Aug 8
Last Checked: Jul 22 at 2:37AM
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 Keller Williams Gateway Realty
Investment Insights
Based on property information with market context.
Built in 2013, this well-maintained two-family property offers two separate 3-bedroom residences, each with 1 full bathroom and in-unit washer and dryer hookups. The layout includes spacious living areas designed for comfortable day-to-day living. One unit is currently tenant-occupied and the tenant would like to remain, while the second unit is vacant and has been freshly painted, making it move-in ready for a new owner or tenant. Recent improvements include a new roof, supporting long-term peace of mind.
The property features a paved driveway with ample off-street parking. It is located just minutes from downtown Nashua, with convenient access to major highways, hospitals, public transportation, shopping, dining, and local amenities.
This configuration suits buyers seeking either an owner-occupant setup or a straightforward rental model. With one unit producing immediate rental income and the second unit ready for occupancy, the property supports flexible next steps for an investor or household looking to live in one side while renting the other.
The property features a paved driveway with ample off-street parking. It is located just minutes from downtown Nashua, with convenient access to major highways, hospitals, public transportation, shopping, dining, and local amenities.
This configuration suits buyers seeking either an owner-occupant setup or a straightforward rental model. With one unit producing immediate rental income and the second unit ready for occupancy, the property supports flexible next steps for an investor or household looking to live in one side while renting the other.
Key Highlights
- Two‑family property built in 2013 with each unit offering 3 bedrooms and 1 full bathroom
- In‑unit washer and dryer in both units
- One unit is tenant‑occupied and the other unit is vacant and freshly painted
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
$28,196
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
4.71%
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%
$563,920
$563.9K
Cap Rate 7%
$402,800
$402.8K
Cap Rate 9%
$313,289
$313.3K
Market Conditions
NOI Build-Up for 1,920 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
$42.6K $22.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$40.3K $20.98/SF
− OpEx
−$12.1K −$6.29/SF
NOI
$28.2K $14.69/SF
Area
Hillsborough County, NH
Vacancy
5.50%
Lease Rate
$22.20 /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%
$563,920
Cap Rate 7%
$402,800
Cap Rate 9%
$313,289
Alternative Uses
Best Use
Multifamily LT 5
$402.8K
$352.5K – $469.9K
NOI $28,196 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$373.2K
$326.5K – $435.4K
NOI $26,123 @ 7.0% cap · market cap 4.36%
Theoretical Best
Specialty Retail
$3.52M
$3.08M – $4.10M
NOI $246,240 @ 7.0% cap · market cap 41.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 03064, NH
15,069
Population
6,671
Households
2.3
Avg Household Size
41
Median Age
40%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,675
Density / Sq Mi
$91,528
Median Household Income
$48,412
Median Earnings
$1,439
Median Rent
$382,000
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 - Well-maintained two-unit home with in-unit laundry, one tenant-occupied unit, and a freshly painted vacant unit.
Where is this duplex located?
The property is located at 104 Lock Street Nashua, NH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑family property built in 2013 with each unit offering 3 bedrooms and 1 full bathroom; In‑unit washer and dryer in both units; One unit is tenant‑occupied and the other unit is vacant and freshly painted
