Updated Triplex with
For Sale
$590,000
11 Cleveland St, Rochester, NH 03867
Three apartments feature varied bedroom layouts, outdoor space, and separate utilities.
Property Size3,342 SF
Price / SF$176.54
Days on Market27
Property Features for 11 Cleveland St
General Information
Standard status
Active
Size
3,342 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
8.15%
Multifamily Units
3
Amenities
porch
washer/dryer hookups
backyard
Building Details
Year Built
1921
Buildings
1
Listing Agency:
RE/MAX Shoreline
(603) 969-6216
Listed By:
Andy Yau · License #074320
Source:
Megansellsnh
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 29 at 12:00PM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
This 3,342-square-foot triplex, built in 1921, includes one two-bedroom apartment, a one-level three-bedroom apartment, and a one-bedroom unit on the upper level. Interior improvements include a remodeled kitchen with stainless steel appliances, an updated bathroom, new flooring in one apartment, luxury vinyl flooring and newer tile in another, plus newer windows and portions of the roof. The building also has vinyl siding, wrapped trim, washer and dryer hookups, porch space, and a garage.
The property is in Rochester, NH, within a residential setting surrounded by single-family homes. Residents have access to a backyard and on-site parking, while separate utilities help distinguish the operating setup. The property is currently reported at an 8.15% cap rate.
The property is in Rochester, NH, within a residential setting surrounded by single-family homes. Residents have access to a backyard and on-site parking, while separate utilities help distinguish the operating setup. The property is currently reported at an 8.15% cap rate.
Key Highlights
- 3,342 SF triplex built in 1921
- Unit mix includes 1BR, 2BR, and one‑level 3BR apartments
- Current cap rate reported at 8.15%
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
$33,926
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
5.75%
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%
$678,520
$678.5K
Cap Rate 7%
$484,657
$484.7K
Cap Rate 9%
$376,956
$377.0K
Market Conditions
NOI Build-Up for 3,342 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
$50.1K $15.00/SF
− Vacancy
−$1.7K −$0.50/SF
EGI
$48.5K $14.50/SF
− OpEx
−$14.5K −$4.35/SF
NOI
$33.9K $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%
$678,520
Cap Rate 7%
$484,657
Cap Rate 9%
$376,956
Alternative Uses
Best Use
Multifamily LT 5
$484.7K
$424.1K – $565.4K
NOI $33,926 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$447.0K
$391.1K – $521.5K
NOI $31,289 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$894.1K
$782.3K – $1.04M
NOI $62,586 @ 7.0% cap · market cap 10.61%
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
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 03867, NH
22,369
Population
10,458
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
28.4 sq mi
ZIP Area
788
Density / Sq Mi
$74,397
Median Household Income
$42,613
Median Earnings
$1,217
Median Rent
$259,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments feature varied bedroom layouts, outdoor space, and separate utilities.
Where is this triplex located?
The property is located at 11 Cleveland St Rochester, NH.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 3,342 SF triplex built in 1921; Unit mix includes 1BR, 2BR, and one‑level 3BR apartments; Current cap rate reported at 8.15%
