Updated Triplex with Porch and
For Sale
$590,000
11 Cleveland Street, Rochester, NH 03867
Triplex offers vinyl siding, updated interiors, washer/dryer hookups, and separate utilities for income tenants.
Property Size3,342 SF
Days on Market31
Property Features for 11 Cleveland Street
General Information
Standard status
Active
Size
3,342 SF
Property subtype
Multi Family Home
Zoning
R2
Additional Details
Cap Rate
8.15%
Multifamily Units
3
Amenities
washer/dryer hookups
porch area
backyard
garage
separate utilities
Building Details
Building Size
3,342 SF
Year Built
1921
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Re/Max Shoreline
(603) 969-6216
Listed By:
Andy Yau · License #BA922374
(603) 969-6216
Source:
Ossipeelakere
Added: Jul 25
Changed: Aug 23
Last Checked: Aug 23 at 6:04AM
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 triplex includes multiple updated units with two-bedroom and three-bedroom layouts. Updates cited include pristine vinyl siding with newer vinyl trim wrap, newer windows, and newer parts of the roof. One of the two-bedroom units has a new kitchen with stainless steel appliances, a new bathroom with vanity, and new flooring throughout. Another unit is described as a one-level 3BR with spacious bedrooms and living rooms, and the top 1BR unit is noted as well maintained with luxury vinyl flooring, newer tile, and an updated bathroom.
Tenants have outdoor space with a porch area and access to a backyard. The property also includes washer/dryer hookups, plenty of parking, and a garage, with separate utilities noted for each home. Located at 11 Cleveland St in Rochester, NH, the property is described as being in a quiet residential neighborhood surrounded by single-family homes, with bikeScore 51 (bikeable) and walkScore 82 (very walkable).
Tenants have outdoor space with a porch area and access to a backyard. The property also includes washer/dryer hookups, plenty of parking, and a garage, with separate utilities noted for each home. Located at 11 Cleveland St in Rochester, NH, the property is described as being in a quiet residential neighborhood surrounded by single-family homes, with bikeScore 51 (bikeable) and walkScore 82 (very walkable).
Key Highlights
- Triplex built in 1921 with vinyl siding and newer vinyl trim wrap
- Recent unit updates include a newer kitchen with stainless steel appliances, new bathroom vanity, and new flooring in one 2‑bedroom unit
- Additional updates include newer roof components and newer windows
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
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex offers vinyl siding, updated interiors, washer/dryer hookups, and separate utilities for income tenants.
Where is this triplex located?
The property is located at 11 Cleveland Street 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: Triplex built in 1921 with vinyl siding and newer vinyl trim wrap; Recent unit updates include a newer kitchen with stainless steel appliances, new bathroom vanity, and new flooring in one 2‑bedroom unit; Additional updates include newer roof components and newer windows
