Updated Triplex with
For Sale
$590,000
11 Cleveland Street, Rochester, NH 03867
Multi-Family, Rochester, NH
Property Size3,342 SF
Lot Size0.17 Acres
Price / SF$176.54
Days on Market47
Property Features for 11 Cleveland Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 6, Bedroom 2, Basement
Lot features
Level
Standard status
Active
Size
3,342 SF
Lot size
0.17 Acres
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
porch
washer/dryer hookups
backyard
garage
Building Details
Year built
1921
Floors in Building
3
Number of units
3
Building materials
Wood Frame, Aluminum Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Shoreline · RE/MAX International
(603) 431-1111
Listed By:
Andy Yau · License #074320
(603) 969-6216
Added: Jul 20
Changed: Sep 3
Last Checked: Sep 4 at 9:06AM
MLS# 5100689
Copyright © 2026 PrimeMLS. 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.
This 3,342-square-foot triplex, built in 1921, contains three distinct residential units: a two-bedroom apartment with a newer kitchen, stainless steel appliances, updated bathroom, and new flooring; a one-level three-bedroom unit; and a top-floor one-bedroom apartment with luxury vinyl flooring, newer tile, and an updated bathroom. The property also includes a basement, porch, washer and dryer hookups, a garage, and on-site parking. Vinyl siding, vinyl trim wrap, newer windows, and newer roof components add to the building’s physical improvements.
Set on 0.17 acres in a residential area of Rochester, the property is surrounded by single-family homes and includes a backyard. Separate utilities support the unit configuration, while public water and cable availability are listed. Zoned R2, the triplex has a current cap rate of 8.15%.
Set on 0.17 acres in a residential area of Rochester, the property is surrounded by single-family homes and includes a backyard. Separate utilities support the unit configuration, while public water and cable availability are listed. Zoned R2, the triplex has a current cap rate of 8.15%.
Key Highlights
- 3,342‑square‑foot triplex on 0.17 acres
- Three‑unit mix with 1BR, 2BR, and one‑level 3BR apartments
- Current cap rate of 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 residential units include recent interior improvements, separate utilities, and outdoor amenities.
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: 3,342‑square‑foot triplex on 0.17 acres; Three‑unit mix with 1BR, 2BR, and one‑level 3BR apartments; Current cap rate of 8.15%
