High-Yield Four-Unit Repositioning
For Sale
$399,000
123 Agassiz Street, Bethlehem, NH 03574
Four-unit property with high income potential after renovations.
Property Size2,256 SF
Price / SF$176.86
Days on Market176
Property Features for 123 Agassiz Street
General Information
Standard status
Active
Size
2,256 SF
Property subtype
Commercial
Zoning
4FRes
Listing Agency:
Commercial Realty Advisors, Inc.
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 31
Changed: Sep 21
Last Checked: Sep 22 at 3:03PM
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 Commercial Realty Advisors, Inc.
Investment Insights
Based on property information with market context.
This four-unit property presents a repositioning opportunity with potential for high yield. Capital improvements have been made, including a new metal roof installed in 2020, a rebuilt exterior 3rd-floor egress completed in 2024, and a high-efficiency propane furnace planned for 2025. Three of the four apartments were fully renovated in 2024. The property is operating with strategic vacancy and projects a potentially lucrative Pro Forma Gross Income of over $80,000 annually at 2026 market rates. The exterior siding is aged but requires only a powerwash. The property is located in Bethlehem, NH. It is offered individually, with the exclusive option to acquire as part of a 19-unit Master Portfolio. Showings of empty units are available via lockbox, with a full walkthrough available upon accepted offer.
Key Highlights
- High‑yield, 4‑unit repositioning opportunity with potential for significant income.
- Pro Forma Gross Income projected over $80,000 annually at 2026 market rates.
- Three of four apartments fully renovated in 2024.
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
$22,385
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
5.61%
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%
$447,700
$447.7K
Cap Rate 7%
$319,786
$319.8K
Cap Rate 9%
$248,722
$248.7K
Market Conditions
NOI Build-Up for 2,256 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
$33.8K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$32.0K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.4K $9.92/SF
Area
Grafton County, NH
Vacancy
5.50%
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%
$447,700
Cap Rate 7%
$319,786
Cap Rate 9%
$248,722
Alternative Uses
Best Use
Multifamily LT 5
$319.8K
$279.8K – $373.1K
NOI $22,385 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$293.0K
$256.4K – $341.8K
NOI $20,510 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$496.3K
$434.2K – $579.0K
NOI $34,738 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 03574, NH
2,514
Population
1,401
Households
1.8
Avg Household Size
48
Median Age
45%
College-Educated
96%
High-School Grad
91.0 sq mi
ZIP Area
28
Density / Sq Mi
$83,870
Median Household Income
$47,743
Median Earnings
$1,079
Median Rent
$268,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with high income potential after renovations.
Where is this quadplex located?
The property is located at 123 Agassiz Street Bethlehem, NH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: High‑yield, 4‑unit repositioning opportunity with potential for significant income.; Pro Forma Gross Income projected over $80,000 annually at 2026 market rates.; Three of four apartments fully renovated in 2024.
