2019 Built Multifamily
For Sale
$4,200,000
147 & 151 Portsmouth Ave, Stratham, NH 03885
Two 2019-built buildings offer 13 units with separately metered utilities and reported full occupancy.
Property Size14,662 SF
Price / SF$286.45
Days on Market50
Property Features for 147 & 151 Portsmouth Ave
General Information
Standard status
Active
Size
14,662 SF
Class
B
Property subtype
Multi-Family
Zoning
TC Town Center
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
13
Building Details
Building Size
14,662 SF
Year Built
2019
Units
13
Tenancy
Multi
Listing Agency:
SVN | The Masiello Group
(603) 498-6998
Listed By:
Patti Visconte · License #048351
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 24
Last Checked: Aug 30 at 1:38PM
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 SVN | The Masiello Group
Investment Insights
Based on property information with market context.
This offering includes two apartment buildings constructed in 2019, totaling 13 units, with separately metered utilities. The current operating status is described as reported 100% occupancy, presenting a turn-key income-focused asset. The property is presented as a mixed-use portfolio opportunity under its TC Town Center zoning.
The buildings are located at 147 & 151 Portsmouth Ave in Stratham, NH, with immediate highway accessibility highlighted in the remarks for tenant demand.
Based on the provided information, the property is zoned TC Town Center, with the remarks noting potential for a condo conversion as part of the long-term value proposition.
The buildings are located at 147 & 151 Portsmouth Ave in Stratham, NH, with immediate highway accessibility highlighted in the remarks for tenant demand.
Based on the provided information, the property is zoned TC Town Center, with the remarks noting potential for a condo conversion as part of the long-term value proposition.
Key Highlights
- Two buildings built in 2019 totaling 14,662 SF, providing 13 residential units
- 13 units with separately metered utilities
- Reported 100% occupancy with no reported vacancy
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
$222,492
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
5.30%
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%
$4,449,840
$4.4M
Cap Rate 7%
$3,178,457
$3.2M
Cap Rate 9%
$2,472,133
$2.5M
Market Conditions
NOI Build-Up for 14,662 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
$422.3K $28.80/SF
− Vacancy
−$17.7K −$1.21/SF
EGI
$404.5K $27.59/SF
− OpEx
−$182.0K −$12.42/SF
NOI
$222.5K $15.17/SF
Area
Rockingham County, NH
Vacancy
4.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$4,449,840
Cap Rate 7%
$3,178,457
Cap Rate 9%
$2,472,133
Alternative Uses
Best Use
Apartment 5plus
$3.18M
$2.78M – $3.71M
NOI $222,492 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.88M
$4.27M – $5.69M
NOI $341,697 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 03885, NH
7,660
Population
3,019
Households
2.5
Avg Household Size
45
Median Age
66%
College-Educated
99%
High-School Grad
15.1 sq mi
ZIP Area
507
Density / Sq Mi
$141,438
Median Household Income
$74,458
Median Earnings
$2,265
Median Rent
$599,500
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?
Apartment building - Two 2019-built buildings offer 13 units with separately metered utilities and reported full occupancy.
Where is this apartment building located?
The property is located at 147 & 151 Portsmouth Ave Stratham, NH.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Two buildings built in 2019 totaling 14,662 SF, providing 13 residential units; 13 units with separately metered utilities; Reported 100% occupancy with no reported vacancy
