Renovated Two-Home Multifamily
For Sale
$579,000
151-a-b Mill Street, Center Conway, NH 03813
Two separate residences provide flexible occupancy options with updated interiors, individual driveways, and access to Conway Lake.
Property Size2,460 SF
Price / SF$235.37
Days on Market169
Property Features for 151-a-b Mill Street
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Multi Family
Zoning
VR
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,817
Amenities
Owner, Tenant
Other
Propane, Wood, Direct Vent, Monitor Type, Wood Stove
Yes
Wood, Vinyl Plank
Electric Water Heater, Propane Water Heater, Separate Water Heater
2
Interior
Concrete Floor, Crawl Space, Partial, Unfinished, Basement Stairs
10
Metal
Yellow/Red
Foam Insulation, Clapboard Exterior
Building Details
Year Built
1910
Buildings
2
Construction
farmhouse
Listing Agency:
Pinkham Real Estate
Listed By:
Carrie Erickson
(603) 356-5425
Source:
Compass
Added: Mar 18
Changed: Sep 2
Last Checked: Sep 1 at 11:26PM
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 Pinkham Real Estate
Investment Insights
Based on property information with market context.
This multifamily property includes a renovated farmhouse and a separate guest or rental residence on just under an acre. Together, the homes contain 2,460 square feet and retain the character of a 1910 build while incorporating updated kitchens, bathrooms, flooring, insulation, and heating features. The primary residence offers three upstairs bedrooms, a wood stove, first-floor laundry, and a wraparound porch. The second home provides single-level living with an open kitchen and dining area, a spacious living room, one bedroom, one full bathroom, and dedicated laundry storage.
Separate driveways serve each residence, supporting independent use. The property is within walking distance of Conway Lake and is identified with VR zoning in Center Conway, NH. Wood, propane, and electric systems are represented among the property features, including separate water heaters.
Separate driveways serve each residence, supporting independent use. The property is within walking distance of Conway Lake and is identified with VR zoning in Center Conway, NH. Wood, propane, and electric systems are represented among the property features, including separate water heaters.
Key Highlights
- Two residences totaling 2,460 SF on just under an acre
- Separate driveways provide independent access to each home
- Primary residence includes three bedrooms, a wood stove, and wraparound porch
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
$25,316
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
4.37%
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%
$506,320
$506.3K
Cap Rate 7%
$361,657
$361.7K
Cap Rate 9%
$281,289
$281.3K
Market Conditions
NOI Build-Up for 2,460 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
$48.7K $19.80/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$46.0K $18.71/SF
− OpEx
−$20.7K −$8.42/SF
NOI
$25.3K $10.29/SF
Area
Carroll County, NH
Vacancy
5.50%
Lease Rate
$19.80 /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%
$506,320
Cap Rate 7%
$361,657
Cap Rate 9%
$281,289
Alternative Uses
Best Use
Apartment 5plus
$361.7K
$316.5K – $421.9K
NOI $25,316 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$614.3K
$537.5K – $716.6K
NOI $42,998 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 03813, NH
3,681
Population
2,661
Households
1.4
Avg Household Size
52
Median Age
33%
College-Educated
91%
High-School Grad
98.3 sq mi
ZIP Area
37
Density / Sq Mi
$58,299
Median Household Income
$35,625
Median Earnings
$1,363
Median Rent
$215,200
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?
Multifamily property - Two separate residences provide flexible occupancy options with updated interiors, individual driveways, and access to Conway Lake.
Where is this multifamily property located?
The property is located at 151-a-b Mill Street Center Conway, NH.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Two residences totaling 2,460 SF on just under an acre; Separate driveways provide independent access to each home; Primary residence includes three bedrooms, a wood stove, and wraparound porch
