Duplex with Separate Guest
For Sale
$579,000
151 A-B Mill Street, Conway, NH 03813
Multi-Family, Conway, NH
Property Size2,460 SF
Lot Size0.93 Acres
Price / SF$235.37
Days on Market142
Property Features for 151 A-B Mill Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
VR
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Basement, Bedroom 2, Bathroom 2
Parking features
Paved or Surfaced, Driveway
Patio and Porch features
Porch
Exterior features
Covered Porch, Shed
Appliances
Electric Water Heater, Propane Water Heater, Separate Water Heater
Lot features
Level, Wooded, Near School(s)
Middle school
A. Crosby Kennett Middle Sch
High school
A. Crosby Kennett Sr. High
Elementary school district
SAU #9
Middle school district
SAU #9
High school district
SAU #9
Directions
GPS Accurate
Standard status
Active
Size
2,460 SF
Lot size
0.93 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4817
Utilities
Utilities
Cable Available
Heating system
Propane (Heating), Wood, Wood Stove
Water source
Private, Well
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Foam Insulation, Clapboard Exterior
Roof type
Metal
Architectural style
Cottage
Listing Agency:
Pinkham Real Estate
(603) 356-5425
Listed By:
Carrie Erickson
(603) 356-5425
Added: Apr 2
Changed: Aug 20
Last Checked: Aug 21 at 1:06AM
MLS# 5081904
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 duplex-style property includes two homes on one lot, with separate driveways for each residence. Built in 1910, the main farmhouse has a wood stove, an updated kitchen with stainless steel appliances, hard-surface countertops and a spacious island, plus a first-floor laundry and a full bathroom with a walk-in shower. Upstairs are three bedrooms with wood flooring, and a wrap-around porch for outdoor living. The secondary home offers single-level, open-concept kitchen and dining space into a living room, along with a bedroom, a full bathroom, and a generous laundry area with storage.
The property sits on 0.93 acres (2,460 square feet) and is described as within walking distance to Conway Lake. Exterior features include a covered porch, shed, and metal roof, with clapboard siding and foam insulation. Heating includes wood and propane (heating), and the home systems list separate water heaters (electric and propane).
Utilities include cable available, and water is provided via private well. Parking is described as paved or surfaced with driveway access.
The property sits on 0.93 acres (2,460 square feet) and is described as within walking distance to Conway Lake. Exterior features include a covered porch, shed, and metal roof, with clapboard siding and foam insulation. Heating includes wood and propane (heating), and the home systems list separate water heaters (electric and propane).
Utilities include cable available, and water is provided via private well. Parking is described as paved or surfaced with driveway access.
Key Highlights
- Two homes on one lot with separate driveways
- 0.93‑acre lot with 2,460 square feet total size
- Built in 1910 with cottage‑style construction and clapboard exterior
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
$28,614
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
4.94%
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%
$572,280
$572.3K
Cap Rate 7%
$408,771
$408.8K
Cap Rate 9%
$317,933
$317.9K
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
$42.8K $17.40/SF
− Vacancy
−$1.9K −$0.78/SF
EGI
$40.9K $16.62/SF
− OpEx
−$12.3K −$4.99/SF
NOI
$28.6K $11.63/SF
Area
Carroll County, NH
Vacancy
4.50%
Lease Rate
$17.40 /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%
$572,280
Cap Rate 7%
$408,771
Cap Rate 9%
$317,933
Alternative Uses
Best Use
Multifamily LT 5
$408.8K
$357.7K – $476.9K
NOI $28,614 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$361.7K
$316.5K – $421.9K
NOI $25,316 @ 7.0% cap · market cap 4.37%
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
49
Businesses Nearby
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?
Duplex - Renovated duplex with a separate guest/rental home, private well water, and covered porch with two separate driveways.
Where is this duplex located?
The property is located at 151 A-B Mill Street 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 homes on one lot with separate driveways; 0.93‑acre lot with 2,460 square feet total size; Built in 1910 with cottage‑style construction and clapboard exterior
