Two-Unit Residential Income
For Sale
$699,000
16 School Street, Salem, NH 03079
Two-story two-family with a large backyard and barn, offering separate 3-bedroom and 4-bedroom unit layouts.
Property Size2,288 SF
Price / SF$305.51
Days on Market139
Property Features for 16 School Street
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Multi-Family
Zoning
RES
Additional Details
Multifamily Units
2
Building Details
Year Built
1850
Stories
2
Listing Agency:
Wronka, Ltd. Commercial Real Estate Advisors
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 21
Changed: Sep 5
Last Checked: Jul 11 at 11:02PM
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 Wronka, Ltd. Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This two-story two-family residential income property features two separate units with a total of seven bedrooms based on the provided floor plan information. The first-floor unit is described as having three bedrooms, and the second-floor unit is described as having four bedrooms. The home includes outdoor space with a large backyard and an on-site barn, which may be used for additional storage or other flexible purposes as allowed by applicable rules and use requirements. Buyer should verify all information, including bedroom count and unit configuration, against available records.
The property is located in a quiet neighborhood. Public remarks note it is steps from an elementary school and approximately one mile from Routes 93 and 495, supporting everyday accessibility for residents and commuting convenience.
For an owner-occupant or investor, the separate two-unit setup can support a live-in-and-lease arrangement or a traditional rental strategy, depending on preference. The combination of well-defined unit layouts, on-site barn space, and yard area adds practical day-to-day utility for tenants, while the commuter access referenced in the remarks may appeal to renters who value convenient travel routes. The property is offered for sale and is back on the market due to buyer financing difficulties.
The property is located in a quiet neighborhood. Public remarks note it is steps from an elementary school and approximately one mile from Routes 93 and 495, supporting everyday accessibility for residents and commuting convenience.
For an owner-occupant or investor, the separate two-unit setup can support a live-in-and-lease arrangement or a traditional rental strategy, depending on preference. The combination of well-defined unit layouts, on-site barn space, and yard area adds practical day-to-day utility for tenants, while the commuter access referenced in the remarks may appeal to renters who value convenient travel routes. The property is offered for sale and is back on the market due to buyer financing difficulties.
Key Highlights
- Two‑story two‑family built in 1850 with separate unit layouts
- Unit mix includes a spacious 3‑bedroom unit and a 4‑bedroom unit
- Buyer to verify public‑record details; public record lists a 6‑bedroom two‑family with total 7 bedrooms per floor plans
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
$38,544
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
5.51%
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%
$770,880
$770.9K
Cap Rate 7%
$550,629
$550.6K
Cap Rate 9%
$428,267
$428.3K
Market Conditions
NOI Build-Up for 2,288 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
$57.7K $25.20/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$55.1K $24.07/SF
− OpEx
−$16.5K −$7.22/SF
NOI
$38.5K $16.85/SF
Area
Rockingham County, NH
Vacancy
4.50%
Lease Rate
$25.20 /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%
$770,880
Cap Rate 7%
$550,629
Cap Rate 9%
$428,267
Alternative Uses
Best Use
Multifamily LT 5
$550.6K
$481.8K – $642.4K
NOI $38,544 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$496.0K
$434.0K – $578.7K
NOI $34,720 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$761.7K
$666.5K – $888.7K
NOI $53,322 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 03079, NH
30,095
Population
13,511
Households
2.2
Avg Household Size
46
Median Age
39%
College-Educated
96%
High-School Grad
24.8 sq mi
ZIP Area
1,214
Density / Sq Mi
$101,339
Median Household Income
$59,515
Median Earnings
$1,487
Median Rent
$438,500
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?
Duplex - Two-story two-family with a large backyard and barn, offering separate 3-bedroom and 4-bedroom unit layouts.
Where is this duplex located?
The property is located at 16 School Street Salem, NH.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two‑story two‑family built in 1850 with separate unit layouts; Unit mix includes a spacious 3‑bedroom unit and a 4‑bedroom unit; Buyer to verify public‑record details; public record lists a 6‑bedroom two‑family with total 7 bedrooms per floor plans
