Two-Family Duplex on Corner
For Sale
$479,900
Pending
179-181 N State Street, Concord, NH 03301
Circa-1860 two-family duplex with separate meters, natural gas heat, city water and sewer, and a full basement.
Property Size2,285 SF
Days on Market48
Property Features for 179-181 N State Street
General Information
Standard status
Pending
Size
2,285 SF
Property subtype
Multi Family
Zoning
UT
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,318
Building Details
Year Built
1860
Stories
2
Tenancy
Multi
Listing Agency:
KW Coastal and Lakes & Mountains Realty/Meredith
(603) 569-4663
Listed By:
Cami Navoy
(603) 569-4663
Source:
Laerrealty
Added: Jul 10
Changed: Aug 23
Last Checked: Aug 22 at 3:48AM
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 KW Coastal and Lakes & Mountains Realty/Meredith
Investment Insights
Based on property information with market context.
This circa-1860 two-family duplex offers two separate units totaling 12 rooms and 6 bedrooms. The home features separate meters, with tenants paying their own heat, hot water, and electric. Additional property details include natural gas heat, an asphalt roof, city water and sewer services, and a full basement.
Set on a corner lot in Concord’s North End, the address runs straight down N State toward downtown, about a mile to the State House. The property is minutes to Concord Hospital and I-93/I-393.
With two long-term tenants already in place, the duplex provides an income-focused residential layout and utility setup that supports independent unit management.
Set on a corner lot in Concord’s North End, the address runs straight down N State toward downtown, about a mile to the State House. The property is minutes to Concord Hospital and I-93/I-393.
With two long-term tenants already in place, the duplex provides an income-focused residential layout and utility setup that supports independent unit management.
Key Highlights
- Circa‑1860 two‑family duplex with 2,285 SF, 12 rooms, and 6 total bedrooms
- Two long‑term tenants; each unit has separate meters and tenants pay their own heat, hot water, and electric
- Natural gas heat, city water and sewer, and an asphalt roof
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
$32,822
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
6.84%
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%
$656,440
$656.4K
Cap Rate 7%
$468,886
$468.9K
Cap Rate 9%
$364,689
$364.7K
Market Conditions
NOI Build-Up for 2,285 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
$49.4K $21.60/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$46.9K $20.52/SF
− OpEx
−$14.1K −$6.16/SF
NOI
$32.8K $14.36/SF
Area
Merrimack County, NH
Vacancy
5.00%
Lease Rate
$21.60 /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%
$656,440
Cap Rate 7%
$468,886
Cap Rate 9%
$364,689
Alternative Uses
Best Use
Multifamily LT 5
$468.9K
$410.3K – $547.0K
NOI $32,822 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$432.1K
$378.1K – $504.1K
NOI $30,245 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$595.0K
$520.6K – $694.1K
NOI $41,648 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
566
Businesses Nearby
Explore this area
Business Placement
Demographics for 03301, NH
33,352
Population
14,486
Households
2.3
Avg Household Size
43
Median Age
42%
College-Educated
92%
High-School Grad
49.2 sq mi
ZIP Area
678
Density / Sq Mi
$85,943
Median Household Income
$49,749
Median Earnings
$1,355
Median Rent
$344,300
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 - Circa-1860 two-family duplex with separate meters, natural gas heat, city water and sewer, and a full basement.
Where is this duplex located?
The property is located at 179-181 N State Street Concord, NH.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Circa‑1860 two‑family duplex with 2,285 SF, 12 rooms, and 6 total bedrooms; Two long‑term tenants; each unit has separate meters and tenants pay their own heat, hot water, and electric; Natural gas heat, city water and sewer, and an asphalt roof
