Historic Two-Unit
For Sale
Under Contract
$479,900
179-181 N State Street, Concord, NH 03301
Multi-Family, Concord, NH
Property Size2,285 SF
Lot Size0.09 Acres
Price / SF$210.02
Days on Market48
Property Features for 179-181 N State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
UT
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 6
Parking features
Driveway, Assigned, Off Street
Patio and Porch features
Porch
Exterior features
Covered Porch
Lot features
City Lot, Corner, Level
Elementary school
Christa McAuliffe School
Middle school
Rundlett Middle School
High school
Concord High School
Elementary school district
Concord School District SAU #8
Middle school district
Concord School District SAU #8
High school district
Concord School District SAU #8
Directions
From downtown Concord, take N Main St north onto N State St (US-3). 179-181 N State St is on the corner of N State St and Waverly St, just north of Granite Ave.
Standard status
Active Under Contract
Size
2,285 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7318
Utilities
Utilities
Cable Available
Heating system
Forced Air, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1860
Floors in Building
2
Number of units
2
Flooring type
Wood
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
KW Coastal and Lakes & Mountains Realty/Meredith · Keller Williams Realty
(603) 569-4663
Listed By:
Cami Navoy
(603) 610-8500
Added: Jul 8
Changed: Aug 21
Last Checked: Aug 24 at 3:06AM
MLS# 5098817
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.
Built in 1860, this wood-frame duplex contains 2,285 square feet arranged across 12 rooms and six bedrooms. The property includes two residential units, each separately metered, with long-term tenants responsible for their own heat, hot water, and electric. Interior and exterior features include wood flooring, a covered porch, shingle roofing, a full basement, and forced-air and hot-water heating systems fueled by natural gas.
The 0.09-acre property is located at 179-181 N State Street in Concord’s North End, near the intersection with Waverly Street. Public water and sewer serve the building, while parking is provided through a driveway, assigned spaces, and off-street parking. Its location offers access along N State Street toward downtown, with Concord Hospital and I-93/I-393 also identified nearby.
The 0.09-acre property is located at 179-181 N State Street in Concord’s North End, near the intersection with Waverly Street. Public water and sewer serve the building, while parking is provided through a driveway, assigned spaces, and off-street parking. Its location offers access along N State Street toward downtown, with Concord Hospital and I-93/I-393 also identified nearby.
Key Highlights
- Two‑unit duplex built in 1860
- 2,285 square feet with 12 rooms and 6 bedrooms
- Both units have separate meters and long‑term tenants
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
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
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 - Wood-frame duplex with separately metered units, public water and sewer, natural gas heating, and off-street parking.
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: Two‑unit duplex built in 1860; 2,285 square feet with 12 rooms and 6 bedrooms; Both units have separate meters and long‑term tenants
