Building Details

Year built 1958

Floors in Building 1

Number of units 3

Building materials Cement Exterior, Wood Siding

Roof type Shingle

Architectural style Ranch, Bungalow

Listing Agency: RE/MAX Northern Edge Realty LLC · RE/MAX International

Listed By: Cassie Lambertson Show Phone

Added: Sep 9 Changed: Sep 11 Last Checked: Sep 11 at 4:06PM

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MLS# 5109373

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 mixed-use property combines residential improvements with an operating farm-store layout across 32.72 acres. The 5,443-square-foot property includes side-by-side duplex apartments that are fully rented, a private one-bedroom guest house with a sauna, and an in-ground pool. The farm store is equipped with a commercial kitchen, cold storage, and retail area, and can also be rented separately.

Built in 1958, the property has bungalow and ranch-style elements, cement exterior and wood siding, a shingle roof, and a basement. Heating systems include propane, wood, natural gas, ductless units, fireplaces, and forced air, while cooling includes central air, zoned systems, and ductless equipment. The property is served by a private well and is zoned RES.

Key Highlights

• 32.72‑acre mixed‑use property in Kensington, NH
• 5,443‑square‑foot property with side‑by‑side duplex apartments
• Duplex apartments are fully rented

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

$103,538

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

3.57%

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%

$2,070,760 $2.1M

Cap Rate 7%

$1,479,114 $1.5M

Cap Rate 9%

$1,150,422 $1.2M

Market Conditions

NOI Build-Up for 5,443 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

$141.7K $26.04/SF

− Vacancy

−$3.7K −$0.68/SF

EGI

$138.1K $25.36/SF

− OpEx

−$34.5K −$6.34/SF

NOI

$103.5K $19.02/SF

Area

Rockingham County, NH

Vacancy

2.60%

Lease Rate

$26.04 /SF/Yr

Expense Ratio

25.00%

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%

$2,070,760

Cap Rate 7%

$1,479,114

Cap Rate 9%

$1,150,422

Alternative Uses

Best Use

Specialty Retail

$1.48M

$1.29M – $1.73M (±1% cap)

NOI $103,538 @ 7.0% cap · market cap 3.57%

Second Best

Multifamily LT 5

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,694 @ 7.0% cap · market cap 3.16%

Theoretical Best

Office A

$1.81M

$1.59M – $2.11M (±1% cap)

NOI $126,849 @ 7.0% cap · market cap 4.37%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Capricorn Rising (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Garden Center Real Estate Agency Computer & Electronic Repair Food Market Gym & Fitness Center Farmer's Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

18

Businesses Nearby

Explore this area Business Placement

Demographics for 03833, NH

22,662

Population

9,789

Households

2.3

Avg Household Size

47

Median Age

54%

College-Educated

98%

High-School Grad

48.5 sq mi

ZIP Area

467

Density / Sq Mi

$110,566

Median Household Income

$59,220

Median Earnings

$1,632

Median Rent

$456,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Flex Space with Commercial Kitchens

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4,732 SF

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Mixed-Use Property with Farm Store

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Includes rented duplex apartments, a guest house, and a farm store with commercial kitchen and retail space.

Where is this mixed-use property located?

The property is located at 180 Drinkwater Road Kensington, NH.

What is the asking price?

The asking price for this property is $2,900,000.

What are key features of this property?

This property features: 32.72‑acre mixed‑use property in Kensington, NH; 5,443‑square‑foot property with side‑by‑side duplex apartments; Duplex apartments are fully rented