Building Details

Year Built 2005

Stories 2

Construction colonial-style

Listing Agency: BHHS Verani Moultonborough j***@verani.com Show Phone

Listed By: Judy Hernandez

Source: Laerrealty

Added: Aug 1 Changed: Aug 2 Last Checked: Aug 11 at 4:48AM

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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 BHHS Verani Moultonborough

Investment Insights

Based on property information with market context.

This renovated duplex contains two independent residences, each with 3 bedrooms, 1.5 baths, and approximately 1,120 sq. ft. of living area. Both units feature private entrances, individual utilities, separate heating systems, luxury vinyl plank flooring, refreshed paint, updated doors, electrical and plumbing improvements, contemporary kitchens, and remodeled bathrooms. Kitchen upgrades include new cabinetry, countertops, and GE stainless steel appliances.

Set on 3.75 wooded acres in Northfield, the property includes decks, outdoor areas, ample parking, and unfinished basement space with washer/dryer hookups, storage, and utility areas. A shared septic system has received repairs, and a water softening system serves both units. The property is near I-93, Tilton shopping and dining, Concord, Laconia, Manchester, Manchester-Boston Regional Airport, and Lakes Region recreation. Zoning is R1SF S, and the building was constructed in 2005.

Key Highlights

• Two 3‑bedroom, 1.5‑bath units with approximately 1,120 sq. ft. each
• 3.75 wooded acres in Northfield
• Private entrances, separate heating systems, and individual utilities

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

$32,683

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

4.54%

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%

$653,660 $653.7K

Cap Rate 7%

$466,900 $466.9K

Cap Rate 9%

$363,144 $363.1K

Market Conditions

NOI Build-Up for 2,240 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

$48.4K $21.60/SF

− Vacancy

−$1.7K −$0.76/SF

EGI

$46.7K $20.84/SF

− OpEx

−$14.0K −$6.25/SF

NOI

$32.7K $14.59/SF

Area

Belknap County, NH

Vacancy

3.50%

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%

$653,660

Cap Rate 7%

$466,900

Cap Rate 9%

$363,144

Alternative Uses

Best Use

Multifamily LT 5

$466.9K

$408.5K – $544.7K (±1% cap)

NOI $32,683 @ 7.0% cap · market cap 4.54%

Second Best

Apartment 5plus

$429.3K

$375.7K – $500.9K (±1% cap)

NOI $30,053 @ 7.0% cap · market cap 4.18%

Theoretical Best

Office A

$532.7K

$466.1K – $621.5K (±1% cap)

NOI $37,288 @ 7.0% cap · market cap 5.18%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Pet Store

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

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 03276, NH

8,766

Population

3,984

Households

2.2

Avg Household Size

44

Median Age

26%

College-Educated

91%

High-School Grad

39.3 sq mi

ZIP Area

223

Density / Sq Mi

$79,270

Median Household Income

$47,810

Median Earnings

$1,024

Median Rent

$245,500

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

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Frequently Asked Questions

What type of property is this?

Duplex - Separate entrances, utilities, and heating systems support flexible occupancy across both updated residences.

Where is this duplex located?

The property is located at 189 Rand Road Northfield, NH.

What is the asking price?

The asking price for this property is $719,800.

What are key features of this property?

This property features: Two 3‑bedroom, 1.5‑bath units with approximately 1,120 sq. ft. each; 3.75 wooded acres in Northfield; Private entrances, separate heating systems, and individual utilities