Updated Two-Unit
For Sale
$499,000
196 North State Street, Concord, NH 03301
Two refreshed residences with open living areas, contemporary kitchens, and off-street parking in a multifamily property.
Property Size1,728 SF
Price / SF$288.77
Days on Market169
Property Features for 196 North State Street
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multi Family
Zoning
UT
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,623
Amenities
off-street parking
Oil, Hot Air
Yes
2
Interior
Concrete Floor, Exterior Access, Insulated, Unfinished, Walkout
Asphalt Shingle
Brick Exterior, Vinyl Siding
Building Details
Year Built
1900
Listing Agency:
EXP Realty
(888) 398-7062
Listed By:
Justin Porter
(888) 398-7062
Source:
Compass
Added: Mar 15
Changed: Aug 30
Last Checked: Aug 30 at 8:11AM
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 EXP Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 1,728-square-foot duplex contains two updated residential units. Both residences feature open-concept living areas, modernized kitchens, and refreshed bathrooms. The property includes oil-fired hot-air heating and an unfinished walkout basement with exterior access, insulation, and a concrete floor.
Each unit is currently rented, with the first-floor residence leased for $2,255 per month and the second-floor residence leased for $2,090 per month. Off-street parking adds practical convenience. The property is zoned UT and is located near shopping, restaurants, highways, and schools.
Each unit is currently rented, with the first-floor residence leased for $2,255 per month and the second-floor residence leased for $2,090 per month. Off-street parking adds practical convenience. The property is zoned UT and is located near shopping, restaurants, highways, and schools.
Key Highlights
- Two updated residential units within a 1,728‑square‑foot duplex
- First‑floor unit leased for $2,255/month; second‑floor unit leased for $2,090/month
- Unfinished walkout basement with exterior access, insulation, and concrete floor
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
$24,821
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
4.97%
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%
$496,420
$496.4K
Cap Rate 7%
$354,586
$354.6K
Cap Rate 9%
$275,789
$275.8K
Market Conditions
NOI Build-Up for 1,728 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
$37.3K $21.60/SF
− Vacancy
−$1.9K −$1.08/SF
EGI
$35.5K $20.52/SF
− OpEx
−$10.6K −$6.16/SF
NOI
$24.8K $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%
$496,420
Cap Rate 7%
$354,586
Cap Rate 9%
$275,789
Alternative Uses
Best Use
Multifamily LT 5
$354.6K
$310.3K – $413.7K
NOI $24,821 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$326.7K
$285.9K – $381.2K
NOI $22,872 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$449.9K
$393.7K – $524.9K
NOI $31,495 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
239
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 - Two refreshed residences with open living areas, contemporary kitchens, and off-street parking in a multifamily property.
Where is this duplex located?
The property is located at 196 North State Street Concord, NH.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two updated residential units within a 1,728‑square‑foot duplex; First‑floor unit leased for $2,255/month; second‑floor unit leased for $2,090/month; Unfinished walkout basement with exterior access, insulation, and concrete floor
