Building Details

Year Built 1900

Listing Agency: Jamieson Duston Of Duston Leddy Real Estate

Listed By: Rania Elsherif Show Phone

Source: Rania-elsherif

Added: Jul 10 Changed: Oct 9 Last Checked: Oct 16 at 8:49AM

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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 Jamieson Duston Of Duston Leddy Real Estate

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Investment Insights

Based on property information with market context.

Built in 1900, this triplex contains three residential units with approximately 2,405 square feet of finished living area. Each unit has its own washer and dryer, and off-street parking is situated behind the building. The property occupies a 0.24-acre lot.

The address is in Portsmouth’s Little Harbor neighborhood, moments from downtown and within the Seacoast market. Its three-unit configuration, dedicated laundry facilities, and rear parking provide a straightforward multifamily layout for an owner or investor evaluating the property for continued residential use or future improvements.

Key Highlights

• Three‑unit multifamily property with approximately 2,405 square feet of finished living space
• Each residential unit includes its own washer and dryer
• Off‑street parking is located behind the building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,515

Cap Rate

3.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$810,300 $810.3K

Cap Rate 7%

$578,786 $578.8K

Cap Rate 9%

$450,167 $450.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,405 SF

Gross rent

$60.6K $25.20/SF

− Vacancy

−$2.7K −$1.13/SF

EGI

$57.9K $24.07/SF

− OpEx

−$17.4K −$7.22/SF

NOI

$40.5K $16.85/SF

Area

Rockingham County, NH

Vacancy

4.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$810,300

Cap Rate 7%

$578,786

Cap Rate 9%

$450,167

Alternative Uses

Best Use

Multifamily LT 5

$578.8K

$506.4K – $675.3K (±1% cap)

NOI $40,515 @ 7.0% cap · market cap 3.00%

Second Best

Apartment 5plus

$521.4K

$456.2K – $608.3K (±1% cap)

NOI $36,495 @ 7.0% cap · market cap 2.70%

Theoretical Best

Office A

$800.7K

$700.6K – $934.1K (±1% cap)

NOI $56,048 @ 7.0% cap · market cap 4.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Catering Service Pharmacy Pet Grooming Service Daycare Center

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

2,523

Businesses Nearby

Explore this area Business Placement

Demographics for 03801, NH

22,767

Population

11,448

Households

2

Avg Household Size

43

Median Age

63%

College-Educated

98%

High-School Grad

23.8 sq mi

ZIP Area

957

Density / Sq Mi

$106,520

Median Household Income

$65,984

Median Earnings

$1,783

Median Rent

$647,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Three residential units include private washers and dryers, with off-street parking behind the building.

Where is this triplex located?

The property is located at 197 Richards Ave Portsmouth, NH.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: Three‑unit multifamily property with approximately 2,405 square feet of finished living space; Each residential unit includes its own washer and dryer; Off‑street parking is located behind the building