Victorian Triplex With Carriage
For Sale
$549,900
2 Pleasant Street, Rochester, NH 03867
Two-building income property with period details, separate utilities, dedicated parking, and a mix of long-term and value-add units.
Property Size3,360 SF
Lot Size0.30 Acres
Price / SF$163.66
Days on Market28
Property Features for 2 Pleasant Street
General Information
Standard status
Active
Size
3,360 SF
Lot size
0.30 Acres
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1881
Buildings
2
Listing Agency:
RE/MAX Shoreline
(603) 969-6216
Listed By:
Andy Yau · License #BA922374
(802) 422-3600
Source:
Killingtonpicorealty
Added: Jul 28
Changed: Aug 23
Last Checked: Aug 24 at 5:57AM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
Built in 1881, this Victorian-era triplex comprises a 2,544-square-foot main duplex and an 816-square-foot carriage house on a 0.3-acre corner lot. The property includes three distinct living units, separate utilities, young heating systems, and ample parking. Exterior improvements include a new roof, blue vinyl siding, and replacement windows.
The lower main-house residence measures nearly 1,500 square feet and includes hardwood flooring, crown molding, tray ceilings, and multiple rooms that can accommodate separate living and dining areas. The carriage house provides open-concept living, hardwood floors, wood trim, an upper loft bedroom, a private driveway, and dedicated parking. The third unit has a three-level townhouse-style arrangement, front porch, and fenced outdoor area. One unit is occupied by a long-term tenant, while another presents an opportunity for updating. The property is near downtown Rochester, Spaulding High School, restaurants, convenience stores, major routes, Hanson Pines trails, and the Cocheco River.
The lower main-house residence measures nearly 1,500 square feet and includes hardwood flooring, crown molding, tray ceilings, and multiple rooms that can accommodate separate living and dining areas. The carriage house provides open-concept living, hardwood floors, wood trim, an upper loft bedroom, a private driveway, and dedicated parking. The third unit has a three-level townhouse-style arrangement, front porch, and fenced outdoor area. One unit is occupied by a long-term tenant, while another presents an opportunity for updating. The property is near downtown Rochester, Spaulding High School, restaurants, convenience stores, major routes, Hanson Pines trails, and the Cocheco River.
Key Highlights
- Three‑unit property with a 2,544 SF main duplex and 816 SF carriage house
- 0.3‑acre corner lot with two separate buildings
- Main lower unit spans nearly 1,500 SF and includes hardwood floors, crown molding, and tray ceilings
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
$34,109
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
6.20%
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%
$682,180
$682.2K
Cap Rate 7%
$487,271
$487.3K
Cap Rate 9%
$378,989
$379.0K
Market Conditions
NOI Build-Up for 3,360 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
$50.4K $15.00/SF
− Vacancy
−$1.7K −$0.50/SF
EGI
$48.7K $14.50/SF
− OpEx
−$14.6K −$4.35/SF
NOI
$34.1K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /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%
$682,180
Cap Rate 7%
$487,271
Cap Rate 9%
$378,989
Alternative Uses
Best Use
Multifamily LT 5
$487.3K
$426.4K – $568.5K
NOI $34,109 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$449.4K
$393.2K – $524.3K
NOI $31,458 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$898.9K
$786.5K – $1.05M
NOI $62,923 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 03867, NH
22,369
Population
10,458
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
28.4 sq mi
ZIP Area
788
Density / Sq Mi
$74,397
Median Household Income
$42,613
Median Earnings
$1,217
Median Rent
$259,200
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?
Triplex - Two-building income property with period details, separate utilities, dedicated parking, and a mix of long-term and value-add units.
Where is this triplex located?
The property is located at 2 Pleasant Street Rochester, NH.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three‑unit property with a 2,544 SF main duplex and 816 SF carriage house; 0.3‑acre corner lot with two separate buildings; Main lower unit spans nearly 1,500 SF and includes hardwood floors, crown molding, and tray ceilings
