Building Details

Building Size 5,851 SF

Year Built 1988

Buildings 2

Stories 2

Units 3

Construction Lindal Cedar

Listing Agency: Kw Coastal And Lakes & Mountains Realty/N Conway f***@kw.com Show Phone

Listed By: Pamela Adami Show Phone

Source: Ossipeelakere

Added: Aug 24 Changed: Aug 29 Last Checked: Aug 30 at 5:39PM

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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 Kw Coastal And Lakes & Mountains Realty/N Conway

Investment Insights

Based on property information with market context.

Set on nearly six private acres, this Lindal Cedar triplex offers a main residence with multiple living areas and a separate apartment above a detached heated garage. The primary home includes three bedrooms and 2.5 baths across its upper two floors, with a stone fireplace, granite kitchen, breakfast bar, den, wet bar, and recreation space. Its walkout lower level adds two bedrooms, a full bath, kitchen, family room, and a private entrance.

The garage apartment contains 1,200 square feet with two bedrooms and one bath. It operates independently with its own entrance, electric meter, septic system, heating system, and hot water system. The property carries grandfathered legal three-unit status and includes two septic systems. Located at 20-24 Crest Lane in Madison, New Hampshire, the property has sunrise views over Foss Mountain and was built in 1988.

Key Highlights

• Grandfathered legal three‑unit status
• Nearly six private acres with sunrise views over Foss Mountain
• 1,200‑square‑foot apartment above detached heated garage

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

$68,058

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

6.81%

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%

$1,361,160 $1.4M

Cap Rate 7%

$972,257 $972.3K

Cap Rate 9%

$756,200 $756.2K

Market Conditions

NOI Build-Up for 5,851 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

$101.8K $17.40/SF

− Vacancy

−$4.6K −$0.78/SF

EGI

$97.2K $16.62/SF

− OpEx

−$29.2K −$4.99/SF

NOI

$68.1K $11.63/SF

Area

Carroll County, NH

Vacancy

4.50%

Lease Rate

$17.40 /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%

$1,361,160

Cap Rate 7%

$972,257

Cap Rate 9%

$756,200

Alternative Uses

Best Use

Multifamily LT 5

$972.3K

$850.7K – $1.13M (±1% cap)

NOI $68,058 @ 7.0% cap · market cap 6.81%

Second Best

Apartment 5plus

$860.2K

$752.7K – $1.00M (±1% cap)

NOI $60,213 @ 7.0% cap · market cap 6.02%

Theoretical Best

Office A

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,268 @ 7.0% cap · market cap 10.23%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Plumbing Service

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

3

Residential units

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Explore this area Business Placement

Demographics for 03849, NH

1,446

Population

1,119

Households

1.3

Avg Household Size

52

Median Age

26%

College-Educated

95%

High-School Grad

22.3 sq mi

ZIP Area

65

Density / Sq Mi

$96,875

Median Household Income

$41,898

Median Earnings

$1,333

Median Rent

$359,400

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 - Grandfathered legal three-unit status supports flexible independent living arrangements.

Where is this triplex located?

The property is located at 20-24 Crest Lane Madison, NH.

What is the asking price?

The asking price for this property is $999,900.

What are key features of this property?

This property features: Grandfathered legal three‑unit status; Nearly six private acres with sunrise views over Foss Mountain; 1,200‑square‑foot apartment above detached heated garage