12-Unit Apartment
For Sale
$1,100,000
22 Pine St, Exeter, NH 03833
Multiunit property with a mixed private-kitchen and shared-bath configuration, requiring comprehensive renovation.
Property Size3,894 SF
Price / SF$282.49
Days on Market41
Property Features for 22 Pine St
General Information
Standard status
Active
Size
3,894 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
In need of total renovation
Additional Details
Multifamily Units
12
Building Details
Year Built
1890
Listing Agency:
BHHS Verani Concord
(603) 234-2437
Listed By:
Tami J Mousseau
Source:
Lyvrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:44AM
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 Concord
Investment Insights
Based on property information with market context.
Built in 1890, this 3,894-square-foot apartment building contains 12 rented units with utilities included. The configuration varies by unit, with some offering kitchens and others using shared bathrooms. The property is in need of total renovation, allowing for a new design approach within the existing multiunit framework.
The building is located behind the Exeter Inn in Exeter, New Hampshire. Its grandfathered status for 10+ units supports continued consideration as a multiunit property, while the existing structure is also presented for possible townhouse, condominium, or single-family residential redesign.
The building is located behind the Exeter Inn in Exeter, New Hampshire. Its grandfathered status for 10+ units supports continued consideration as a multiunit property, while the existing structure is also presented for possible townhouse, condominium, or single-family residential redesign.
Key Highlights
- 12 units currently rented with utilities included
- 3,894 SF apartment building constructed in 1890
- Mixed layout includes units with kitchens and units with shared baths
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
$59,090
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
5.37%
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%
$1,181,800
$1.2M
Cap Rate 7%
$844,143
$844.1K
Cap Rate 9%
$656,556
$656.6K
Market Conditions
NOI Build-Up for 3,894 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
$112.1K $28.80/SF
− Vacancy
−$4.7K −$1.21/SF
EGI
$107.4K $27.59/SF
− OpEx
−$48.3K −$12.42/SF
NOI
$59.1K $15.17/SF
Area
Rockingham County, NH
Vacancy
4.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,181,800
Cap Rate 7%
$844,143
Cap Rate 9%
$656,556
Alternative Uses
Best Use
Apartment 5plus
$844.1K
$738.6K – $984.8K
NOI $59,090 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,750 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
920
Businesses Nearby
Explore this area
Business Placement
Demographics for 03833, NH
22,662
Population
9,789
Households
2.3
Avg Household Size
47
Median Age
54%
College-Educated
98%
High-School Grad
48.5 sq mi
ZIP Area
467
Density / Sq Mi
$110,566
Median Household Income
$59,220
Median Earnings
$1,632
Median Rent
$456,000
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?
Apartment building - Multiunit property with a mixed private-kitchen and shared-bath configuration, requiring comprehensive renovation.
Where is this apartment building located?
The property is located at 22 Pine St Exeter, NH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 12 units currently rented with utilities included; 3,894 SF apartment building constructed in 1890; Mixed layout includes units with kitchens and units with shared baths
