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Building Details

Year Built 1890

Stories 3

Listing Agency: BHHS Verani Concord Show Phone

Listed By: Tami Mousseau Show Phone

Source: Churchillprop

Added: Jul 21 Changed: Oct 10 Last Checked: Oct 14 at 9:49PM

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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 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.

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 / Yr

$59,090

Cap Rate

5.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,181,800 $1.2M

Cap Rate 7%

$844,143 $844.1K

Cap Rate 9%

$656,556 $656.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,894 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $90,750 @ 7.0% cap · market cap 8.25%

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

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Nail Salon HVAC Service Kitchen & Bath Showroom Parking Lot & Garage (Bike/Boat/Book/etc) Store Grocery & Convenience Store

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

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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 Street 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