9-Unit Studio Apartment
New
For Sale
$875,000
22 Railroad Ave, Merrimack, NH 03054
Off-street parking accompanies a newer roof, heating system, and hot water tank.
Property Size2,898 SF
Price / SF$301.93
Days on Market7
Property Features for 22 Railroad Ave
General Information
Standard status
Active
Size
2,898 SF
Property subtype
Multi-Family
Units
Unit Mix
9 x studio
Multifamily Units
9
Building Details
Year Built
1900
Listing Agency:
Mark Dickson Of White Moose Realty
(603) 472-1010
Listed By:
Chadd Dempsey Real Estate Experts
(603) 472-1010
Source:
Dempseyteam
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 10:27AM
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 Mark Dickson Of White Moose Realty
Investment Insights
Based on property information with market context.
This 2,898-square-foot apartment building contains 9 studio units and was constructed in 1900. The property has been maintained with a newer roof, heating system, and hot water tank, along with off-street parking for residents.
Located at 22 Railroad Ave in Merrimack, the building sits at the end of a cul-de-sac and is near shopping, stores, restaurants, and other everyday amenities. The combination of studio-unit configuration, updated major systems, and established residential improvements provides a clearly defined multifamily asset for sale.
Located at 22 Railroad Ave in Merrimack, the building sits at the end of a cul-de-sac and is near shopping, stores, restaurants, and other everyday amenities. The combination of studio-unit configuration, updated major systems, and established residential improvements provides a clearly defined multifamily asset for sale.
Key Highlights
- 9 studio units in a 2,898‑square‑foot apartment building
- Newer roof, heating system, and hot water tank
- Off‑street parking included
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
$39,430
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
4.51%
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%
$788,600
$788.6K
Cap Rate 7%
$563,286
$563.3K
Cap Rate 9%
$438,111
$438.1K
Market Conditions
NOI Build-Up for 2,898 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
$75.5K $26.04/SF
− Vacancy
−$3.8K −$1.30/SF
EGI
$71.7K $24.74/SF
− OpEx
−$32.3K −$11.13/SF
NOI
$39.4K $13.61/SF
Area
Hillsborough County, NH
Vacancy
5.00%
Lease Rate
$26.04 /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%
$788,600
Cap Rate 7%
$563,286
Cap Rate 9%
$438,111
Alternative Uses
Best Use
Apartment 5plus
$563.3K
$492.9K – $657.2K
NOI $39,430 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.31M
$4.65M – $6.19M
NOI $371,669 @ 7.0% cap · market cap 42.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Explore this area
Business Placement
Demographics for 03054, NH
26,622
Population
10,581
Households
2.5
Avg Household Size
43
Median Age
49%
College-Educated
96%
High-School Grad
32.6 sq mi
ZIP Area
817
Density / Sq Mi
$128,897
Median Household Income
$65,604
Median Earnings
$1,819
Median Rent
$406,200
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?
Apartment building - Off-street parking accompanies a newer roof, heating system, and hot water tank.
Where is this apartment building located?
The property is located at 22 Railroad Ave Merrimack, NH.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 9 studio units in a 2,898‑square‑foot apartment building; Newer roof, heating system, and hot water tank; Off‑street parking included
