9-Unit Apartment
New
For Sale
$875,000
22 Railroad Avenue, Merrimack, NH 03054
Multi-Family, Merrimack, NH
Property Size2,898 SF
Lot Size0.24 Acres
Price / SF$301.93
Days on Market1
Property Features for 22 Railroad Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
INDUST
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bathroom 3, Bathroom 6, Basement, Bathroom 5, Bathroom 8, Bathroom 2, Bathroom 7, Bathroom 1
Lot features
Country Setting, Landscaped, Level, Near Shopping
Middle school
Merrimack Middle School
High school
Merrimack High School
Elementary school district
Merrimack Sch Dst SAU #26
Middle school district
Merrimack Sch Dst SAU #26
High school district
Merrimack Sch Dst SAU #26
Directions
GPS
Standard status
Active
Size
2,898 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14679
Utilities
Heating system
Steam, Oil
Water source
Public
Amenities
off-street parking
Building Details
Year built
1900
Floors in Building
3
Number of units
9
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
LAER Realty Partners/Goffstown
(603) 685-4495
Listed By:
Jason Bellaud
(978) 957-1700
Added: Aug 21
Last Checked: Aug 21 at 7:06PM
MLS# 5106076
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This wood-frame apartment building contains 9 studio units within 2,898 square feet on a 0.24-acre parcel. Built in 1900, the property includes a basement, 8 bathrooms, public water service, and off-street parking. Heating is provided by steam and oil systems, while the building has a shingle roof and newer heating and hot water equipment.
Located at 22 Railroad Avenue in Merrimack, the property sits at the end of a cul-de-sac and is near shopping, stores, restaurants, and everyday amenities. The parcel is identified with INDUST zoning.
Located at 22 Railroad Avenue in Merrimack, the property sits at the end of a cul-de-sac and is near shopping, stores, restaurants, and everyday amenities. The parcel is identified with INDUST zoning.
Key Highlights
- 9 studio units in a 2,898‑square‑foot apartment building
- 0.24‑acre parcel at 22 Railroad Avenue, Merrimack, NH 03054
- Newer roof, heating system, and hot water tank
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
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Nine studio units, off-street parking, and newer roof, heating, and hot water systems support multifamily operations.
Where is this apartment building located?
The property is located at 22 Railroad Avenue 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; 0.24‑acre parcel at 22 Railroad Avenue, Merrimack, NH 03054; Newer roof, heating system, and hot water tank
