Victorian Multi-Family Income
For Sale
$1,175,000
221 Atlantic Avenue, North Hampton, NH 03862
Historic rental apartments with detached garages and a post-and-beam barn offer flexibility beyond the main residence.
Property Size4,649 SF
Price / SF$252.74
Days on Market48
Property Features for 221 Atlantic Avenue
General Information
Standard status
Active
Size
4,649 SF
Property subtype
Multi Family
Zoning
R2
Taxes and HOA fees
Annual Taxes
$10,819
Building Details
Year Built
1896
Stories
2
Listing Agency:
Duston Leddy Real Estate
(603) 828-3820
Listed By:
Kirstin Stallkamp
Source:
Laerrealty
Added: Jul 5
Changed: Aug 8
Last Checked: Aug 20 at 4:32AM
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 Duston Leddy Real Estate
Investment Insights
Based on property information with market context.
Located at 221 Atlantic Avenue in North Hampton, NH, this circa 1886 Victorian residence is currently operated as a rental apartment property. The main home features notable historic details, including intricate woodwork, stained glass windows, tin ceilings, and true bow and bay windows. Additional outbuildings round out the offering, including a large detached 3-car garage with a full second story that can be used for conversion or storage.
To the side, there is also an additional 2-car garage with a private office space. A 40’x60’ post-and-beam barn complements the site and is currently outfitted with storage stalls. According to the current offering materials, the property is generating revenue through its apartments, and the current NOI is reported to be over $100K, with rents characterized as under market.
For buyers or investors seeking a historic multifamily asset with on-site expansion and reuse opportunities, the combination of multiple garages, an available second-story volume above the detached 3-car, and the dedicated barn structure may support a range of tenant-focused or operational needs. The property’s mixture of established income and substantial supplementary space is designed to appeal to operators interested in managing the current apartments while evaluating future configuration options for the additional buildings.
To the side, there is also an additional 2-car garage with a private office space. A 40’x60’ post-and-beam barn complements the site and is currently outfitted with storage stalls. According to the current offering materials, the property is generating revenue through its apartments, and the current NOI is reported to be over $100K, with rents characterized as under market.
For buyers or investors seeking a historic multifamily asset with on-site expansion and reuse opportunities, the combination of multiple garages, an available second-story volume above the detached 3-car, and the dedicated barn structure may support a range of tenant-focused or operational needs. The property’s mixture of established income and substantial supplementary space is designed to appeal to operators interested in managing the current apartments while evaluating future configuration options for the additional buildings.
Key Highlights
- Historic rental property with rental apartment revenue and current NOI over $100K
- Main home features stained glass windows, tin ceilings, and true bow and bay windows
- Detached 3‑car garage with a full second story, ready for conversion or storage
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
$70,547
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
6.00%
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%
$1,410,940
$1.4M
Cap Rate 7%
$1,007,814
$1.0M
Cap Rate 9%
$783,856
$783.9K
Market Conditions
NOI Build-Up for 4,649 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
$133.9K $28.80/SF
− Vacancy
−$5.6K −$1.21/SF
EGI
$128.3K $27.59/SF
− OpEx
−$57.7K −$12.42/SF
NOI
$70.5K $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%
$1,410,940
Cap Rate 7%
$1,007,814
Cap Rate 9%
$783,856
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.8K – $1.18M
NOI $70,547 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,345 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 03862, NH
4,597
Population
2,311
Households
2
Avg Household Size
53
Median Age
52%
College-Educated
95%
High-School Grad
13.9 sq mi
ZIP Area
331
Density / Sq Mi
$136,170
Median Household Income
$73,261
Median Earnings
$1,950
Median Rent
$611,800
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?
Multifamily property - Historic rental apartments with detached garages and a post-and-beam barn offer flexibility beyond the main residence.
Where is this multifamily property located?
The property is located at 221 Atlantic Avenue North Hampton, NH.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Historic rental property with rental apartment revenue and current NOI over $100K; Main home features stained glass windows, tin ceilings, and true bow and bay windows; Detached 3‑car garage with a full second story, ready for conversion or storage
