Four-Unit Multifamily
For Sale
$750,000
Pending
223 High Street, Somersworth, NH 03878
Well-maintained four-unit property with updated units, separate utilities, and off-street parking, fully leased.
Property Size3,915 SF
Days on Market156
Property Features for 223 High Street
General Information
Standard status
Pending
Size
3,915 SF
Property subtype
Multi Family
Zoning
R2
Occupancy
100%
Additional Details
Cap Rate
6.98%
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$11,031
Amenities
Natural Gas, Hot Water
Yes
2
4
Walk-up
Unfinished
Asphalt Shingle
Wood Frame, Vinyl Siding
Building Details
Year Built
1870
Stories
2
Tenancy
Multi
Listing Agency:
KW Coastal and Lakes & Mountains Realty
Listed By:
Michael Whitney
(603) 610-8545
Source:
Compass
Added: Apr 6
Changed: Aug 8
Last Checked: Jul 24 at 1:29PM
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 KW Coastal and Lakes & Mountains Realty
Investment Insights
Based on property information with market context.
This four-unit multifamily property is well maintained and has updated units throughout. The building offers a balanced unit mix with two first-floor apartments and two second-floor apartments, including 2-bedroom units and 1-bedroom/studio-style units. The property is described as having updated systems, separate utilities, and off-street parking, supporting a low-maintenance transition for the next owner.
The property is located in the heart of the city at 223 High Street in Somersworth, NH, and is positioned just minutes from downtown, shopping, and major commuter routes.
All units are stated to be fully leased and provide ample natural light, with strong income already in place.
The property is located in the heart of the city at 223 High Street in Somersworth, NH, and is positioned just minutes from downtown, shopping, and major commuter routes.
All units are stated to be fully leased and provide ample natural light, with strong income already in place.
Key Highlights
- 4‑unit multi‑family in Somersworth with all units fully leased
- Unit mix: two 1st‑floor units (1BR and 2BR) and two 2nd‑floor units (1BR studio and 2BR)
- Updated units throughout with separate utilities and off‑street parking
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
$39,743
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
5.30%
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%
$794,860
$794.9K
Cap Rate 7%
$567,757
$567.8K
Cap Rate 9%
$441,589
$441.6K
Market Conditions
NOI Build-Up for 3,915 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
$58.7K $15.00/SF
− Vacancy
−$1.9K −$0.50/SF
EGI
$56.8K $14.50/SF
− OpEx
−$17.0K −$4.35/SF
NOI
$39.7K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$794,860
Cap Rate 7%
$567,757
Cap Rate 9%
$441,589
Alternative Uses
Best Use
Multifamily LT 5
$567.8K
$496.8K – $662.4K
NOI $39,743 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$523.6K
$458.2K – $610.9K
NOI $36,654 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.05M
$916.5K – $1.22M
NOI $73,317 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 03878, NH
11,919
Population
5,722
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
95%
High-School Grad
9.8 sq mi
ZIP Area
1,216
Density / Sq Mi
$79,691
Median Household Income
$47,638
Median Earnings
$1,410
Median Rent
$295,200
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?
Quadplex - Well-maintained four-unit property with updated units, separate utilities, and off-street parking, fully leased.
Where is this quadplex located?
The property is located at 223 High Street Somersworth, NH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4‑unit multi‑family in Somersworth with all units fully leased; Unit mix: two 1st‑floor units (1BR and 2BR) and two 2nd‑floor units (1BR studio and 2BR); Updated units throughout with separate utilities and off‑street parking
