Building Details

Building Size 19,064 SF

Year Built 1880

Stories 3

Listed By: Colleen Guillou

Source: Evrealestate

Added: Apr 2 Changed: Oct 15 Last Checked: Oct 16 at 8:29AM

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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 Colleen Guillou

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Investment Insights

Based on property information with market context.

This multifamily property dates to 1880 and features a Cape farmhouse exterior. Interior details include forced-air heating, a dirt floor, and an interior entry. The property also includes a shared driveway and is designated ORLI under the stated zoning classification.

The property is located at 224 Mast Road in Durham, New Hampshire, within Strafford County. GPS is provided for directions.

Key Highlights

• Multifamily property with Cape farmhouse exterior
• Built in 1880
• ORLI zoning designation

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$76,969

Cap Rate

5.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,539,380 $1.5M

Cap Rate 7%

$1,099,557 $1.1M

Cap Rate 9%

$855,211 $855.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,221 SF

Gross rent

$145.0K $17.64/SF

− Vacancy

−$5.1K −$0.62/SF

EGI

$139.9K $17.02/SF

− OpEx

−$63.0K −$7.66/SF

NOI

$77.0K $9.36/SF

Area

Strafford County, NH

Vacancy

3.50%

Lease Rate

$17.64 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,539,380

Cap Rate 7%

$1,099,557

Cap Rate 9%

$855,211

Alternative Uses

Best Use

Apartment 5plus

$1.10M

$962.1K – $1.28M (±1% cap)

NOI $76,969 @ 7.0% cap · market cap 5.52%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.20M

$1.92M – $2.57M (±1% cap)

NOI $153,956 @ 7.0% cap · market cap 11.04%

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

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Parking Lot & Garage Furniture & Home Goods Real Estate Agency Law Firm Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Explore this area Business Placement

Demographics for 03824, NH

15,498

Population

3,884

Households

4

Avg Household Size

25

Median Age

78%

College-Educated

98%

High-School Grad

22.4 sq mi

ZIP Area

692

Density / Sq Mi

$126,658

Median Household Income

$7,978

Median Earnings

$1,432

Median Rent

$469,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - An 1880-built property with forced-air heating and a shared driveway.

Where is this multifamily property located?

The property is located at 224 Mast Road Durham, NH.

What is the asking price?

The asking price for this property is $1,395,000.

What are key features of this property?

This property features: Multifamily property with Cape farmhouse exterior; Built in 1880; ORLI zoning designation