Cape-Style Multifamily
For Sale
$1,395,000
Pending
224 Mast Road, Durham, NH 03824
An 1880-built property with forced-air heating and a shared driveway.
Property Size19,064 SF
Days on Market152
Property Features for 224 Mast Road
General Information
Standard status
Pending
Size
19,064 SF
Property subtype
Residential Income
Zoning
ORLI
Amenities
Forced Air
Dirt Floor, Interior Entry
Shared Driveway
Cape, Farmhouse
Building Details
Building Size
19,064 SF
Year Built
1880
Stories
3
Listing Agency:
Listed By:
Colleen Guillou
Source:
Evrealestate
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 2:41PM
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
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.
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 = 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
$76,969
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
5.52%
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%
$1,539,380
$1.5M
Cap Rate 7%
$1,099,557
$1.1M
Cap Rate 9%
$855,211
$855.2K
Market Conditions
NOI Build-Up for 8,221 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
$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 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%
$1,539,380
Cap Rate 7%
$1,099,557
Cap Rate 9%
$855,211
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$962.1K – $1.28M
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
NOI $153,956 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
