Two-Building Multifamily
For Sale
$1,550,000
23 Elm Street, Milton, NH 03851
Two two-story apartment buildings offer a mix of studio, one-, and three-bedroom units with separate electric metering.
Property Size6,330 SF
Lot Size0.63 Acres
Price / SF$244.87
Days on Market144
Property Features for 23 Elm Street
General Information
Standard status
Active
Size
6,330 SF
Lot size
0.63 Acres
Property subtype
Multi-family
Additional Details
Multifamily Units
12
Building Details
Year Built
1890
Stories
2
Tenancy
Multi
Listing Agency:
Horvath & Tremblay LLC
Listed By:
William Peck
(603) 329-5903
Source:
Bigislandre
Added: Apr 25
Changed: Sep 14
Last Checked: Sep 14 at 8:24AM
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 Horvath & Tremblay LLC
Investment Insights
Based on property information with market context.
23 Elm St features two two-story residential buildings on a 0.63-acre parcel. The property includes one 3-bedroom/2-bath unit, one 3-bedroom/1.5-bath unit, three 2-bedroom/1-bath units, four 1-bedroom/1-bath units, and three studio units, totaling 6,330 square feet of gross living area in 10,447 square feet of gross area.
The buildings provide more than fourteen off-street parking spaces. The property is located in the village center of Milton, with convenient access to the town’s local commercial corridor, neighborhood services, and surrounding residential areas.
Units are separately metered for electricity, with tenants paying electric directly. Select tenants are responsible for electric-powered hot water, while the landlord is responsible for oil-powered heating, oil-powered hot water in select units, and domestic water and sewer.
The buildings provide more than fourteen off-street parking spaces. The property is located in the village center of Milton, with convenient access to the town’s local commercial corridor, neighborhood services, and surrounding residential areas.
Units are separately metered for electricity, with tenants paying electric directly. Select tenants are responsible for electric-powered hot water, while the landlord is responsible for oil-powered heating, oil-powered hot water in select units, and domestic water and sewer.
Key Highlights
- Two two‑story apartment buildings built in 1890 with 10 total units, including studio, 1‑bedroom, and 3‑bedroom apartments
- Unit mix: one 3BD/2BA, one 3BD/1.5BA, three 2BD/1BA, four 1BD/1BA, and three studio units
- 6,330 SF gross living area in 10,447 SF gross area on a 0.63‑acre parcel
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
$59,264
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
3.82%
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%
$1,185,280
$1.2M
Cap Rate 7%
$846,629
$846.6K
Cap Rate 9%
$658,489
$658.5K
Market Conditions
NOI Build-Up for 6,330 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
$111.7K $17.64/SF
− Vacancy
−$3.9K −$0.62/SF
EGI
$107.8K $17.02/SF
− OpEx
−$48.5K −$7.66/SF
NOI
$59.3K $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%
$1,185,280
Cap Rate 7%
$846,629
Cap Rate 9%
$658,489
Alternative Uses
Best Use
Apartment 5plus
$846.6K
$740.8K – $987.7K
NOI $59,264 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,543 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 03851, NH
3,891
Population
1,785
Households
2.2
Avg Household Size
47
Median Age
17%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
148
Density / Sq Mi
$98,750
Median Household Income
$49,178
Median Earnings
$1,503
Median Rent
$282,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two two-story apartment buildings offer a mix of studio, one-, and three-bedroom units with separate electric metering.
Where is this apartment building located?
The property is located at 23 Elm Street Milton, NH.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Two two‑story apartment buildings built in 1890 with 10 total units, including studio, 1‑bedroom, and 3‑bedroom apartments; Unit mix: one 3BD/2BA, one 3BD/1.5BA, three 2BD/1BA, four 1BD/1BA, and three studio units; 6,330 SF gross living area in 10,447 SF gross area on a 0.63‑acre parcel
