Listing Agency: Senne Residential LLC j***@sennere.com Show Phone

Listed By: Susan D Wiley Show Phone

Source: Exprealty

Added: Aug 31 Changed: Sep 4 Last Checked: Sep 4 at 3:08PM

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Investment Insights

Based on property information with market context.

This duplex offers a five-bedroom, four-bathroom configuration across two separate units. The upper residence includes 2 bedrooms and 1 full bath, while the lower residence provides 3 bedrooms and 3 full baths. Recent work includes a new oil furnace installed in 2024, chimney reconstruction and relining, an improved upper terrace deck, and a rebuilt rear patio staircase. The garage sills were rebuilt with new French drains, and driveway grading was updated.

The lower unit has undergone a full renovation with a refreshed kitchen, new appliances, tiled entry, and a new front door. Additional improvements include fresh paint downstairs plus a new refrigerator and range upstairs. The property is located at 2338 Eaton Rd in Madison, near the Eaton Village Store and Maggie's Diner, with a brook behind the home and trail access near Old County Road. Conway is 5 miles away, while Crystal Lake access is available to Eaton residents.

Key Highlights

• Duplex with 5 bedrooms and 4 full bathrooms total
• Upper unit includes 2 bedrooms and 1 full bath
• Lower unit offers 3 bedrooms and 3 full baths

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

$31,476

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

5.25%

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%

$629,520 $629.5K

Cap Rate 7%

$449,657 $449.7K

Cap Rate 9%

$349,733 $349.7K

Market Conditions

NOI Build-Up for 2,706 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

$47.1K $17.40/SF

− Vacancy

−$2.1K −$0.78/SF

EGI

$45.0K $16.62/SF

− OpEx

−$13.5K −$4.99/SF

NOI

$31.5K $11.63/SF

Area

Carroll County, NH

Vacancy

4.50%

Lease Rate

$17.40 /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%

$629,520

Cap Rate 7%

$449,657

Cap Rate 9%

$349,733

Alternative Uses

Best Use

Multifamily LT 5

$449.7K

$393.5K – $524.6K (±1% cap)

NOI $31,476 @ 7.0% cap · market cap 5.25%

Second Best

Apartment 5plus

$397.8K

$348.1K – $464.1K (±1% cap)

NOI $27,848 @ 7.0% cap · market cap 4.65%

Theoretical Best

Office A

$675.7K

$591.2K – $788.3K (±1% cap)

NOI $47,297 @ 7.0% cap · market cap 7.90%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Gym & Fitness Center Food Market Farmer's Market

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

6

Businesses Nearby

Explore this area Business Placement

Demographics for 03849, NH

1,446

Population

1,119

Households

1.3

Avg Household Size

52

Median Age

26%

College-Educated

95%

High-School Grad

22.3 sq mi

ZIP Area

65

Density / Sq Mi

$96,875

Median Household Income

$41,898

Median Earnings

$1,333

Median Rent

$359,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with recent mechanical, exterior, and interior improvements near local dining, shopping, and outdoor recreation.

Where is this duplex located?

The property is located at 2338 Eaton Rd Madison, NH.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: Duplex with 5 bedrooms and 4 full bathrooms total; Upper unit includes 2 bedrooms and 1 full bath; Lower unit offers 3 bedrooms and 3 full baths