Duplex Under
For Sale
$589,900
24 Munroe Street Unit 1&2, Franklin, NH 03235
Two-unit residential property with central air conditioning, forced-air heating, and walkout basement access.
Property Size2,880 SF
Price / SF$204.83
Days on Market322
Property Features for 24 Munroe Street Unit 1&2
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi Family
Zoning
R3
Additional Details
Multifamily Units
2
Amenities
Central AC
Forced Air
Yes
2
Walkout
Concrete, Concrete Floor, Daylight, Interior Stairs, Unfinished, Walkout, Interior Access, Exterior Access, Basement Stairs
Architectural Shingle, Asphalt Shingle
Gray
Wood Frame, Vinyl Siding
Building Details
Year Built
2025
Listing Agency:
Gibson Sotheby's International Realty
(603) 413-7600
Listed By:
Tim McGibbon
(603) 413-7600
Source:
Compass
Added: Oct 13, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:16PM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This two-unit residential property is currently under construction at 24 Munroe Street, Unit 1&2, in Franklin, New Hampshire. The building contains 2,880 square feet and is planned with central AC and forced-air heating. Estimated completion is the end of April 2026, with plans and specifications subject to change during construction.
The property is identified as R3 zoning and includes a walkout basement with unfinished space, concrete flooring, interior stairs, and both interior and exterior access. Exterior construction includes wood framing, vinyl siding, and architectural asphalt shingles.
The property is identified as R3 zoning and includes a walkout basement with unfinished space, concrete flooring, interior stairs, and both interior and exterior access. Exterior construction includes wood framing, vinyl siding, and architectural asphalt shingles.
Key Highlights
- 2,880‑square‑foot duplex under construction
- Estimated completion at the end of April 2026
- R3 zoning
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
$41,368
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
7.01%
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%
$827,360
$827.4K
Cap Rate 7%
$590,971
$591.0K
Cap Rate 9%
$459,644
$459.6K
Market Conditions
NOI Build-Up for 2,880 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
$62.2K $21.60/SF
− Vacancy
−$3.1K −$1.08/SF
EGI
$59.1K $20.52/SF
− OpEx
−$17.7K −$6.16/SF
NOI
$41.4K $14.36/SF
Area
Merrimack County, NH
Vacancy
5.00%
Lease Rate
$21.60 /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%
$827,360
Cap Rate 7%
$590,971
Cap Rate 9%
$459,644
Alternative Uses
Best Use
Multifamily LT 5
$591.0K
$517.1K – $689.5K
NOI $41,368 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$544.6K
$476.5K – $635.4K
NOI $38,121 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$749.9K
$656.2K – $874.9K
NOI $52,492 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Explore this area
Business Placement
Demographics for 03235, NH
8,856
Population
4,021
Households
2.2
Avg Household Size
44
Median Age
19%
College-Educated
91%
High-School Grad
29.8 sq mi
ZIP Area
297
Density / Sq Mi
$69,921
Median Household Income
$41,333
Median Earnings
$1,088
Median Rent
$244,800
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?
Duplex - Two-unit residential property with central air conditioning, forced-air heating, and walkout basement access.
Where is this duplex located?
The property is located at 24 Munroe Street Unit 1&2 Franklin, NH.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 2,880‑square‑foot duplex under construction; Estimated completion at the end of April 2026; R3 zoning
