Renovated Apartment Buildings with Expansion
New
For Sale
$1,100,000
2556 E Conway Road, Conway, NH 03813
Multi-Family, Conway, NH
Property Size4,872 SF
Lot Size3.00 Acres
Price / SF$225.78
Days on Market2
Property Features for 2556 E Conway Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RA
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 11, Bedroom 10, Bedroom 7, Basement, Bathroom 6, Bedroom 9, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 5, Bedroom 8, Bedroom 12, Bedroom 6
Parking features
Driveway
Appliances
Gas Water Heater, Tankless Water Heater
Lot features
Country Setting, Level, Open, Rural
Elementary school
Assigned
Middle school
A. Crosby Kennett Middle Sch
High school
A. Crosby Kennett Sr. High
Elementary school district
Conway School District SAU #9
Middle school district
Conway School District SAU #9
High school district
Conway School District SAU #9
Directions
From Conway Police Department, follow E Conway Road for 5.1 miles. Property will be on the left.
Standard status
Active
Size
4,872 SF
Lot size
3.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10146
Utilities
Utilities
Propane
Heating system
Ductless (Heating), Heat Pump (Heating), Hot Water(Heating), Propane (Heating)
Cooling system
Ductless, Zoned
Water source
Public
Building Details
Year built
1870
Floors in Building
2
Number of units
5
Flooring type
Laminate, Vinyl, Tile - Ceramic, Softwood, Carpet
Building materials
Wood Frame
Roof type
Shingle, Metal
Architectural style
Cottage
Listing Agency:
Badger Peabody & Smith Realty
(603) 356-5757
Listed By:
Kevin Killourie · License #051534
(603) 444-1294
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 5105774
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property includes four units across two buildings totaling 4,872 square feet. The farmhouse contains three units and received a major renovation in 2020, including insulation, wiring, and plumbing improvements. A separate one-unit cape was constructed in 2019. Each unit has its own high-efficiency wall-mounted boiler and electric meter, with heating supported by propane, heat pumps, and hot-water systems. The property also includes storage and garage space, laminate, vinyl, ceramic tile, softwood, and carpet flooring, plus driveway parking.
The 3-acre property at 2556 E Conway Road is served by public water and carries RA zoning. All four units are currently rented. The garage could be finished to add three units, and the open, level rear portion of the property may support additional construction, subject to applicable approvals.
The 3-acre property at 2556 E Conway Road is served by public water and carries RA zoning. All four units are currently rented. The garage could be finished to add three units, and the open, level rear portion of the property may support additional construction, subject to applicable approvals.
Key Highlights
- Four currently rented units across a renovated farmhouse and a 2019 freestanding cape
- 4,872 square feet on 3 acres
- Farmhouse renovation completed in 2020 with updated insulation, wiring, and plumbing
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
$50,138
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
4.56%
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%
$1,002,760
$1.0M
Cap Rate 7%
$716,257
$716.3K
Cap Rate 9%
$557,089
$557.1K
Market Conditions
NOI Build-Up for 4,872 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
$96.5K $19.80/SF
− Vacancy
−$5.3K −$1.09/SF
EGI
$91.2K $18.71/SF
− OpEx
−$41.0K −$8.42/SF
NOI
$50.1K $10.29/SF
Area
Carroll County, NH
Vacancy
5.50%
Lease Rate
$19.80 /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%
$1,002,760
Cap Rate 7%
$716,257
Cap Rate 9%
$557,089
Alternative Uses
Best Use
Apartment 5plus
$716.3K
$626.7K – $835.6K
NOI $50,138 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,156 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 03813, NH
3,681
Population
2,661
Households
1.4
Avg Household Size
52
Median Age
33%
College-Educated
91%
High-School Grad
98.3 sq mi
ZIP Area
37
Density / Sq Mi
$58,299
Median Household Income
$35,625
Median Earnings
$1,363
Median Rent
$215,200
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?
Apartment building - Four occupied units span a renovated farmhouse and a newer freestanding cape with separate heating and electric service.
Where is this apartment building located?
The property is located at 2556 E Conway Road Conway, NH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four currently rented units across a renovated farmhouse and a 2019 freestanding cape; 4,872 square feet on 3 acres; Farmhouse renovation completed in 2020 with updated insulation, wiring, and plumbing
