Lakeside Duplex and Cottage
For Sale
$1,800,000
26 Pine Rock Road, Hillsborough, NH 03244
MULTI_FAMILY - Contemporary - Hillsborough, NH
Property Size4,080 SF
Lot Size1.30 Acres
Price / SF$441.18
Days on Market93
Property Features for 26 Pine Rock Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RURAL-
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 6, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 4, Basement
Parking features
Garage
Patio and Porch features
Deck
Exterior features
Balcony, Deck
Appliances
Water Heater off Boiler
Lot features
Lake Access, Lake View, Level, Water View, Near Skiing
Elementary school
Hillsboro-Deering Elementary
Middle school
Hillsboro-Deering Middle
High school
Deering High School
Elementary school district
Hillsboro-Deering SAU #34
Middle school district
Hillsboro-Deering SAU #34
High school district
Hillsboro-Deering SAU #34
Standard status
Active
Size
4,080 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7589
Utilities
Heating system
Hot Water(Heating), Baseboard, Ductless (Heating)
Cooling system
Zoned, Ductless
Water source
Well
Water front
1
Building Details
Year built
1955
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Keller Williams Realty-Metropolitan
(603) 232-8282
Listed By:
Fine Homes Group International
(603) 232-8282
Added: May 15
Changed: Aug 5
Last Checked: Aug 15 at 7:06PM
MLS# 5089258
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 offering combines a newly constructed duplex with an original shingled cottage on a single lakeside compound. The duplex features crisp navy siding and a welcoming covered porch, and each residence includes a two-car garage with direct entry. Interiors are described as featuring luxury vinyl flooring, fresh finishes, and soaring ceilings, with main-level living, dining, and kitchen areas connecting together. The kitchen is presented with quartz surfaces, white cabinetry, and stainless appliances, plus a covered composite deck for outdoor space. Upstairs, primary suites include a balcony, ensuite bath, and generous walk-in closet, with three additional bedrooms included for flexibility.
Set along the shores of Franklin Pierce Lake in Hillsborough, this property includes a generously sized, cleared parcel described as buildable. The shoreline setting is presented as supporting year-round recreation, with winter seasonal enjoyment and a warm-water fishery noted in the remarks. Zoning is listed as RURAL-.
Set along the shores of Franklin Pierce Lake in Hillsborough, this property includes a generously sized, cleared parcel described as buildable. The shoreline setting is presented as supporting year-round recreation, with winter seasonal enjoyment and a warm-water fishery noted in the remarks. Zoning is listed as RURAL-.
Key Highlights
- Lakeside Franklin Pierce Lake compound with a vintage cottage plus a newly built duplex and a generously sized buildable lot
- Year built 1955; contemporary architecture with vinyl siding and a shingle roof
- Interior features include 6 bedrooms and 4 bathrooms, plus a basement
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
$59,916
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
3.33%
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%
$1,198,320
$1.2M
Cap Rate 7%
$855,943
$855.9K
Cap Rate 9%
$665,733
$665.7K
Market Conditions
NOI Build-Up for 4,080 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
$90.6K $22.20/SF
− Vacancy
−$5.0K −$1.22/SF
EGI
$85.6K $20.98/SF
− OpEx
−$25.7K −$6.29/SF
NOI
$59.9K $14.69/SF
Area
Hillsborough County, NH
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,198,320
Cap Rate 7%
$855,943
Cap Rate 9%
$665,733
Alternative Uses
Best Use
Multifamily LT 5
$855.9K
$749.0K – $998.6K
NOI $59,916 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$793.0K
$693.9K – $925.2K
NOI $55,512 @ 7.0% cap · market cap 3.08%
Theoretical Best
Specialty Retail
$7.48M
$6.54M – $8.72M
NOI $523,260 @ 7.0% cap · market cap 29.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 03244, NH
8,001
Population
3,667
Households
2.2
Avg Household Size
44
Median Age
25%
College-Educated
95%
High-School Grad
82.5 sq mi
ZIP Area
97
Density / Sq Mi
$93,886
Median Household Income
$51,022
Median Earnings
$1,112
Median Rent
$252,900
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 - Includes a newly built duplex and an original shingled cottage on a lakeside parcel.
Where is this duplex located?
The property is located at 26 Pine Rock Road Hillsborough, NH.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Lakeside Franklin Pierce Lake compound with a vintage cottage plus a newly built duplex and a generously sized buildable lot; Year built 1955; contemporary architecture with vinyl siding and a shingle roof; Interior features include 6 bedrooms and 4 bathrooms, plus a basement
