Durham Multifamily Investment
For Sale
$2,750,000
275-279 Mast Road, Durham, NH 03824
Multifamily investment near UNH with strong cash flow.
Property Size8,484 SF
Price / SF$324.14
Days on Market116
Property Features for 275-279 Mast Road
General Information
Standard status
Active
Size
8,484 SF
Property subtype
Residential Income
Zoning
MUDOR
Taxes and HOA fees
Annual Taxes
$37,683
Amenities
Natural Gas, Hot Water
Exterior Entry, Interior Entry, Walk-Up Access, Full
High Speed Internet
Paved, On Site
Multi-Family
Building Details
Building Size
8,484 SF
Year Built
2010
Stories
2
Listing Agency:
(603) 978-4909
Listed By:
Paula Igoe
(603) 978-4909
Source:
Evrealestate
Added: May 8
Changed: Aug 23
Last Checked: Aug 30 at 3:22PM
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 Paula Igoe
Investment Insights
Based on property information with market context.
This investment opportunity features three modern, well-maintained multifamily buildings in Durham, adjacent to the University of New Hampshire campus. The property includes 8 residential units with 22 bedrooms and town approval for up to 27 student beds. The property also offers 40 on-site parking spaces. This property is located in a desirable rental market. The property is located in a car-dependent area with a walk score of 14, and is somewhat bikeable with a bike score of 36.
Key Highlights
- Prime location adjacent to the University of New Hampshire campus.
- Turn‑key asset with strong cash flow potential (projected 8.46% cap rate).
- Eight spacious residential units with town approval for up to 27 student beds.
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
$79,431
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
2.89%
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%
$1,588,620
$1.6M
Cap Rate 7%
$1,134,729
$1.1M
Cap Rate 9%
$882,567
$882.6K
Market Conditions
NOI Build-Up for 8,484 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
$149.7K $17.64/SF
− Vacancy
−$5.2K −$0.62/SF
EGI
$144.4K $17.02/SF
− OpEx
−$65.0K −$7.66/SF
NOI
$79.4K $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%
$1,588,620
Cap Rate 7%
$1,134,729
Cap Rate 9%
$882,567
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$992.9K – $1.32M
NOI $79,431 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,882 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Explore this area
Business Placement
Demographics for 03824, NH
15,498
Population
3,884
Households
4
Avg Household Size
25
Median Age
78%
College-Educated
98%
High-School Grad
22.4 sq mi
ZIP Area
692
Density / Sq Mi
$126,658
Median Household Income
$7,978
Median Earnings
$1,432
Median Rent
$469,900
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?
Apartment building - Multifamily investment near UNH with strong cash flow.
Where is this apartment building located?
The property is located at 275-279 Mast Road Durham, NH.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Prime location adjacent to the University of New Hampshire campus.; Turn‑key asset with strong cash flow potential (projected 8.46% cap rate).; Eight spacious residential units with town approval for up to 27 student beds.
