Multifamily Property with Renovated
For Sale
$550,000
28 Fifth St, Dover, NH 03820
Two-unit residential income property with updated kitchen flooring, private entry, and access to downtown Dover.
Property Size2,610 SF
Price / SF$210.73
Days on Market24
Property Features for 28 Fifth St
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 7BR
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
KW Coastal and Lakes & Mountains Realty
(207) 752-0472
Listed By:
Marcia Giniusz
Source:
Carolslocum
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 28 at 8:45PM
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 KW Coastal and Lakes & Mountains Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 2,610-square-foot multifamily property contains two residential units. One unit has two bedrooms, a private entrance, a spacious kitchen with a dishwasher, and newer kitchen flooring. The second unit includes seven bedrooms, renovated bathrooms, and all bedrooms are leased. The property is offered in as-is condition.
Located in Dover, the property is described as centrally positioned and within a short walk of downtown. The two-unit configuration provides separate residential spaces, with the larger unit offering seven bedrooms and established leasing across those rooms. The property may also accommodate an owner-occupant arrangement, as stated in the property information.
Located in Dover, the property is described as centrally positioned and within a short walk of downtown. The two-unit configuration provides separate residential spaces, with the larger unit offering seven bedrooms and established leasing across those rooms. The property may also accommodate an owner-occupant arrangement, as stated in the property information.
Key Highlights
- 2,610 SF multifamily property built in 1900
- Two‑unit layout with one two‑bedroom unit and one seven‑bedroom unit
- Seven‑bedroom unit has all bedrooms leased
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
$26,495
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
4.82%
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%
$529,900
$529.9K
Cap Rate 7%
$378,500
$378.5K
Cap Rate 9%
$294,389
$294.4K
Market Conditions
NOI Build-Up for 2,610 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
$39.2K $15.00/SF
− Vacancy
−$1.3K −$0.50/SF
EGI
$37.9K $14.50/SF
− OpEx
−$11.4K −$4.35/SF
NOI
$26.5K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /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%
$529,900
Cap Rate 7%
$378,500
Cap Rate 9%
$294,389
Alternative Uses
Best Use
Multifamily LT 5
$378.5K
$331.2K – $441.6K
NOI $26,495 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$349.1K
$305.5K – $407.3K
NOI $24,436 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$698.3K
$611.0K – $814.6K
NOI $48,878 @ 7.0% cap · market cap 8.89%
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
1,491
Businesses Nearby
Explore this area
Business Placement
Demographics for 03820, NH
32,800
Population
15,460
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
1,201
Density / Sq Mi
$92,793
Median Household Income
$53,890
Median Earnings
$1,540
Median Rent
$397,900
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?
Multifamily property - Two-unit residential income property with updated kitchen flooring, private entry, and access to downtown Dover.
Where is this multifamily property located?
The property is located at 28 Fifth St Dover, NH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,610 SF multifamily property built in 1900; Two‑unit layout with one two‑bedroom unit and one seven‑bedroom unit; Seven‑bedroom unit has all bedrooms leased
