Short-Term Rental with Lake
For Sale
$2,400,000
28 Pine Colony Road, Franklin, NH 03235
The residence includes a separate apartment, a sunroom, and multiple bedrooms across two floors.
Property Size5,910 SF
Price / SF$406.09
Days on Market516
Property Features for 28 Pine Colony Road
General Information
Standard status
Active
Size
5,910 SF
Property subtype
Commercial
Building Details
Year Built
1901
Listing Agency:
603 Birch Realty,LLC
Listed By:
Dawn Smith
(603) 520-6863
Source:
Burkelordrealestate
Added: Apr 28, 2025
Changed: Sep 24
Last Checked: Jun 22 at 12:05PM
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 603 Birch Realty,LLC
Investment Insights
Based on property information with market context.
Built in 1901, this 5,910-square-foot residence on Webster Lake includes multiple bedrooms, an apartment, a game room, a family room, laundry space, and several bathrooms. A living room with cathedral ceilings and a sunroom provide additional indoor gathering areas, with the sunroom facing the lake. The property has forced-air heating and a wood stove, and a walkout configuration.
The property is zoned LP 1F Residential Waterfront. Its layout includes two bedrooms and the apartment on the first floor, along with five bedrooms and three bathrooms upstairs.
The property is zoned LP 1F Residential Waterfront. Its layout includes two bedrooms and the apartment on the first floor, along with five bedrooms and three bathrooms upstairs.
Key Highlights
- 5,910‑square‑foot residence on Webster Lake
- Built in 1901
- First floor includes two bedrooms, an apartment, game room, family room, laundry room, and sunroom
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
$78,227
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
3.26%
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%
$1,564,540
$1.6M
Cap Rate 7%
$1,117,529
$1.1M
Cap Rate 9%
$869,189
$869.2K
Market Conditions
NOI Build-Up for 5,910 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
$148.9K $25.20/SF
− Vacancy
−$6.7K −$1.13/SF
EGI
$142.2K $24.07/SF
− OpEx
−$64.0K −$10.83/SF
NOI
$78.2K $13.24/SF
Area
Merrimack County, NH
Vacancy
4.50%
Lease Rate
$25.20 /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%
$1,564,540
Cap Rate 7%
$1,117,529
Cap Rate 9%
$869,189
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$977.8K – $1.30M
NOI $78,227 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,719 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
10
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Short term rental property - The residence includes a separate apartment, a sunroom, and multiple bedrooms across two floors.
Where is this short term rental property located?
The property is located at 28 Pine Colony Road Franklin, NH.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 5,910‑square‑foot residence on Webster Lake; Built in 1901; First floor includes two bedrooms, an apartment, game room, family room, laundry room, and sunroom
