Lakefront Short-Term Rental
For Sale
$1,999,999
28 Pine Colony Road, Franklin, NH 03235
The layout includes a separate two-bedroom apartment, multiple common rooms, and a sunroom overlooking Webster Lake.
Property Size6,410 SF
Price / SF$338.41
Days on Market8
Property Features for 28 Pine Colony Road
General Information
Standard status
Active
Size
6,410 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
LP 1F RESIDENTIAL WTRFRNT
Taxes and HOA fees
Annual Taxes
$14,275
Amenities
Forced Air, Wood Stove
Walk-Out Access
Shared Driveway, Driveway, Off Street, Unpaved
Other
Building Details
Building Size
6,410 SF
Year Built
1901
Stories
2
Listed By:
Dawn Smith
(603) 520-6863
Source:
Evrealestate
Added: Sep 23
Changed: Sep 28
Last Checked: Sep 30 at 12:29PM
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 Dawn Smith
Investment Insights
Based on property information with market context.
Set on Webster Lake, this 5,910-square-foot property was built in 1901 and has a multi-bedroom layout with a separate apartment. The first floor contains two bedrooms, the apartment, a game room, family room, laundry room, multiple bathrooms, a sunroom, and a living room with cathedral ceilings. Five additional bedrooms and three bathrooms are located upstairs.
The sunroom overlooks Webster Lake, and the property has waterfront outdoor space. The existing configuration includes both private living areas and shared rooms, with the separate apartment offering two bedrooms and one bathroom.
The sunroom overlooks Webster Lake, and the property has waterfront outdoor space. The existing configuration includes both private living areas and shared rooms, with the separate apartment offering two bedrooms and one bathroom.
Key Highlights
- 5,910 square feet; built in 1901
- Separate apartment has 2 bedrooms and 1 bathroom
- Five upstairs bedrooms and 3 bathrooms
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
3.91%
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 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,719 @ 7.0% cap · market cap 5.39%
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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Cap Rate, Value Estimation, Potential NOI and more
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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 layout includes a separate two-bedroom apartment, multiple common rooms, and a sunroom overlooking Webster Lake.
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 $1,999,999.
What are key features of this property?
This property features: 5,910 square feet; built in 1901; Separate apartment has 2 bedrooms and 1 bathroom; Five upstairs bedrooms and 3 bathrooms
