Building Details

Year Built 1890

Listing Agency: RE/MAX Synergy d***@nhsynergy.com Show Phone

Listed By: Andrew Caudill Show Phone

Source: Compass

Added: Jan 27 Changed: Aug 30 Last Checked: Aug 30 at 9:18AM

Report an Issue

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 RE/MAX Synergy

Investment Insights

Based on property information with market context.

Built in 1890, this 5,868 SF apartment property contains eight residential units and is currently fully rented. The building includes wall AC units, asphalt shingle roofing, and exterior components consisting of concrete, Masonite, and vinyl siding. Major capital improvements have been completed, while the existing interiors offer an opportunity for light cosmetic updating. The property is served by town water and sewer and includes substantial off-street parking along with a one-car garage.

Situated at 3-5 Mill Street in Greenville, New Hampshire, the property is within walking distance of Main Street and near the Massachusetts border. Downtown District zoning provides the recorded land-use designation for the asset. Current occupancy and the existing utility, parking, and building improvements provide a clear operating profile for multifamily ownership.

Key Highlights

• Eight‑unit apartment property with all units currently rented
• 5,868 SF building constructed in 1890
• Town water and sewer service

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

$79,839

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

9.12%

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%

$1,596,780 $1.6M

Cap Rate 7%

$1,140,557 $1.1M

Cap Rate 9%

$887,100 $887.1K

Market Conditions

NOI Build-Up for 5,868 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

$152.8K $26.04/SF

− Vacancy

−$7.6K −$1.30/SF

EGI

$145.2K $24.74/SF

− OpEx

−$65.3K −$11.13/SF

NOI

$79.8K $13.61/SF

Area

Hillsborough County, NH

Vacancy

5.00%

Lease Rate

$26.04 /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%

$1,596,780

Cap Rate 7%

$1,140,557

Cap Rate 9%

$887,100

Alternative Uses

Best Use

Apartment 5plus

$1.14M

$998.0K – $1.33M (±1% cap)

NOI $79,839 @ 7.0% cap · market cap 9.12%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$10.75M

$9.41M – $12.54M (±1% cap)

NOI $752,571 @ 7.0% cap · market cap 86.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick HVAC Service Big Box & Wholesale Store Auto Parts Store Electrical Service Building Supply Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Residential units

100%

Occupancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

77

Businesses Nearby

Explore this area Business Placement

Demographics for 03048, NH

3,353

Population

1,560

Households

2.1

Avg Household Size

46

Median Age

23%

College-Educated

86%

High-School Grad

28.3 sq mi

ZIP Area

118

Density / Sq Mi

$90,938

Median Household Income

$47,372

Median Earnings

$1,199

Median Rent

$275,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied multifamily property with town utilities, substantial off-street parking, and a detached one-car garage.

Where is this apartment building located?

The property is located at 3-5 Mill Street Greenville, NH.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: Eight‑unit apartment property with all units currently rented; 5,868 SF building constructed in 1890; Town water and sewer service