Entitled 6-Unit Multifamily
For Sale
$995,000
343 Main Street, Sandown, NH 03873
Pre-approved 6-unit multifamily asset ready for immediate rehab.
Property Size5,968 SF
Price / SF$166.72
Days on Market113
Property Features for 343 Main Street
General Information
Standard status
Active
Size
5,968 SF
Property subtype
Multi Family
Zoning
B1
Taxes and HOA fees
Annual Taxes
$10,746
Building Details
Year Built
1986
Stories
2
Listing Agency:
Keller Williams Realty Metro-Londonderry
(603) 232-8282
Listed By:
Doug Martin · License #065638
(603) 232-8282
Source:
Laerrealty
Added: May 11
Changed: Aug 23
Last Checked: Aug 30 at 1:37PM
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 Keller Williams Realty Metro-Londonderry
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a pre-approved 6-unit multi-family asset that offers moderate rehab and strong upside potential. The unit mix includes one 2-bedroom/1.5 bath, two 2-bedroom/1-bath units, two 1-bedroom/1-bath units, and one large studio, all positioned to achieve full market-rate rents upon completion. Originally built in 1986 as a mixed-use retail and residential property, the asset’s highest and best use has evolved into a fully residential income-producing investment. The property is well-positioned for a streamlined development process, with full architectural plans in place, including demolition and construction schedules, and all town approvals secured, making it ready for immediate permit pull. A local builder has already provided a rehab estimate and is prepared to begin work. Additional value can be realized through a large unfinished basement and a two-car garage, offering potential for storage or supplemental rental income. The site also provides ample on-site parking to support tenant demand. Situated in the heart of the village within walking distance to Triple Elm Coffee shop, Bruchetti’s Pizza, A and M Sandown Market, Rockingham Rail Trail, Post Office, Library, Town Beach, the historic Sandown Train Depot and the Sandown Meeting House.
Key Highlights
- Fully Entitled 6‑Unit Multi‑Family Ready for Rehab
- Full Architectural Plans and Town Approvals Secured for Immediate Permit Pull**
- Unit Mix Designed for Market‑Rate Rents Upon Completion
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
$90,563
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
9.10%
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%
$1,811,260
$1.8M
Cap Rate 7%
$1,293,757
$1.3M
Cap Rate 9%
$1,006,256
$1.0M
Market Conditions
NOI Build-Up for 5,968 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
$171.9K $28.80/SF
− Vacancy
−$7.2K −$1.21/SF
EGI
$164.7K $27.59/SF
− OpEx
−$74.1K −$12.42/SF
NOI
$90.6K $15.17/SF
Area
Rockingham County, NH
Vacancy
4.20%
Lease Rate
$28.80 /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%
$1,811,260
Cap Rate 7%
$1,293,757
Cap Rate 9%
$1,006,256
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,563 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,084 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Explore this area
Business Placement
Demographics for 03873, NH
6,557
Population
2,293
Households
2.9
Avg Household Size
41
Median Age
28%
College-Educated
95%
High-School Grad
13.9 sq mi
ZIP Area
472
Density / Sq Mi
$137,813
Median Household Income
$53,636
Median Earnings
$1,856
Median Rent
$402,400
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 - Pre-approved 6-unit multifamily asset ready for immediate rehab.
Where is this apartment building located?
The property is located at 343 Main Street Sandown, NH.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Fully Entitled 6‑Unit Multi‑Family Ready for Rehab; Full Architectural Plans and Town Approvals Secured for Immediate Permit Pull**; Unit Mix Designed for Market‑Rate Rents Upon Completion
