Seven-Unit Apartment
For Sale
Under Contract
$1,475,000
3465 White Mountain Highway, Conway, NH 03860
Multi-Family, Conway, NH
Property Size4,162 SF
Lot Size0.82 Acres
Price / SF$354.40
Days on Market46
Property Features for 3465 White Mountain Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HC
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 4, Bathroom 5, Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bathroom 7, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 6
Patio and Porch features
Deck, Patio
Exterior features
Deck, Dog Fence, Patio
Fencing
Fenced
Lot features
Mountain View, In Town, Near Paths, Near Shopping, Near Skiing, Near Hospital
Elementary school
Conway Elem School
Middle school
A. Crosby Kennett Middle Sch
High school
A. Crosby Kennett Sr. High
Elementary school district
SAU #9
Middle school district
SAU #9
High school district
SAU #9
Directions
Route 16/White Mountain Hwy to Vale Apartments, across from the Adventure Suites
Standard status
Active Under Contract
Size
4,162 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9594
Utilities
Heating system
Ductless (Heating), Baseboard, Electric (Heating)
Cooling system
Ductless, Zoned
Water source
Public
Amenities
rooftop deck
fenced dog run
lighted common areas
storage
coin-op laundry
Building Details
Year built
1840
Floors in Building
3
Number of units
7
Building materials
Wood Frame, Brick Exterior, Clapboard Exterior, Shingle Siding, Stone Exterior
Roof type
Shingle
Architectural style
Other
Listing Agency:
KW Coastal and Lakes & Mountains Realty/N Conway · Keller Williams Realty
(603) 730-5683
Listed By:
Kimberly Clarke
(603) 610-8500
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 30 at 2:06PM
MLS# 5100157
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Vale Apartments is a 4,162-square-foot multifamily property containing seven long-term rental units: one ADA-accessible one-bedroom, five additional one-bedroom apartments, and one two-bedroom apartment. The interiors were reworked four years ago and feature varied flooring, updated kitchens, brick and granite accents, custom blinds, ceiling fans, LED lighting, and keyless entry. Ductless mini-split systems provide heating and cooling, supplemented by baseboard heating. The 1840 building is fully sprinklered, with individually alarmed units.
Set on 0.82 acres along Route 16 in North Conway, the property includes a rooftop deck with mountain views, off-street parking, a fenced dog run, lighted common areas, storage, and coin-operated laundry. Exterior improvements include a deck, patio, fenced areas, and a shingle roof. Public water serves the property, which is zoned HC.
Set on 0.82 acres along Route 16 in North Conway, the property includes a rooftop deck with mountain views, off-street parking, a fenced dog run, lighted common areas, storage, and coin-operated laundry. Exterior improvements include a deck, patio, fenced areas, and a shingle roof. Public water serves the property, which is zoned HC.
Key Highlights
- Seven units: one ADA‑accessible 1BR, five additional 1BR apartments, and one 2BR apartment
- 4,162 SF multifamily building on 0.82 acres
- Reconfigured four years ago with updated kitchens, keyless entry, LED lighting, and custom blinds
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
$42,831
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
2.90%
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%
$856,620
$856.6K
Cap Rate 7%
$611,871
$611.9K
Cap Rate 9%
$475,900
$475.9K
Market Conditions
NOI Build-Up for 4,162 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
$82.4K $19.80/SF
− Vacancy
−$4.5K −$1.09/SF
EGI
$77.9K $18.71/SF
− OpEx
−$35.0K −$8.42/SF
NOI
$42.8K $10.29/SF
Area
Carroll County, NH
Vacancy
5.50%
Lease Rate
$19.80 /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%
$856,620
Cap Rate 7%
$611,871
Cap Rate 9%
$475,900
Alternative Uses
Best Use
Apartment 5plus
$611.9K
$535.4K – $713.9K
NOI $42,831 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$909.3K – $1.21M
NOI $72,746 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Explore this area
Business Placement
Demographics for 03860, NH
3,910
Population
3,169
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
95%
High-School Grad
23.2 sq mi
ZIP Area
169
Density / Sq Mi
$81,771
Median Household Income
$45,915
Median Earnings
$1,094
Median Rent
$328,500
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 - Reconfigured multifamily property with mountain views, modern systems, and shared resident amenities.
Where is this apartment building located?
The property is located at 3465 White Mountain Highway Conway, NH.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Seven units: one ADA‑accessible 1BR, five additional 1BR apartments, and one 2BR apartment; 4,162 SF multifamily building on 0.82 acres; Reconfigured four years ago with updated kitchens, keyless entry, LED lighting, and custom blinds
