7-Unit Apartment Building with Rooftop
For Sale
$1,475,000
Pending
3465 White Mountain Highway, Conway, NH 03860
Renovated multifamily property with mountain views, off-street parking, and a mix of accessible, one-bedroom, and two-bedroom apartments.
Property Size4,162 SF
Days on Market49
Property Features for 3465 White Mountain Highway
General Information
Standard status
Pending
Size
4,162 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR ADA accessible, 5 x 1BR, 1 x 2BR
Multifamily Units
7
Additional Details
Road Access
Yes
Sprinkler System
Yes
Amenities
rooftop deck
off street parking
fenced dog run
lighted common areas
storage
coin-op laundry
Building Details
Year Built
1840
Buildings
1
Listing Agency:
KW Coastal and Lakes & Mountains Realty/N Conway
(603) 986-0840
Listed By:
Kimberly Clarke
Source:
Findanewhampshirehome
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 25 at 6:19AM
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 KW Coastal and Lakes & Mountains Realty/N Conway
Investment Insights
Based on property information with market context.
Located at 3465 White Mountain Highway in Conway, The Vale Apartments comprise a 4,162-square-foot multifamily building with seven long-term rental units. The property was reworked four years ago and includes one ADA-accessible one-bedroom apartment, five additional one-bedroom units, and one two-bedroom unit. Interior details include Brazilian cherry, luxury vinyl plank, and pine flooring, along with brick and granite accents.
Each apartment features mini-split heating and air conditioning, LED lighting, contemporary kitchens, remote-controlled ceiling fans, custom blinds, and keyless entry. Common amenities include a rooftop deck with mountain views, off-street parking, a fenced dog run, illuminated common areas, storage, and coin-operated laundry. The building is fully sprinklered, and every unit has an individual alarm. Constructed in 1840, the property combines historic character with updated residential systems and finishes.
Each apartment features mini-split heating and air conditioning, LED lighting, contemporary kitchens, remote-controlled ceiling fans, custom blinds, and keyless entry. Common amenities include a rooftop deck with mountain views, off-street parking, a fenced dog run, illuminated common areas, storage, and coin-operated laundry. The building is fully sprinklered, and every unit has an individual alarm. Constructed in 1840, the property combines historic character with updated residential systems and finishes.
Key Highlights
- Seven long‑term rental apartments: one ADA‑accessible one‑bedroom, five one‑bedrooms, and one two‑bedroom
- 4,162‑square‑foot multifamily building at 3465 White Mountain Highway, Conway, NH 03860
- Renovated four years ago with updated kitchens, LED lighting, mini‑split HVAC, and keyless entry
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
112
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 - Renovated multifamily property with mountain views, off-street parking, and a mix of accessible, one-bedroom, and two-bedroom apartments.
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 long‑term rental apartments: one ADA‑accessible one‑bedroom, five one‑bedrooms, and one two‑bedroom; 4,162‑square‑foot multifamily building at 3465 White Mountain Highway, Conway, NH 03860; Renovated four years ago with updated kitchens, LED lighting, mini‑split HVAC, and keyless entry
