3-Unit Multifamily
For Sale
$599,900
352 Portland Street, Rochester, NH 03867
Separate utility metering and dedicated heating serve each residence, with parking and a detached garage on the property.
Property Size4,358 SF
Lot Size0.17 Acres
Price / SF$137.65
Days on Market17
Property Features for 352 Portland Street
General Information
Standard status
Active
Size
4,358 SF
Lot size
0.17 Acres
Property subtype
Multi Family Home
Zoning
R-2
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$66,000
Taxes and HOA fees
Annual Taxes
$6,548
Building Details
Building Size
4,358 SF
Year Built
1902
Stories
3
Units
3
Listing Agency:
Sre Brokers
(603) 431-1443
Listed By:
Carl Krukoff
Source:
Threehillsres
Added: Aug 8
Changed: Aug 23
Last Checked: Aug 23 at 9:23AM
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 Sre Brokers
Investment Insights
Based on property information with market context.
Built in 1902, this three-unit multifamily property offers a consistent three-bedroom, one-bathroom layout in each residence. The building requires repair work and is being sold AS-IS. Its roof was updated in 2016, while separate meters and dedicated heating systems serve the individual units. Tenants pay their own heat, hot water, and electricity; municipal water and sewer are paid by the landlord.
The property occupies a .17-acre lot with dedicated parking on both sides of the building. A detached 2-bay garage provides renter storage and adds another functional improvement to the site. The property is near downtown Rochester and shopping, with access to the Seacoast and neighboring Maine. Walk Score is 82 and Bike Score is 62.
The property occupies a .17-acre lot with dedicated parking on both sides of the building. A detached 2-bay garage provides renter storage and adds another functional improvement to the site. The property is near downtown Rochester and shopping, with access to the Seacoast and neighboring Maine. Walk Score is 82 and Bike Score is 62.
Key Highlights
- Three units, each with a 3‑bedroom, 1‑bathroom layout
- 1902 construction with a roof updated in 2016
- Separate utility metering and dedicated heating for each unit
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
$44,240
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
7.37%
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%
$884,800
$884.8K
Cap Rate 7%
$632,000
$632.0K
Cap Rate 9%
$491,556
$491.6K
Market Conditions
NOI Build-Up for 4,358 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
$65.4K $15.00/SF
− Vacancy
−$2.2K −$0.50/SF
EGI
$63.2K $14.50/SF
− OpEx
−$19.0K −$4.35/SF
NOI
$44.2K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$884,800
Cap Rate 7%
$632,000
Cap Rate 9%
$491,556
Alternative Uses
Best Use
Multifamily LT 5
$632.0K
$553.0K – $737.3K
NOI $44,240 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$582.9K
$510.0K – $680.0K
NOI $40,801 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,613 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
762
Businesses Nearby
Explore this area
Business Placement
Demographics for 03867, NH
22,369
Population
10,458
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
28.4 sq mi
ZIP Area
788
Density / Sq Mi
$74,397
Median Household Income
$42,613
Median Earnings
$1,217
Median Rent
$259,200
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?
Triplex - Separate utility metering and dedicated heating serve each residence, with parking and a detached garage on the property.
Where is this triplex located?
The property is located at 352 Portland Street Rochester, NH.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three units, each with a 3‑bedroom, 1‑bathroom layout; 1902 construction with a roof updated in 2016; Separate utility metering and dedicated heating for each unit
