Three-Unit Apartment
For Sale
Under Contract
$799,000
379 White Mountain Highway, Conway, NH 03818
Multi-Family, Conway, NH
Property Size3,200 SF
Lot Size0.86 Acres
Price / SF$249.69
Days on Market56
Property Features for 379 White Mountain Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HC
Rooms
Basement
Lot features
Level
Elementary school
Pine Tree Elem
Middle school
A. Crosby Kennett Middle Sch
High school
A. Crosby Kennett Sr. High
Directions
From Route 16 in Conway Village turn North and go over the Saco River, past past Emery Lane about 100 yards and #379 will be on your right.
Standard status
Active Under Contract
Size
3,200 SF
Lot size
0.86 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7797
Utilities
Heating system
Oil, Baseboard, Hot Water(Heating)
Water source
Public
Amenities
in-unit washer and dryer
basement storage
Building Details
Year built
1950
Floors in Building
2
Number of units
6
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
KW Coastal and Lakes & Mountains Realty/Meredith · Keller Williams Realty
(603) 569-4663
Listed By:
Lobin Frizzell · License #NH 069653
(603) 610-8500
Added: Jun 26
Changed: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 5097661
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.
This three-unit apartment building includes three currently occupied residential living spaces: a 5-bedroom, 2.5-bath residence; a 2-bedroom, 1-bath apartment; and a 3-bedroom, 2-bath residence. The property also has two additional unfinished 2-bedroom, 1.5-bath living spaces, with one featuring interior framing already in place. An on-site owner’s living space adds flexibility for owner occupancy, onsite management, or supplemental rental income.
The home is situated on 0.86 acres at 379 White Mountain Highway in Conway, NH. Improvements include in-unit washer and dryer facilities, a fire suppression system, and public water and sewer service. Construction is wood frame with vinyl siding, and the building includes a full basement for storage.
Additional building systems include hot water heating with baseboard radiators and oil fuel. With a versatile mix of completed and unfinished units, the property supports both immediate rental use and expansion through completion of the unfinished spaces.
The home is situated on 0.86 acres at 379 White Mountain Highway in Conway, NH. Improvements include in-unit washer and dryer facilities, a fire suppression system, and public water and sewer service. Construction is wood frame with vinyl siding, and the building includes a full basement for storage.
Additional building systems include hot water heating with baseboard radiators and oil fuel. With a versatile mix of completed and unfinished units, the property supports both immediate rental use and expansion through completion of the unfinished spaces.
Key Highlights
- Three occupied units: 5 bed / 2.5 bath; 2 bed / 1 bath; and 3 bed / 2 bath
- Two additional unfinished 2‑bedroom, 1.5‑bath living spaces, one with interior framing in place
- In‑unit washer and dryer facilities
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
$32,931
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
4.12%
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%
$658,620
$658.6K
Cap Rate 7%
$470,443
$470.4K
Cap Rate 9%
$365,900
$365.9K
Market Conditions
NOI Build-Up for 3,200 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
$63.4K $19.80/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$59.9K $18.71/SF
− OpEx
−$26.9K −$8.42/SF
NOI
$32.9K $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%
$658,620
Cap Rate 7%
$470,443
Cap Rate 9%
$365,900
Alternative Uses
Best Use
Apartment 5plus
$470.4K
$411.6K – $548.9K
NOI $32,931 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$799.0K
$699.2K – $932.2K
NOI $55,932 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 03818, NH
3,478
Population
2,174
Households
1.6
Avg Household Size
49
Median Age
43%
College-Educated
95%
High-School Grad
84.5 sq mi
ZIP Area
41
Density / Sq Mi
$73,346
Median Household Income
$38,714
Median Earnings
$941
Median Rent
$284,200
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?
Apartment building - Three occupied residential units plus two unfinished apartments, with public water and sewer and in-unit washer/dryer.
Where is this apartment building located?
The property is located at 379 White Mountain Highway Conway, NH.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three occupied units: 5 bed / 2.5 bath; 2 bed / 1 bath; and 3 bed / 2 bath; Two additional unfinished 2‑bedroom, 1.5‑bath living spaces, one with interior framing in place; In‑unit washer and dryer facilities
