Two-Bedroom Duplex with Private
For Sale
Under Contract
$499,900
38 - 40 Cedar Street, Wakefield, NH 03872
MULTI_FAMILY - Other - Wakefield, NH
Property Size2,080 SF
Lot Size0.24 Acres
Price / SF$240.34
Days on Market94
Property Features for 38 - 40 Cedar Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
V/RWS
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 4
Patio and Porch features
Porch, Deck
Exterior features
Deck, Porch
Lot features
Level, In Town, Near Shopping, Beach Access, Near School(s)
Elementary school
Paul School
Elementary school district
Wakefield
Middle school district
Wakefield
High school district
Wakefield
Subdivision
Sanbornville
Standard status
Active Under Contract
Size
2,080 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3644
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Propane (Heating)
Water source
Public
Building Details
Year built
2005
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
KW Coastal and Lakes & Mountains Realty/Wolfeboro · Keller Williams Realty
(603) 610-8500
Listed By:
Amy Taatjes
(603) 610-8500
Added: May 6
Changed: Aug 1
Last Checked: Aug 7 at 1:06AM
MLS# 5087201
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 duplex at 38–40 Cedar Street in Wakefield, NH offers two separate living units, each with 2 bedrooms and 1.5 baths. Both units have separate utilities and private basements, supporting flexible owner-occupant or investment use. Outdoor space includes private decks that overlook a large shared backyard, along with a porch and deck for additional everyday comfort.
The property was built in 2005 and sits on a 0.24-acre lot. Exterior materials include vinyl siding, and the roof is shingle. The home includes carpet and vinyl flooring, with hot water heating and propane heat. Public water is provided, and cable service is available.
With zoning listed as V/RWS, this well-kept duplex presents an opportunity to live in one unit while renting the other, or to own as a straightforward income property in low-tax Wakefield.
The property was built in 2005 and sits on a 0.24-acre lot. Exterior materials include vinyl siding, and the roof is shingle. The home includes carpet and vinyl flooring, with hot water heating and propane heat. Public water is provided, and cable service is available.
With zoning listed as V/RWS, this well-kept duplex presents an opportunity to live in one unit while renting the other, or to own as a straightforward income property in low-tax Wakefield.
Key Highlights
- Two units: 2 bedrooms and 1.5 baths each
- Separate utilities plus private basements for each unit
- Private decks overlooking a large shared backyard, plus porch
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
$24,194
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
4.84%
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%
$483,880
$483.9K
Cap Rate 7%
$345,629
$345.6K
Cap Rate 9%
$268,822
$268.8K
Market Conditions
NOI Build-Up for 2,080 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
$36.2K $17.40/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$34.6K $16.62/SF
− OpEx
−$10.4K −$4.99/SF
NOI
$24.2K $11.63/SF
Area
Carroll County, NH
Vacancy
4.50%
Lease Rate
$17.40 /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%
$483,880
Cap Rate 7%
$345,629
Cap Rate 9%
$268,822
Alternative Uses
Best Use
Multifamily LT 5
$345.6K
$302.4K – $403.2K
NOI $24,194 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$305.8K
$267.6K – $356.8K
NOI $21,405 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$519.4K
$454.5K – $605.9K
NOI $36,356 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 03872, NH
3,981
Population
2,435
Households
1.6
Avg Household Size
51
Median Age
33%
College-Educated
97%
High-School Grad
52.0 sq mi
ZIP Area
77
Density / Sq Mi
$91,563
Median Household Income
$65,668
Median Earnings
$950
Median Rent
$319,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with two two-bedroom units, separate utilities, and private basements on a small Wakefield lot.
Where is this duplex located?
The property is located at 38 - 40 Cedar Street Wakefield, NH.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two units: 2 bedrooms and 1.5 baths each; Separate utilities plus private basements for each unit; Private decks overlooking a large shared backyard, plus porch
