Three-Unit Multifamily
For Sale
$1,595,000
383 Miller Avenue, Portsmouth, NH 03801
Two residences are housed in the main building, with a separate carriage house providing the third unit.
Property Size2,964 SF
Price / SF$538.12
Days on Market8
Property Features for 383 Miller Avenue
General Information
Standard status
Active
Size
2,964 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA + loft
Multifamily Units
3
Amenities
front porch
private backyard
two-car garage
storage
Building Details
Year Built
1900
Buildings
2
Listing Agency:
Tate & Foss Sotheby's International Rlty
Listed By:
Kurt Schneider · License #13704
Source:
Onyxregroup
Added: Sep 18
Last Checked: Sep 24 at 7:11AM
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 Tate & Foss Sotheby's International Rlty
Investment Insights
Based on property information with market context.
This 2,964-square-foot triplex includes two residences within the main building and a separate carriage house. The first-floor unit has two bedrooms and one bath, while the second-floor unit offers the same configuration. The carriage house provides a one-bedroom, one-bath residence with an additional loft. Property features include a front porch, level private backyard, large two-car garage, additional parking, and storage.
Located at 383 Miller Avenue in Portsmouth’s Little Harbor neighborhood, the property is along sidewalk-lined streets and within walking distance of Portsmouth schools, Leary Field, and downtown. Rye beaches are approximately a 10-minute drive away. The 1900-built property also places residents near downtown shopping, restaurants, and cafes.
Located at 383 Miller Avenue in Portsmouth’s Little Harbor neighborhood, the property is along sidewalk-lined streets and within walking distance of Portsmouth schools, Leary Field, and downtown. Rye beaches are approximately a 10-minute drive away. The 1900-built property also places residents near downtown shopping, restaurants, and cafes.
Key Highlights
- Three‑unit configuration with two units in the main residence and one separate carriage house
- Main building includes two 2‑bedroom, 1‑bath residences
- Carriage house offers 1 bedroom, 1 bath, and an additional loft
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
$49,932
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
3.13%
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%
$998,640
$998.6K
Cap Rate 7%
$713,314
$713.3K
Cap Rate 9%
$554,800
$554.8K
Market Conditions
NOI Build-Up for 2,964 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
$74.7K $25.20/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$71.3K $24.07/SF
− OpEx
−$21.4K −$7.22/SF
NOI
$49.9K $16.85/SF
Area
Rockingham County, NH
Vacancy
4.50%
Lease Rate
$25.20 /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%
$998,640
Cap Rate 7%
$713,314
Cap Rate 9%
$554,800
Alternative Uses
Best Use
Multifamily LT 5
$713.3K
$624.2K – $832.2K
NOI $49,932 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$642.5K
$562.2K – $749.6K
NOI $44,978 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$986.8K
$863.5K – $1.15M
NOI $69,076 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
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Business Placement
Demographics for 03801, NH
22,767
Population
11,448
Households
2
Avg Household Size
43
Median Age
63%
College-Educated
98%
High-School Grad
23.8 sq mi
ZIP Area
957
Density / Sq Mi
$106,520
Median Household Income
$65,984
Median Earnings
$1,783
Median Rent
$647,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Two residences are housed in the main building, with a separate carriage house providing the third unit.
Where is this triplex located?
The property is located at 383 Miller Avenue Portsmouth, NH.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Three‑unit configuration with two units in the main residence and one separate carriage house; Main building includes two 2‑bedroom, 1‑bath residences; Carriage house offers 1 bedroom, 1 bath, and an additional loft
