Building Details

Year Built 1900

Year Renovated 2022

Listing Agency: Tri-State Realty, LLC

Listed By: Nick Turmel

Source: Nhlegacygroup

Added: Jul 3 Changed: Aug 29 Last Checked: Aug 25 at 5:14AM

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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 Tri-State Realty, LLC

Investment Insights

Based on property information with market context.

Located at 39 South Barnstead Road in Barnstead, this 3446 SF duplex contains two three-bedroom, two-bathroom apartments. Both units feature eat-in kitchens, quartz countertops, white shaker cabinetry, ample closets, and their own washer and dryer. Apartment A has mini-splits and generator wiring, while Apartment B includes central air. Separate utilities serve the apartments.

The property underwent extensive interior and exterior renovation in 2022, including the roof, vinyl siding, windows, heating and cooling systems, electrical components, flooring, kitchens, bathrooms, and appliances. A paved driveway, water filtration system, and 1-acre setting add to the physical improvements. An unfinished third-floor walk-up attic provides additional storage space, with daylight windows and lighting.

The duplex is in the Village of Center Barnstead, with access to the Suncook River and nearby lakes including Lower Suncook Lake, Upper Suncook Lake, Crystal Lake, and Halfmoon Lake. Concord is approximately 20–25 minutes away, while Lake Winnipesaukee at Alton Bay is about 12 minutes away.

Key Highlights

• Two 3BR/2BA apartments within a 3446 SF duplex
• Extensively renovated in 2022, including roof, siding, windows, systems, kitchens, bathrooms, flooring, and appliances
• 1 Acre property with paved driveway

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

$50,280

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

8.59%

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%

$1,005,600 $1.0M

Cap Rate 7%

$718,286 $718.3K

Cap Rate 9%

$558,667 $558.7K

Market Conditions

NOI Build-Up for 3,446 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

$74.4K $21.60/SF

− Vacancy

−$2.6K −$0.76/SF

EGI

$71.8K $20.84/SF

− OpEx

−$21.5K −$6.25/SF

NOI

$50.3K $14.59/SF

Area

Belknap County, NH

Vacancy

3.50%

Lease Rate

$21.60 /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%

$1,005,600

Cap Rate 7%

$718,286

Cap Rate 9%

$558,667

Alternative Uses

Best Use

Multifamily LT 5

$718.3K

$628.5K – $838.0K (±1% cap)

NOI $50,280 @ 7.0% cap · market cap 8.59%

Second Best

Apartment 5plus

$660.5K

$577.9K – $770.6K (±1% cap)

NOI $46,233 @ 7.0% cap · market cap 7.90%

Theoretical Best

Office A

$819.5K

$717.0K – $956.1K (±1% cap)

NOI $57,363 @ 7.0% cap · market cap 9.81%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Auto Parts Store Garden Center (Bike/Boat/Book/etc) Store Computer & Electronic Repair Pet Grooming Service Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

75

Businesses Nearby

Explore this area Business Placement

Demographics for 03225, NH

3,799

Population

1,871

Households

2

Avg Household Size

43

Median Age

31%

College-Educated

94%

High-School Grad

27.8 sq mi

ZIP Area

137

Density / Sq Mi

$97,109

Median Household Income

$56,610

Median Earnings

$1,399

Median Rent

$308,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Separate utilities, in-unit laundry, and updated systems support owner-occupancy or rental operations.

Where is this duplex located?

The property is located at 39 South Barnstead Rd Barnstead, NH.

What is the asking price?

The asking price for this property is $585,000.

What are key features of this property?

This property features: Two 3BR/2BA apartments within a 3446 SF duplex; Extensively renovated in 2022, including roof, siding, windows, systems, kitchens, bathrooms, flooring, and appliances; 1 Acre property with paved driveway