Multifamily Property with Finished
For Sale
$411,500
Pending
394 Portland St, Rochester, NH 03867
Updated building with adaptable space and the potential to restore a multi-unit configuration.
Property Size1,708 SF
Days on Market34
Property Features for 394 Portland St
General Information
Standard status
Pending
Size
1,708 SF
Property subtype
Multi-Family
Building Details
Year Built
1902
Listing Agency:
New Space Real Estate, LLC
Listed By:
Krista Lombardi
Source:
Nhhomesearches
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 25 at 7:23AM
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 New Space Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1902, this 1,708-square-foot multifamily property combines a flexible interior layout with several recent system improvements. Plumbing and electrical work has been updated, and the property includes a new metal roof, hot water heater, and oil tank.
An oversized barn adds finished space on the upper level, creating room for a home office, studio, workshop, recreation area, or storage. The main building may also be converted back to a multi-unit configuration. The property is near downtown Rochester, shopping, dining, schools, and major commuter routes, with the address at 394 Portland Street in Rochester, New Hampshire.
An oversized barn adds finished space on the upper level, creating room for a home office, studio, workshop, recreation area, or storage. The main building may also be converted back to a multi-unit configuration. The property is near downtown Rochester, shopping, dining, schools, and major commuter routes, with the address at 394 Portland Street in Rochester, New Hampshire.
Key Highlights
- 1,708‑square‑foot multifamily property built in 1902
- Updated plumbing and electrical systems
- New metal roof, hot water heater, and oil tank
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
$15,991
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
3.89%
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%
$319,820
$319.8K
Cap Rate 7%
$228,443
$228.4K
Cap Rate 9%
$177,678
$177.7K
Market Conditions
NOI Build-Up for 1,708 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
$30.1K $17.64/SF
− Vacancy
−$1.1K −$0.62/SF
EGI
$29.1K $17.02/SF
− OpEx
−$13.1K −$7.66/SF
NOI
$16.0K $9.36/SF
Area
Strafford County, NH
Vacancy
3.50%
Lease Rate
$17.64 /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%
$319,820
Cap Rate 7%
$228,443
Cap Rate 9%
$177,678
Alternative Uses
Best Use
Apartment 5plus
$228.4K
$199.9K – $266.5K
NOI $15,991 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$456.9K
$399.8K – $533.1K
NOI $31,986 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
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?
Multifamily property - Updated building with adaptable space and the potential to restore a multi-unit configuration.
Where is this multifamily property located?
The property is located at 394 Portland St Rochester, NH.
What is the asking price?
The asking price for this property is $411,500.
What are key features of this property?
This property features: 1,708‑square‑foot multifamily property built in 1902; Updated plumbing and electrical systems; New metal roof, hot water heater, and oil tank
