Two-Family Updated
For Sale
$389,900
Pending
43 Elkins St, Franklin, NH 03235
Updated two-family residence with a two-car garage, additional off-street parking, and a roof approximately three years old.
Property Size2,627 SF
Days on Market73
Property Features for 43 Elkins St
General Information
Standard status
Pending
Size
2,627 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,275
Listing Agency:
EXP Realty
(603) 548-3016
Listed By:
Sara Lucas
(603) 548-3016
Source:
Exprealty
Added: Jun 12
Changed: Aug 23
Last Checked: Aug 22 at 11:55AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This updated two-family home offers flexible living and rental options. The first-floor unit includes two bedrooms, an updated bathroom, and a versatile bonus room that can serve a variety of needs. The upstairs unit features three bedrooms and one full bathroom. Tasteful updates throughout the property create a modern, move-in-ready feel while maintaining the home’s character.
The home is located on Elkins St in Franklin, NH, within a short walk of downtown. Exterior amenities include attractive landscaping, a two-car garage, and additional off-street parking. A major recent improvement is a roof that is approximately three years old.
With two separate units and practical parking and garage space, this property is set up for owner-occupancy or for renting both units, depending on how you want to use the home.
The home is located on Elkins St in Franklin, NH, within a short walk of downtown. Exterior amenities include attractive landscaping, a two-car garage, and additional off-street parking. A major recent improvement is a roof that is approximately three years old.
With two separate units and practical parking and garage space, this property is set up for owner-occupancy or for renting both units, depending on how you want to use the home.
Key Highlights
- Updated two‑family home with flexible layout for owner‑occupant or rental use
- First‑floor unit: 2 bedrooms, updated bathroom, and a bonus room (home office, hobby, playroom, or guest area)
- Second unit: 3 bedrooms and 1 full bathroom
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
$34,772
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
8.92%
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%
$695,440
$695.4K
Cap Rate 7%
$496,743
$496.7K
Cap Rate 9%
$386,356
$386.4K
Market Conditions
NOI Build-Up for 2,627 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
$66.2K $25.20/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$63.2K $24.07/SF
− OpEx
−$28.4K −$10.83/SF
NOI
$34.8K $13.24/SF
Area
Merrimack County, NH
Vacancy
4.50%
Lease Rate
$25.20 /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%
$695,440
Cap Rate 7%
$496,743
Cap Rate 9%
$386,356
Alternative Uses
Best Use
Apartment 5plus
$496.7K
$434.7K – $579.5K
NOI $34,772 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$684.0K
$598.5K – $798.0K
NOI $47,881 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 03235, NH
8,856
Population
4,021
Households
2.2
Avg Household Size
44
Median Age
19%
College-Educated
91%
High-School Grad
29.8 sq mi
ZIP Area
297
Density / Sq Mi
$69,921
Median Household Income
$41,333
Median Earnings
$1,088
Median Rent
$244,800
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 two-family residence with a two-car garage, additional off-street parking, and a roof approximately three years old.
Where is this multifamily property located?
The property is located at 43 Elkins St Franklin, NH.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Updated two‑family home with flexible layout for owner‑occupant or rental use; First‑floor unit: 2 bedrooms, updated bathroom, and a bonus room (home office, hobby, playroom, or guest area); Second unit: 3 bedrooms and 1 full bathroom
