Apartment Building With Eight-Student Boarding
For Sale
$850,000
50 Madbury Road, Durham, NH 03824
MULTI_FAMILY - Other - Durham, NH
Property Size2,973 SF
Lot Size0.26 Acres
Price / SF$285.91
Days on Market49
Property Features for 50 Madbury Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RA
Rooms
Basement
Lot features
Sidewalks
Standard status
Active
Size
2,973 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11101
Utilities
Heating system
Baseboard
Water source
Public
Building Details
Year built
1935
Floors in Building
3
Number of units
8
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Compass New England, LLC
(603) 319-4660
Listed By:
Robert Marchewka
(603) 540-5661
Added: Jun 25
Changed: Aug 2
Last Checked: Aug 12 at 8:06AM
MLS# 5096894
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 well maintained apartment building is currently operated as a boarding house for eight students. The home sits on a large lot with parking and is described as within walking distance to downtown. Interior features include a basement, and exterior improvements include vinyl siding.
The property is 0.26 acres and includes 2,973 square feet of building area. It was built in 1935 and features baseboard heating with a shingle roof. Public water service is listed for the property, and the zoning is RA.
With its current eight-student boarding use and on-site parking, the property offers a straightforward fit for an operator or buyer looking to continue a similar residential income model in Durham.
The property is 0.26 acres and includes 2,973 square feet of building area. It was built in 1935 and features baseboard heating with a shingle roof. Public water service is listed for the property, and the zoning is RA.
With its current eight-student boarding use and on-site parking, the property offers a straightforward fit for an operator or buyer looking to continue a similar residential income model in Durham.
Key Highlights
- Currently used as a boarding house for eight students with on‑site parking
- 0.26‑acre lot with parking and walk to downtown
- 2,973 SF apartment building
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
$27,835
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
3.27%
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%
$556,700
$556.7K
Cap Rate 7%
$397,643
$397.6K
Cap Rate 9%
$309,278
$309.3K
Market Conditions
NOI Build-Up for 2,973 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
$52.4K $17.64/SF
− Vacancy
−$1.8K −$0.62/SF
EGI
$50.6K $17.02/SF
− OpEx
−$22.8K −$7.66/SF
NOI
$27.8K $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%
$556,700
Cap Rate 7%
$397,643
Cap Rate 9%
$309,278
Alternative Uses
Best Use
Apartment 5plus
$397.6K
$347.9K – $463.9K
NOI $27,835 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$795.4K
$696.0K – $927.9K
NOI $55,676 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
641
Businesses Nearby
Explore this area
Business Placement
Demographics for 03824, NH
15,498
Population
3,884
Households
4
Avg Household Size
25
Median Age
78%
College-Educated
98%
High-School Grad
22.4 sq mi
ZIP Area
692
Density / Sq Mi
$126,658
Median Household Income
$7,978
Median Earnings
$1,432
Median Rent
$469,900
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?
Apartment building - Zoned RA, built in 1935, with public water, vinyl siding, and baseboard heat for an eight-student boarding setup.
Where is this apartment building located?
The property is located at 50 Madbury Road Durham, NH.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Currently used as a boarding house for eight students with on‑site parking; 0.26‑acre lot with parking and walk to downtown; 2,973 SF apartment building
