Two-Unit Duplex Near
For Sale
$525,000
51 Grove St, Bartlett, NH 03812
Two distinct residences offer flexible owner-occupancy or rental arrangements with convenient laundry locations.
Property Size1,743 SF
Price / SF$301.20
Days on Market21
Property Features for 51 Grove St
General Information
Standard status
Active
Size
1,743 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
laundry
fire pit
Building Details
Year Built
1940
Listing Agency:
Pinkham Real Estate
(603) 472-1010
Listed By:
Adam Voelbel
Source:
Nhlegacygroup
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 1:01PM
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 Pinkham Real Estate
Investment Insights
Based on property information with market context.
This 1,743-square-foot duplex, built in 1940, contains two separate residences. The first-floor unit includes two bedrooms, one bathroom, a kitchen, and laundry in the basement. Upstairs, the second residence provides two bedrooms, two bathrooms, an open living and dining area, and laundry on the second floor.
The property is located at 51 Grove St in Bartlett, New Hampshire, near town and schools. Attitash, Cranmore Mountain, Bear Notch cross-country skiing, and Story Land are all described as minutes away. Outdoor features include a level backyard and fire pit.
The property is located at 51 Grove St in Bartlett, New Hampshire, near town and schools. Attitash, Cranmore Mountain, Bear Notch cross-country skiing, and Story Land are all described as minutes away. Outdoor features include a level backyard and fire pit.
Key Highlights
- Two‑unit duplex with 1,743 square feet, built in 1940
- Lower residence has 2 bedrooms, 1 bathroom, kitchen, and basement laundry
- Upper residence includes 2 bedrooms, 2 bathrooms, open living and dining space, and second‑floor laundry
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
$20,274
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
3.86%
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%
$405,480
$405.5K
Cap Rate 7%
$289,629
$289.6K
Cap Rate 9%
$225,267
$225.3K
Market Conditions
NOI Build-Up for 1,743 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
$30.3K $17.40/SF
− Vacancy
−$1.4K −$0.78/SF
EGI
$29.0K $16.62/SF
− OpEx
−$8.7K −$4.99/SF
NOI
$20.3K $11.63/SF
Area
Carroll County, NH
Vacancy
4.50%
Lease Rate
$17.40 /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%
$405,480
Cap Rate 7%
$289,629
Cap Rate 9%
$225,267
Alternative Uses
Best Use
Multifamily LT 5
$289.6K
$253.4K – $337.9K
NOI $20,274 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$256.2K
$224.2K – $299.0K
NOI $17,937 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$435.2K
$380.8K – $507.8K
NOI $30,465 @ 7.0% cap · market cap 5.80%
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
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 03812, NH
936
Population
1,563
Households
0.6
Avg Household Size
53
Median Age
48%
College-Educated
100%
High-School Grad
58.6 sq mi
ZIP Area
16
Density / Sq Mi
$37,750
Median Earnings
$345,800
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?
Duplex - Two distinct residences offer flexible owner-occupancy or rental arrangements with convenient laundry locations.
Where is this duplex located?
The property is located at 51 Grove St Bartlett, NH.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,743 square feet, built in 1940; Lower residence has 2 bedrooms, 1 bathroom, kitchen, and basement laundry; Upper residence includes 2 bedrooms, 2 bathrooms, open living and dining space, and second‑floor laundry
