Well-Maintained Duplex with Covered
For Sale
$525,000
51 Grove Street, Bartlett, NH 03812
Multi-Family, Bartlett, NH
Property Size1,743 SF
Lot Size0.32 Acres
Price / SF$301.20
Days on Market15
Property Features for 51 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Natural Shade, Porch, Covered Porch, Window Screens
Lot features
Country Setting, Level, Trail/ Near Trail, Wooded, In Town, Near Paths, Near Skiing, Near Snowmobile Trails, Neighborhood, Near Railroad, Near School(s), Private
Elementary school
Josiah Bartlett Elem
Middle school
Josiah Bartlett School
High school
A. Crosby Kennett Sr. High
Elementary school district
SAU #9
Middle school district
SAU #9
High school district
SAU #9
Directions
From Route 302 in Bartlett, turn onto Albany Avenue. Continue to the fourth right and turn onto Grove Street. Follow Grove Street and #51 will be on the left. House number and sign on the property.
Standard status
Active
Size
1,743 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2712
Utilities
Utilities
Cable Available
Heating system
Oil, Forced Air, Electric (Heating)
Water source
Public
Amenities
laundry
fire pit
Building Details
Year built
1940
Floors in Building
3
Number of units
2
Flooring type
Tile, Wood, Vinyl
Building materials
Wood Frame, Wood Siding
Roof type
Metal
Architectural style
Other
Listing Agency:
Pinkham Real Estate
(603) 356-5425
Listed By:
Adam Voelbel
(603) 356-5425
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 21 at 5:06AM
MLS# 5103970
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 two-unit residential property, built in 1940, offers separate living areas within a wood-frame structure finished with wood siding and a metal roof. The lower unit includes a kitchen and basement laundry, while the upper unit provides open living and dining space with laundry on the second floor. Interior finishes include wood, tile, and vinyl flooring.
The property sits on 0.32 acres in Bartlett, with a level backyard, fire pit, porch, covered porch, natural shade, and window screens. Public water and cable availability are in place, and driveway parking serves the property. Attitash, Cranmore Mountain, Bear Notch cross-country skiing, and Story Land are all identified as nearby recreational destinations.
The property sits on 0.32 acres in Bartlett, with a level backyard, fire pit, porch, covered porch, natural shade, and window screens. Public water and cable availability are in place, and driveway parking serves the property. Attitash, Cranmore Mountain, Bear Notch cross-country skiing, and Story Land are all identified as nearby recreational destinations.
Key Highlights
- Two‑unit property with 1,743 square feet of property size
- 0.32‑acre lot with a level backyard and fire pit
- Built in 1940 with wood‑frame construction and wood siding
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
44
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-unit residential property with separate living spaces, laundry areas, and a level backyard with fire pit.
Where is this duplex located?
The property is located at 51 Grove Street 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 property with 1,743 square feet of property size; 0.32‑acre lot with a level backyard and fire pit; Built in 1940 with wood‑frame construction and wood siding
