Renovated Multifamily Apartment
For Sale
$1,099,800
545 & 547 White Mountain Highway, Milton, NH 03851
Renovated apartment building with updated roofs, newer windows, two new heating systems, and unit upgrades including in-unit washer/dryer hookups.
Property Size5,237 SF
Price / SF$210.01
Days on Market171
Property Features for 545 & 547 White Mountain Highway
General Information
Standard status
Active
Size
5,237 SF
Property subtype
Multi-family
Financials
Cap Rate
10.43%
Business Included
Yes
Building Details
Year Built
1900
Listing Agency:
RE/MAX Shoreline
Listed By:
Andy Yau
(802) 422-3600
Source:
Killingtonpicorealty
Added: Mar 15
Changed: Aug 31
Last Checked: Aug 31 at 8:16PM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
This multifamily apartment building includes two addresses at 545 & 547 White Mountain Highway and has undergone renovations throughout. Improvements noted include a new rubber membrane roof, newer windows, and the installation of two new heating systems. Unit updates described in the offering include luxury vinyl flooring, new paint, brand-new stainless steel appliances, and in-unit washer and dryers with hookups.
The property is described as being conveniently located in downtown Milton, across from Milton 3 Ponds. The remarks also state it is situated minutes from schools, convenience stores, town hall, the seacoast, lakes, mountains, and Route 16.
Additional operational details included in the remarks note separate utilities and easy maintenance, which may support lower operating expenses.
The property is described as being conveniently located in downtown Milton, across from Milton 3 Ponds. The remarks also state it is situated minutes from schools, convenience stores, town hall, the seacoast, lakes, mountains, and Route 16.
Additional operational details included in the remarks note separate utilities and easy maintenance, which may support lower operating expenses.
Key Highlights
- Renovated apartment building (built 1900) with new rubber membrane roof and unit updates throughout
- Newer windows and installation of two new heating systems to support energy efficiency
- Unit upgrades include new luxury vinyl flooring, updated paint, and brand‑new stainless steel appliances
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
$49,031
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
4.46%
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%
$980,620
$980.6K
Cap Rate 7%
$700,443
$700.4K
Cap Rate 9%
$544,789
$544.8K
Market Conditions
NOI Build-Up for 5,237 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
$92.4K $17.64/SF
− Vacancy
−$3.2K −$0.62/SF
EGI
$89.1K $17.02/SF
− OpEx
−$40.1K −$7.66/SF
NOI
$49.0K $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%
$980,620
Cap Rate 7%
$700,443
Cap Rate 9%
$544,789
Alternative Uses
Best Use
Apartment 5plus
$700.4K
$612.9K – $817.2K
NOI $49,031 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,074 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 03851, NH
3,891
Population
1,785
Households
2.2
Avg Household Size
47
Median Age
17%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
148
Density / Sq Mi
$98,750
Median Household Income
$49,178
Median Earnings
$1,503
Median Rent
$282,500
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 - Renovated apartment building with updated roofs, newer windows, two new heating systems, and unit upgrades including in-unit washer/dryer hookups.
Where is this apartment building located?
The property is located at 545 & 547 White Mountain Highway Milton, NH.
What is the asking price?
The asking price for this property is $1,099,800.
What are key features of this property?
This property features: Renovated apartment building (built 1900) with new rubber membrane roof and unit updates throughout; Newer windows and installation of two new heating systems to support energy efficiency; Unit upgrades include new luxury vinyl flooring, updated paint, and brand‑new stainless steel appliances
