Renovated Apartment
For Sale
$1,099,800
545 & 547 White Mountain Highway, Milton, NH 03851
Multi-Family, Milton, NH
Property Size5,237 SF
Lot Size0.20 Acres
Price / SF$210.01
Days on Market148
Property Features for 545 & 547 White Mountain Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
High Density Residential
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 11, Bedroom 3, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 9, Bathroom 5, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 4, Bedroom 8, Bedroom 10, Bedroom 2, Bathroom 1, Bathroom 6
Standard status
Active
Size
5,237 SF
Lot size
0.20 Acres
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Forced Air, Propane (Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Building materials
Wood Frame, Wood Exterior
Architectural style
Other
Listing Agency:
RE/MAX Shoreline · RE/MAX International
(603) 431-1111
Listed By:
Andy Yau · License #074320
(603) 969-6216
Added: Apr 23
Changed: Sep 14
Last Checked: Sep 17 at 7:06AM
MLS# 5085057
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 5,237-square-foot apartment building on a 0.20-acre lot was built in 1900 and has undergone renovations to both the building and individual residences. Improvements include a new rubber membrane roof, newer windows, two newer heating systems, luxury vinyl flooring, updated paint, stainless steel appliances, and in-unit washer and dryer hookups. Units also feature spacious room layouts, tray ceilings, hardwood floors, and tiled bathrooms. Separate utilities support straightforward property operations.
The property is located at 545 & 547 White Mountain Highway in downtown Milton, across from Milton 3 Ponds. Fishing, swimming, and boating are available a short walk away, while schools, convenience stores, and town hall are nearby. Route 16, the seacoast, lakes, and mountains are also within the surrounding area. The property is served by public water, with cable available.
The property is located at 545 & 547 White Mountain Highway in downtown Milton, across from Milton 3 Ponds. Fishing, swimming, and boating are available a short walk away, while schools, convenience stores, and town hall are nearby. Route 16, the seacoast, lakes, and mountains are also within the surrounding area. The property is served by public water, with cable available.
Key Highlights
- 10.43% current cap rate
- 5,237 SF apartment building on 0.20 acres
- 11 bedrooms and 6 bathrooms
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
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Updated residences offer spacious layouts, modern appliances, in-unit laundry hookups, and a mix of hardwood and tiled finishes.
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: 10.43% current cap rate; 5,237 SF apartment building on 0.20 acres; 11 bedrooms and 6 bathrooms
