8-Plex Value-Add Apartment
For Sale
$599,000
56 Church Street, Bethlehem, NH 03574
MULTI_FAMILY - Other - Bethlehem, NH
Property Size3,810 SF
Lot Size0.50 Acres
Price / SF$157.22
Days on Market117
Property Features for 56 Church Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Com
Rooms
Basement
Lot features
City Lot
Directions
Use GPS
Standard status
Active
Size
3,810 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5479
Utilities
Heating system
Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
8
Building materials
Wood Frame
Roof type
Metal
Architectural style
Other
Listing Agency:
Derek Greene
(860) 560-1006
Listed By:
Derek Greene · License #SBR004802
(508) 517-4908
Added: Apr 14
Changed: Jul 10
Last Checked: Aug 8 at 2:06PM
MLS# 5083400
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 offering is for an 8-plex apartment building with a 5-unit primary structure and a detached 3-unit structure. The exterior includes a durable metal roof, and the property is described as stabilized at 2026 market rates. The sale is offered strictly as-is, with mention of localized remediation needed in two offline units, plus an exterior cosmetic paint refresh.
The property is zoned “Com.” It is available for purchase individually, or as part of a 19-unit Grafton County portfolio, with an exclusive option to acquire as part of the broader master portfolio. A lockbox is noted for easier access to empty units, and full walkthrough is available upon an accepted offer.
The building is presented as a value-add opportunity in a controlled as-is condition, with emphasis on a robust core structure and targeted exterior and unit-level updates.
The property is zoned “Com.” It is available for purchase individually, or as part of a 19-unit Grafton County portfolio, with an exclusive option to acquire as part of the broader master portfolio. A lockbox is noted for easier access to empty units, and full walkthrough is available upon an accepted offer.
The building is presented as a value-add opportunity in a controlled as-is condition, with emphasis on a robust core structure and targeted exterior and unit-level updates.
Key Highlights
- 8‑plex with a 5‑unit primary building plus a detached 3‑unit structure
- Pro forma gross income projected over $145,000 annually, stabilized at 2026 market rates
- Offered strictly as‑is, with built‑in discount for localized remediation needed in two offline units
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
$34,639
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
5.78%
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%
$692,780
$692.8K
Cap Rate 7%
$494,843
$494.8K
Cap Rate 9%
$384,878
$384.9K
Market Conditions
NOI Build-Up for 3,810 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
$66.3K $17.40/SF
− Vacancy
−$3.3K −$0.87/SF
EGI
$63.0K $16.53/SF
− OpEx
−$28.3K −$7.44/SF
NOI
$34.6K $9.09/SF
Area
Grafton County, NH
Vacancy
5.00%
Lease Rate
$17.40 /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%
$692,780
Cap Rate 7%
$494,843
Cap Rate 9%
$384,878
Alternative Uses
Best Use
Apartment 5plus
$494.8K
$433.0K – $577.3K
NOI $34,639 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$838.1K
$733.3K – $977.8K
NOI $58,666 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 03574, NH
2,514
Population
1,401
Households
1.8
Avg Household Size
48
Median Age
45%
College-Educated
96%
High-School Grad
91.0 sq mi
ZIP Area
28
Density / Sq Mi
$83,870
Median Household Income
$47,743
Median Earnings
$1,079
Median Rent
$268,600
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 - 8-plex consists of a 5-unit primary building plus detached 3-unit structure, offered as-is with lockbox access.
Where is this apartment building located?
The property is located at 56 Church Street Bethlehem, NH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 8‑plex with a 5‑unit primary building plus a detached 3‑unit structure; Pro forma gross income projected over $145,000 annually, stabilized at 2026 market rates; Offered strictly as‑is, with built‑in discount for localized remediation needed in two offline units
