Renovated Four-Unit
For Sale
$1,095,000
60 Charles Street, Farmington, NH 03835
Completely renovated four-unit property with individual high-efficiency propane combi boilers and paved parking on a large site.
Property Size4,600 SF
Lot Size1.00 Acre
Price / SF$271.71
Days on Market35
Property Features for 60 Charles Street
General Information
Standard status
Active
Size
4,600 SF
Lot size
1.00 Acre
Property subtype
Multi Family Home
Zoning
RR
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Building Size
4,600 SF
Year Built
1988
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Exp Realty
(603) 714-1144
Listed By:
David Christensen
(603) 714-1144
Source:
Startpoint
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 22 at 10:50AM
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 Exp Realty
Investment Insights
Based on property information with market context.
This completely renovated four-unit multifamily property was originally built in 1988 and converted from a single-family residence. The building offers four spacious two-bedroom, one-bath units, each updated with brand new stainless steel appliances, flooring, paint, and plumbing and electrical fixtures. Unit improvements include vinyl windows, exterior doors, new exterior stairs and landings, and separate electrical panels. Each unit is served by an individual Navien high-efficiency propane combi boiler, with in-unit laundry hookups and open-concept kitchen/living areas. Layouts provide dual front/rear entrances, and fire-rated separation between units is included.
The property features vinyl siding, public water and sewer, and a large paved parking area. Propane tanks are onsite (two per unit) via Eastern Propane.
The site is described as approximately one acre, and the zoning is identified as a flexible district allowing multiple uses. Additional considerations mentioned include basement storage rental income and an opportunity to develop additional units (buyer to verify), plus possible condominium conversion (buyer to verify).
The property features vinyl siding, public water and sewer, and a large paved parking area. Propane tanks are onsite (two per unit) via Eastern Propane.
The site is described as approximately one acre, and the zoning is identified as a flexible district allowing multiple uses. Additional considerations mentioned include basement storage rental income and an opportunity to develop additional units (buyer to verify), plus possible condominium conversion (buyer to verify).
Key Highlights
- Completely renovated 4‑unit multifamily built in 1988, converted from a single‑family home
- Four 2‑bedroom, 1‑bath units, each with brand new stainless steel appliances and updated flooring, paint, plumbing, and electrical fixtures
- Each unit has an individual Navien high‑efficiency propane combi boiler with in‑unit laundry hookup and dual front/rear entrances
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
$40,910
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
3.74%
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%
$818,200
$818.2K
Cap Rate 7%
$584,429
$584.4K
Cap Rate 9%
$454,556
$454.6K
Market Conditions
NOI Build-Up for 4,030 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
$60.5K $15.00/SF
− Vacancy
−$2.0K −$0.50/SF
EGI
$58.4K $14.50/SF
− OpEx
−$17.5K −$4.35/SF
NOI
$40.9K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /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%
$818,200
Cap Rate 7%
$584,429
Cap Rate 9%
$454,556
Alternative Uses
Best Use
Multifamily LT 5
$584.4K
$511.4K – $681.8K
NOI $40,910 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$539.0K
$471.6K – $628.9K
NOI $37,731 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$1.08M
$943.4K – $1.26M
NOI $75,471 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 03835, NH
6,758
Population
2,994
Households
2.3
Avg Household Size
44
Median Age
20%
College-Educated
89%
High-School Grad
36.8 sq mi
ZIP Area
184
Density / Sq Mi
$63,704
Median Household Income
$33,333
Median Earnings
$963
Median Rent
$273,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Completely renovated four-unit property with individual high-efficiency propane combi boilers and paved parking on a large site.
Where is this quadplex located?
The property is located at 60 Charles Street Farmington, NH.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Completely renovated 4‑unit multifamily built in 1988, converted from a single‑family home; Four 2‑bedroom, 1‑bath units, each with brand new stainless steel appliances and updated flooring, paint, plumbing, and electrical fixtures; Each unit has an individual Navien high‑efficiency propane combi boiler with in‑unit laundry hookup and dual front/rear entrances
