5-Unit Apartment
For Sale
$1,000,000
60 S State Street, Concord, NH 03301
Multi-Family, Concord, NH
Property Size4,459 SF
Lot Size0.17 Acres
Price / SF$224.27
Days on Market62
Property Features for 60 S State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Basement, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 7, Bedroom 2, Bathroom 5, Bedroom 6, Bathroom 4
Lot features
City Lot
Elementary school district
Concord School District SAU #8
Middle school district
Concord School District SAU #8
High school district
Concord School District SAU #8
Directions
use GPS
Standard status
Active
Size
4,459 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14127
Utilities
Heating system
Baseboard, Hot Water(Heating), Natural Gas
Cooling system
Zoned, Ductless
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
5
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Kelly Erwin
(603) 232-8282
Added: Jul 8
Changed: Sep 7
Last Checked: Sep 7 at 9:06PM
MLS# 5098687
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-unit apartment building contains 4,459 square feet on a 0.17-acre lot. Built in 1900, the property has vinyl siding, a shingle roof, public water service, and a basement. Heating is provided by natural gas baseboard and hot-water systems, with zoned ductless cooling. The layout includes five bathrooms and bedrooms identified through Bedroom 1 to Bedroom 7.
The property is located at 60 S State Street in Concord, near downtown, the State House, shopping, restaurants, parks, schools, employment centers, public transportation, and major commuter routes. Off-street parking is also included. RN zoning supports the property’s existing multifamily classification.
The property is located at 60 S State Street in Concord, near downtown, the State House, shopping, restaurants, parks, schools, employment centers, public transportation, and major commuter routes. Off-street parking is also included. RN zoning supports the property’s existing multifamily classification.
Key Highlights
- Five residential units in a 4,459‑square‑foot apartment building
- 0.17‑acre lot with off‑street parking
- RN zoning designation
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
$59,021
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
5.90%
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%
$1,180,420
$1.2M
Cap Rate 7%
$843,157
$843.2K
Cap Rate 9%
$655,789
$655.8K
Market Conditions
NOI Build-Up for 4,459 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
$112.4K $25.20/SF
− Vacancy
−$5.1K −$1.13/SF
EGI
$107.3K $24.07/SF
− OpEx
−$48.3K −$10.83/SF
NOI
$59.0K $13.24/SF
Area
Merrimack County, NH
Vacancy
4.50%
Lease Rate
$25.20 /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%
$1,180,420
Cap Rate 7%
$843,157
Cap Rate 9%
$655,789
Alternative Uses
Best Use
Apartment 5plus
$843.2K
$737.8K – $983.7K
NOI $59,021 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,272 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 03301, NH
33,352
Population
14,486
Households
2.3
Avg Household Size
43
Median Age
42%
College-Educated
92%
High-School Grad
49.2 sq mi
ZIP Area
678
Density / Sq Mi
$85,943
Median Household Income
$49,749
Median Earnings
$1,355
Median Rent
$344,300
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?
Apartment building - Income-producing residential property with off-street parking and RN zoning.
Where is this apartment building located?
The property is located at 60 S State Street Concord, NH.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Five residential units in a 4,459‑square‑foot apartment building; 0.17‑acre lot with off‑street parking; RN zoning designation
