Building Details

Year built 1900

Listing Agency: Concord, New Hampshire · Better Homes and Gardens Real Estate i***@Masiello.com Show Phone

Listed By: Christina Dominguez Scott Show Phone

Added: May 26 Changed: Aug 25 Last Checked: Aug 26 at 1:06PM

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MLS# 5090998

Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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 3,867-square-foot apartment building, constructed in 1900, contains 11 individually rented bedrooms. Each room has separate electric baseboard heat and an individual thermostat, while a new heating system and interior and exterior painting add to the property’s recent updates. Additional interior improvements have also been completed.

Tenants pay their own heat and electricity, limiting the owner’s utility responsibility. Two on-site parking areas serve the property. The Henniker location provides access to local amenities, New England College, Pats Peak Ski Area, and major commuter routes.

Several long-term tenants and ongoing lease renewals are in place, providing an established rental arrangement across the individually leased bedrooms.

Key Highlights

• 3,867‑square‑foot apartment building with 11 individually rented bedrooms
• Constructed in 1900 with a new heating system and interior upgrades
• Separate electric baseboard heat and individual thermostats in each bedroom

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

$51,185

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

6.66%

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%

$1,023,700 $1.0M

Cap Rate 7%

$731,214 $731.2K

Cap Rate 9%

$568,722 $568.7K

Market Conditions

NOI Build-Up for 3,867 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

$97.4K $25.20/SF

− Vacancy

−$4.4K −$1.13/SF

EGI

$93.1K $24.07/SF

− OpEx

−$41.9K −$10.83/SF

NOI

$51.2K $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%

$1,023,700

Cap Rate 7%

$731,214

Cap Rate 9%

$568,722

Alternative Uses

Best Use

Apartment 5plus

$731.2K

$639.8K – $853.1K (±1% cap)

NOI $51,185 @ 7.0% cap · market cap 6.66%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.01M

$881.0K – $1.17M (±1% cap)

NOI $70,482 @ 7.0% cap · market cap 9.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Big Box & Wholesale Store HVAC Service Real Estate Agency Dental Office Pharmacy Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

191

Businesses Nearby

Explore this area Business Placement

Demographics for 03242, NH

6,185

Population

2,359

Households

2.6

Avg Household Size

28

Median Age

42%

College-Educated

99%

High-School Grad

44.1 sq mi

ZIP Area

140

Density / Sq Mi

$87,344

Median Household Income

$35,662

Median Earnings

$1,073

Median Rent

$317,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Individual bedroom leases support separate rental income, with tenants responsible for heat and electricity.

Where is this apartment building located?

The property is located at 95 Hall Avenue Henniker, NH.

What is the asking price?

The asking price for this property is $769,000.

What are key features of this property?

This property features: 3,867‑square‑foot apartment building with 11 individually rented bedrooms; Constructed in 1900 with a new heating system and interior upgrades; Separate electric baseboard heat and individual thermostats in each bedroom