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Property profile & analytics
OFF-MARKET
Estimated value
$1,295,000
Office buildings
381 Middle St, Portsmouth, NH 03801-5009
Entity Owned
4-yr Hold
Free & Clear
Property ID
US58-0591353
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1850
Construction
FRAME
Total area
3,164 SF
Lot
0.24 ac (10,454 SF)
Zoning code
MRO
APN
PRSM M:0135 B:0001 L:
UPID
US58-0591353
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Mulhern & Scott, PLLC Law Firm
-
Tober Law Offices, P.A. Law Firm
-
Schoff Tara C Law Firm
-
Tober Law Offices Pa: Crawford Katharine J Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.72M
CAP Approach
CAP
$890k
Comparable Approach
Comparable
$1.51M
Blend (final)
Blend
$1.30M
Owner & transaction history
MULHERN REAL EST HOLDINGS · 6 yrs held
MULHERN REAL EST HOLDINGS
since 2020
Last sale
$1.2M
1 recorded transaction
Zoning & alternative use
MRO · Portsmouth, NH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.4M
+47.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Portsmouth submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portsmouth submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,680,000
ML approach
$1,715,000
CAP Approach
CAP Return
Estimation
6%
$965,000
6.5%
$890,000
7%
$830,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$970,000
Current use
COMMERCIAL (GENERAL)
$1,425,000
Change: +47% · Conversion: Easy
AUTO REPAIR, GARAGE
$835,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$1.30M
Range $1.17M – $1.42M · ±10% · vs last sale $1.20M (Oct 9 2020)
Last sale anchor
$1.20M
Oct 9 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$409 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$12,973
Tax year 2023
Assessed value
$804,300
Assessed 2023
Previous assessed
$804,300
+0.0% YoY
Effective rate
1.61%
On assessed value
Assessed land
$270,900
Assessed improvement
$533,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1850
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
2
Units
1
Total area
3,164 SF
Lot
0.24 ac (10,454 SF)
Zoning code
MRO
APN
PRSM M:0135 B:0001 L:
UPID
US58-0591353
Jurisdiction
PORTSMOUTH CITY
Metro division
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH METROPOLITAN DIVISION
Zoning & alternative use
MRO · Portsmouth, NH
Zoning MRO · permitted uses
MRO · Portsmouth, NH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portsmouth. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$970,000
COMMERCIAL (GENERAL)
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$835,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1850
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
1
Units
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
MULHERN REAL EST HOLDINGS
Entity
Free & Clear · 6 yrs held
Mailing address
381 MIDDLE ST, PORTSMOUTH, NH 03801-5009
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 9, 2020
$1,200,000
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Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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