Two-Unit Duplex with Separate
New
For Sale
$429,900
14 Sterling Avenue, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size1,219 SF
Lot Size0.11 Acres
Price / SF$352.67
Days on Market3
Property Features for 14 Sterling Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 1, Bathroom 2, Bathroom 1
Lot features
City Lot, Level, Wooded
Elementary school
Bakersville School
Middle school
Southside Middle School
High school
Manchester Memorial High Sch
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Directions
Calef Road to Sterling Ave; if coming from Elm Street, take Welch Ave, left onto Calef Road and then a left onto Sterling Ave, house on the right. Sterling is a one way street.
Standard status
Active
Size
1,219 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4643
Utilities
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1840
Floors in Building
2
Number of units
2
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
Des Rochers Real Estate Professionals
(603) 641-5905
Listed By:
Laurie Des Rochers
(603) 641-5905
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 5106098
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 wood-frame duplex contains two one-bedroom residences, each arranged across four rooms. The 1,219-square-foot property sits on 0.11 acres and dates to 1840. The first-floor unit includes a private porch and direct basement access, while the basement provides additional property access and storage space. Heating, hot water, and electric service are separately metered by unit. Natural-gas hot-water heating, a shingle roof, and public water serve the building. Residential zoning applies, and the Certificate of Occupancy and Code of Compliance are current.
The property is located at 14 Sterling Avenue in Manchester, New Hampshire. On-site parking and a large, level yard complement the two-unit configuration. The first-floor residence is occupied by a long-term tenant, and the second-floor residence is vacant.
The property is located at 14 Sterling Avenue in Manchester, New Hampshire. On-site parking and a large, level yard complement the two-unit configuration. The first-floor residence is occupied by a long-term tenant, and the second-floor residence is vacant.
Key Highlights
- Two one‑bedroom units, each with four rooms
- 1,219 square feet on a 0.11‑acre lot
- Separate heat, hot water, and electricity for each unit
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
$16,450
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
3.83%
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%
$329,000
$329.0K
Cap Rate 7%
$235,000
$235.0K
Cap Rate 9%
$182,778
$182.8K
Market Conditions
NOI Build-Up for 1,219 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
$24.9K $20.40/SF
− Vacancy
−$1.4K −$1.12/SF
EGI
$23.5K $19.28/SF
− OpEx
−$7.0K −$5.78/SF
NOI
$16.4K $13.49/SF
Area
Manchester, NH
Vacancy
5.50%
Lease Rate
$20.40 /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%
$329,000
Cap Rate 7%
$235,000
Cap Rate 9%
$182,778
Alternative Uses
Best Use
Multifamily LT 5
$235.0K
$205.6K – $274.2K
NOI $16,450 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$218.8K
$191.5K – $255.3K
NOI $15,318 @ 7.0% cap · market cap 3.56%
Theoretical Best
Specialty Retail
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
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?
Duplex - Both residences offer one-bedroom layouts, with on-site parking and a flat yard.
Where is this duplex located?
The property is located at 14 Sterling Avenue Manchester, NH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two one‑bedroom units, each with four rooms; 1,219 square feet on a 0.11‑acre lot; Separate heat, hot water, and electricity for each unit
