Multi-Family Portfolio
187 355-357 489 Merrimack & Pine Street, Manchester, NH 03104
MULTI_FAMILY - Other - Manchester, NH
Property size:
12,271 SFLot size:
0.40 AcresPrice / SF:
$255/SF- Added:
- May 19, 2026
- Days on Market:
- 23
- Last Refresh:
- Jun 10 at 6:06 am
Property Features for 187 355-357 489 Merrimack & Pine Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R3
- Rooms
- Basement
- Standard status
- Active
- Size
- 12,271 SF
- Lot size
- 0.40 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 29755
Utilities
- Heating system
- Hot Water(Heating), Space Heater, Oil, Propane (Heating), Natural Gas
- Water source
- Public
Building Details
- Year built
- 1920
- Floors in Building
- 3
- Number of units
- 19
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Mike Giannone (207) 251-4762
Listing office The Aland Realty Group 175 Market Street., Portsmouth, NH (603) 501-0463
Listing date May 19, 2026
MLS# 5089701
Listing URL
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.
HighLights
- 19‑unit multifamily portfolio in Manchester, NH across 3 addresses: 489 Pine St, 187 Merrimack St, and 355‑357 Merrimack St
- Unit mix includes one 3‑bedroom unit, eight 2‑bedroom units, three 1‑bedroom units, and seven studio‑style units
- Total portfolio gross monthly rents are $27,805, totaling $333,660 gross annual income
- 489 Pine St offers 8 units: seven studio 1‑bath units plus one 2‑bedroom, 1‑bath unit
- 187 Merrimack St has 6 units: two 1‑bedroom, 1‑bath units and four 2‑bedroom, 1‑bath units (500‑1,175 SF)
- 355‑357 Merrimack St includes a 3‑bedroom/1‑bath detached single‑family at 355 (1,220 SF) plus a 4‑unit structure at 357
Overview
This sale presents a 19-unit multi-family portfolio comprising three separate properties. The portfolio includes 489 Pine Street (8 units: one two-bedroom, one-bath unit and seven studio-style, one-bath units), 187 Merrimack St (6 units: two one-bedroom, one-bath units and four two-bedroom, one-bath units), and 355-357 Merrimack St (two structures on one parcel with five total units, including a detached 3-bedroom, one-bath home at 355 and a four-unit building at 357 with three two-bedroom, one-bath units and one one-bedroom, one-bath unit). The listing notes gross monthly rents of $27,805 and gross annual income of $333,660, with unit sizing reported between 500 and 1,175 square feet across the portfolio. The properties are identified under zoning R3, and the overall lot size is listed as 0.4 acres, with total property size noted as 12,271 square feet.
Per the remarks, the three properties are located within 0.5 miles of each other at 489 Pine Street, 187 Merrimack St, and 355-357 Merrimack St in Manchester, NH.
This must be sold as a complete 19-unit portfolio, which can appeal to investors or operators looking to manage multiple unit types in a compact, single-area grouping. The listing describes the portfolio as producing a reported 7%+ CAP return based on the provided gross income figures.
Per the remarks, the three properties are located within 0.5 miles of each other at 489 Pine Street, 187 Merrimack St, and 355-357 Merrimack St in Manchester, NH.
This must be sold as a complete 19-unit portfolio, which can appeal to investors or operators looking to manage multiple unit types in a compact, single-area grouping. The listing describes the portfolio as producing a reported 7%+ CAP return based on the provided gross income figures.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $250.3k | $20.40 |
| − Vacancy | −$13.8k | −$1.12 |
| EGI | $236.6k | $19.28 |
| − OpEx | −$71.0k | −$5.78 |
| NOI | $165.6k | $13.49 |
12,271 SF · lease $20.40/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$2.37M
$2.07M – $2.76M
NOI $165,592 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$2.20M
$1.93M – $2.57M
NOI $154,202 @ 7.0% cap · market cap 4.93%
Theoretical Best
Specialty Retail
$3.01M
$2.64M – $3.52M
NOI $210,938 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Quadplexes
Map
- City
- Manchester
- County
- Merrimack
- State
- New Hampshire
- Longitude
- -71.4502407
- Latitude
- 42.989243
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 19-unit portfolio across three nearby properties offers a varied unit mix for rental housing in Manchester.
Where is this apartment building located?
The property is located at 187 355-357 489 Merrimack & Pine Street Manchester, NH.
What is the asking price?
The asking price for this property is $3,129,900.
What are key features of this property?
This property features: 19‑unit multifamily portfolio in Manchester, NH across 3 addresses: 489 Pine St, 187 Merrimack St, and 355‑357 Merrimack St; Unit mix includes one 3‑bedroom unit, eight 2‑bedroom units, three 1‑bedroom units, and seven studio‑style units; Total portfolio gross monthly rents are $27,805, totaling $333,660 gross annual income
