Three-Unit Colonial
For Sale
Under Contract
$684,900
190 Ray Street, Manchester, NH 03104
Multi-Family, Manchester, NH
Property Size3,307 SF
Lot Size0.18 Acres
Price / SF$207.11
Days on Market44
Property Features for 190 Ray Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
On Street
Exterior features
Garden Space, Natural Shade, Storage
Lot features
Near Shopping, Near Hospital, Near School(s)
Standard status
Active Under Contract
Size
3,307 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8065
Utilities
Heating system
Oil, Natural Gas
Water source
Public
Building Details
Year built
1870
Floors in Building
3
Number of units
3
Flooring type
Laminate, Carpet, Hardwood
Building materials
Aluminum Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
RE/MAX Synergy · RE/MAX International
(603) 472-3900
Listed By:
Mark Lynch
(603) 647-8000
Added: Jul 20
Changed: Aug 20
Last Checked: Sep 1 at 2:06PM
MLS# 5100708
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 three-unit Colonial property contains two two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. The units are occupied under month-to-month leases, and separate utilities place responsibility for heat, hot water, and electricity with the tenants. Built in 1870, the property offers 3,307 square feet of finished living space with hardwood, laminate, and carpet flooring, along with a basement, storage, garden space, aluminum siding, and a shingle roof.
The property is located at 190 Ray Street in Manchester’s North End, near downtown, schools, hospitals, shopping, restaurants, and major commuter routes. Public water and sewer serve the building, with oil and natural gas heating systems. The parcel encompasses 0.18 acres, and on-street parking is listed among the property features.
The property is located at 190 Ray Street in Manchester’s North End, near downtown, schools, hospitals, shopping, restaurants, and major commuter routes. Public water and sewer serve the building, with oil and natural gas heating systems. The parcel encompasses 0.18 acres, and on-street parking is listed among the property features.
Key Highlights
- Three‑unit layout with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 3,307 square feet of finished living space on a 0.18‑acre parcel
- All three apartments occupied with month‑to‑month leases
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
$44,627
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
6.52%
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%
$892,540
$892.5K
Cap Rate 7%
$637,529
$637.5K
Cap Rate 9%
$495,856
$495.9K
Market Conditions
NOI Build-Up for 3,307 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
$67.5K $20.40/SF
− Vacancy
−$3.7K −$1.12/SF
EGI
$63.8K $19.28/SF
− OpEx
−$19.1K −$5.78/SF
NOI
$44.6K $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%
$892,540
Cap Rate 7%
$637,529
Cap Rate 9%
$495,856
Alternative Uses
Best Use
Multifamily LT 5
$637.5K
$557.8K – $743.8K
NOI $44,627 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$593.7K
$519.5K – $692.6K
NOI $41,557 @ 7.0% cap · market cap 6.07%
Theoretical Best
Specialty Retail
$812.1K
$710.6K – $947.5K
NOI $56,847 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
898
Businesses Nearby
Explore this area
Business Placement
Demographics for 03104, NH
34,324
Population
15,715
Households
2.2
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
8.3 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,513
Median Household Income
$48,513
Median Earnings
$1,455
Median Rent
$364,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Occupied apartments, flexible month-to-month leases, and separate tenant-paid utilities support a practical multifamily configuration.
Where is this triplex located?
The property is located at 190 Ray Street Manchester, NH.
What is the asking price?
The asking price for this property is $684,900.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 3,307 square feet of finished living space on a 0.18‑acre parcel; All three apartments occupied with month‑to‑month leases
