Two-Unit Duplex with
For Sale
$769,999
2484 Elm Street, Manchester, NH 03104
Multi-Family, Manchester, NH
Property Size3,322 SF
Lot Size0.13 Acres
Price / SF$231.79
Days on Market44
Property Features for 2484 Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
2 Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Basement, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 6
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Garden Space, Natural Shade, Covered Porch
Appliances
Gas Water Heater, Separate Water Heater
Lot features
Corner, Landscaped
Elementary school
Webster Elementary School
High school
Manchester Central High Sch
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Standard status
Active
Size
3,322 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9515
Utilities
Utilities
Cable Available
Heating system
Forced Air
Water source
Public
Amenities
laundry areas
walkout basement
private backyard
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Carpet, Tile
Building materials
Clapboard Exterior
Roof type
Shingle
Architectural style
Federal
Listing Agency:
Coldwell Banker Classic Realty · Coldwell Banker Real Estate
(603) 647-5718
Listed By:
Michelle Gannon
(603) 494-7327
Added: Jul 28
Changed: Sep 2
Last Checked: Sep 9 at 4:06AM
MLS# 5102113
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 3322-square-foot duplex dates to 1920 and combines Federal architecture with updated interior features. The first-floor apartment provides approximately 1,340 square feet, two bedrooms, and direct outdoor access. The second residence occupies the upper two levels and offers nearly 2,000 square feet, four bedrooms, and two bathrooms. Hardwood, tile, and carpet flooring appear throughout, with forced-air heating and separate water heaters serving the property.
Set on a 0.13-acre corner lot in Manchester’s North End, the property includes a covered porch, landscaped outdoor areas, a paved driveway, and a detached two-car garage. Separate utilities and laundry spaces support independent apartment operation, while the full walkout basement adds storage or workshop capacity. Downtown Manchester, Elliot Hospital, Catholic Medical Center, shopping, restaurants, parks, and major highways are all described as minutes away.
Set on a 0.13-acre corner lot in Manchester’s North End, the property includes a covered porch, landscaped outdoor areas, a paved driveway, and a detached two-car garage. Separate utilities and laundry spaces support independent apartment operation, while the full walkout basement adds storage or workshop capacity. Downtown Manchester, Elliot Hospital, Catholic Medical Center, shopping, restaurants, parks, and major highways are all described as minutes away.
Key Highlights
- Two‑unit duplex with 3322 square feet of total property size
- First‑floor unit offers approximately 1,340 square feet and 2 bedrooms
- Upper residence spans the second and third floors with nearly 2,000 square feet and 4 bedrooms
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
$44,829
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
5.82%
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%
$896,580
$896.6K
Cap Rate 7%
$640,414
$640.4K
Cap Rate 9%
$498,100
$498.1K
Market Conditions
NOI Build-Up for 3,322 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
$67.8K $20.40/SF
− Vacancy
−$3.7K −$1.12/SF
EGI
$64.0K $19.28/SF
− OpEx
−$19.2K −$5.78/SF
NOI
$44.8K $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%
$896,580
Cap Rate 7%
$640,414
Cap Rate 9%
$498,100
Alternative Uses
Best Use
Multifamily LT 5
$640.4K
$560.4K – $747.2K
NOI $44,829 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$596.4K
$521.8K – $695.8K
NOI $41,746 @ 7.0% cap · market cap 5.42%
Theoretical Best
Specialty Retail
$815.8K
$713.8K – $951.8K
NOI $57,105 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
146
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - 1920 Federal-style home with separate utilities, dedicated laundry areas, and a full walkout basement.
Where is this duplex located?
The property is located at 2484 Elm Street Manchester, NH.
What is the asking price?
The asking price for this property is $769,999.
What are key features of this property?
This property features: Two‑unit duplex with 3322 square feet of total property size; First‑floor unit offers approximately 1,340 square feet and 2 bedrooms; Upper residence spans the second and third floors with nearly 2,000 square feet and 4 bedrooms
