Duplex with Garden
For Sale
Under Contract
$475,000
312 Merrimack Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size2,391 SF
Lot Size0.08 Acres
Price / SF$198.66
Days on Market55
Property Features for 312 Merrimack Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Patio and Porch features
Patio, Porch
Exterior features
Garden Space, Patio, Enclosed Porch, Window Screens
Appliances
Gas Water Heater, Tank Water Heater
Lot features
City Lot
Standard status
Active Under Contract
Size
2,391 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6325
Utilities
Heating system
Natural Gas, Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty-Metropolitan
(603) 232-8282
Listed By:
Timothy Roberto
(603) 232-8282
Added: Jul 1
Changed: Aug 20
Last Checked: Aug 24 at 5:06PM
MLS# 5098755
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.
Built in 1910, this duplex contains 2,391 square feet of interior space arranged across two units with a combined five bedrooms and two bathrooms. The property includes a basement, patio, porch, enclosed porch, garden space, and window screens. Wood-frame construction, vinyl siding, a shingle roof, and public water service complete the primary physical profile.
Located at 312 Merrimack Street in Manchester, the property is positioned east of downtown. The surrounding area provides access to public transit, parks, schools, dining, arts venues, regional highways, and MCPHS University. A 0.08-acre lot supports the residential improvements and exterior features.
Located at 312 Merrimack Street in Manchester, the property is positioned east of downtown. The surrounding area provides access to public transit, parks, schools, dining, arts venues, regional highways, and MCPHS University. A 0.08-acre lot supports the residential improvements and exterior features.
Key Highlights
- Two‑unit duplex with 2,391 square feet of interior space
- Five combined bedrooms and two bathrooms
- Built in 1910 on a 0.08‑acre lot
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
$32,266
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
6.79%
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%
$645,320
$645.3K
Cap Rate 7%
$460,943
$460.9K
Cap Rate 9%
$358,511
$358.5K
Market Conditions
NOI Build-Up for 2,391 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
$48.8K $20.40/SF
− Vacancy
−$2.7K −$1.12/SF
EGI
$46.1K $19.28/SF
− OpEx
−$13.8K −$5.78/SF
NOI
$32.3K $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%
$645,320
Cap Rate 7%
$460,943
Cap Rate 9%
$358,511
Alternative Uses
Best Use
Multifamily LT 5
$460.9K
$403.3K – $537.8K
NOI $32,266 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$429.2K
$375.6K – $500.8K
NOI $30,046 @ 7.0% cap · market cap 6.33%
Theoretical Best
Specialty Retail
$587.2K
$513.8K – $685.0K
NOI $41,101 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,917
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with patio, enclosed porch, and outdoor garden space.
Where is this duplex located?
The property is located at 312 Merrimack Street Manchester, NH.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,391 square feet of interior space; Five combined bedrooms and two bathrooms; Built in 1910 on a 0.08‑acre lot
