Two-Family Residential with
For Sale
$484,900
384 Bridge Street, Manchester, NH 03104
Multi-Family, Manchester, NH
Property Size2,330 SF
Lot Size0.15 Acres
Price / SF$208.11
Days on Market33
Property Features for 384 Bridge Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MX-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Basement, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch
Exterior features
Porch
Lot features
City Lot
Elementary school
McDonough School
Middle school
Hillside Middle 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
2,330 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6393
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Oil
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Vinyl, Carpet
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty-Metropolitan
(603) 232-8282
Listed By:
Laura Gamache
(603) 232-8282
Added: Jul 21
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 5100987
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 two-family residential property offers two units, each with its own separate utilities. The home includes a basement and an unfinished walk-up third-floor attic for additional storage, along with W/D hookups. Interior finishes include carpet, vinyl, and hardwood flooring. The exterior features a porch, and the property is wood-frame construction. Heating is provided by oil and hot water systems, and the roof is shingle.
The property sits on a 0.15-acre lot with off-street parking. Cable is available, and water service is public. Built in 1920, the home provides a practical duplex layout with flexible storage options in the basement and attic.
Zoned MX-1, this property may fit investors or owner-occupants looking for a residential income setup with separate utilities for each unit.
The property sits on a 0.15-acre lot with off-street parking. Cable is available, and water service is public. Built in 1920, the home provides a practical duplex layout with flexible storage options in the basement and attic.
Zoned MX-1, this property may fit investors or owner-occupants looking for a residential income setup with separate utilities for each unit.
Key Highlights
- Two‑family residential setup with separate utilities
- Unfinished walk‑up third‑floor attic plus basement with W/D hookups and storage
- 0.15‑acre lot with off‑street parking
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
$31,442
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
6.48%
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%
$628,840
$628.8K
Cap Rate 7%
$449,171
$449.2K
Cap Rate 9%
$349,356
$349.4K
Market Conditions
NOI Build-Up for 2,330 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
$47.5K $20.40/SF
− Vacancy
−$2.6K −$1.12/SF
EGI
$44.9K $19.28/SF
− OpEx
−$13.5K −$5.78/SF
NOI
$31.4K $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%
$628,840
Cap Rate 7%
$449,171
Cap Rate 9%
$349,356
Alternative Uses
Best Use
Multifamily LT 5
$449.2K
$393.0K – $524.0K
NOI $31,442 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$418.3K
$366.0K – $488.0K
NOI $29,280 @ 7.0% cap · market cap 6.04%
Theoretical Best
Specialty Retail
$572.2K
$500.7K – $667.6K
NOI $40,053 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
464
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?
Duplex - Two-family home on a small lot with off-street parking, porch, and separate utilities.
Where is this duplex located?
The property is located at 384 Bridge Street Manchester, NH.
What is the asking price?
The asking price for this property is $484,900.
What are key features of this property?
This property features: Two‑family residential setup with separate utilities; Unfinished walk‑up third‑floor attic plus basement with W/D hookups and storage; 0.15‑acre lot with off‑street parking
