Triplex with Off-Street
For Sale
$750,000
421 Laurel Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size4,096 SF
Lot Size0.12 Acres
Price / SF$183.11
Days on Market80
Property Features for 421 Laurel Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
3 Fam MDL
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 8, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 9, Bedroom 1, Bedroom 6, Bedroom 7, Bathroom 3, Bedroom 5, Bathroom 2, Basement, Bedroom 2
Lot features
City Lot
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Standard status
Active
Size
4,096 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8361
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Water source
Public
Amenities
off-street parking
backyard
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Tar/Gravel, Flat
Architectural style
Other
Listing Agency:
Coldwell Banker Classic Realty · Coldwell Banker Real Estate
(603) 647-5718
Listed By:
Michelle Gannon
(603) 494-7327
Added: Jun 22
Changed: Sep 2
Last Checked: Sep 9 at 3:06AM
MLS# 5096060
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 residential property places one apartment on each floor. The first-floor residence includes three bedrooms and additional finished lower-level space, while the upper apartments also provide three-bedroom layouts. The building was constructed in 1900 and remodeled in 1983, with wood-frame construction, vinyl siding, wood and vinyl flooring, natural-gas heat, and a flat tar-and-gravel roof. Public water serves the property, and cable is available.
The property occupies a 0.12-acre city lot in Manchester, with off-street parking and a backyard. Its location provides access to downtown Manchester, schools, shopping, dining, and major commuter routes. Zoning is identified as 3 Fam MDL.
The property occupies a 0.12-acre city lot in Manchester, with off-street parking and a backyard. Its location provides access to downtown Manchester, schools, shopping, dining, and major commuter routes. Zoning is identified as 3 Fam MDL.
Key Highlights
- Three‑unit building with one residence on each floor
- First‑floor unit includes 3 bedrooms and finished lower‑level space
- Upper units offer 3‑bedroom layouts
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
$55,274
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
7.37%
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%
$1,105,480
$1.1M
Cap Rate 7%
$789,629
$789.6K
Cap Rate 9%
$614,156
$614.2K
Market Conditions
NOI Build-Up for 4,096 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
$83.6K $20.40/SF
− Vacancy
−$4.6K −$1.12/SF
EGI
$79.0K $19.28/SF
− OpEx
−$23.7K −$5.78/SF
NOI
$55.3K $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%
$1,105,480
Cap Rate 7%
$789,629
Cap Rate 9%
$614,156
Alternative Uses
Best Use
Multifamily LT 5
$789.6K
$690.9K – $921.2K
NOI $55,274 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$735.3K
$643.4K – $857.9K
NOI $51,472 @ 7.0% cap · market cap 6.86%
Theoretical Best
Specialty Retail
$1.01M
$880.1K – $1.17M
NOI $70,410 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,473
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units occupy separate floors, with finished lower-level space included in the first-floor layout.
Where is this triplex located?
The property is located at 421 Laurel Street Manchester, NH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit building with one residence on each floor; First‑floor unit includes 3 bedrooms and finished lower‑level space; Upper units offer 3‑bedroom layouts
