Two-Unit Residential
New
For Sale
$509,900
538 Somerville Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size1,680 SF
Lot Size0.15 Acres
Price / SF$303.51
Days on Market2
Property Features for 538 Somerville Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Basement, Bedroom 2
Patio and Porch features
Porch
Exterior features
Balcony, Full Fence, Garden Space, Covered Porch, Screened Porch
Fencing
Fenced
Lot features
Level
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Directions
Please use GPS
Standard status
Active
Size
1,680 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6168
Utilities
Heating system
Forced Air
Water source
Public
Amenities
fenced-in yard
patio
raised garden beds
off-street parking
Building Details
Year built
1950
Floors in Building
3
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Century 21 North East · Century 21 Real Estate
(603) 893-8230
Listed By:
Amy Longtin
(617) 293-5235
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 4:06AM
MLS# 5109301
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.
Located at 538 Somerville Street in Manchester, this residential duplex contains 1,680 square feet and was built in 1950. Each apartment has two bedrooms and one full bathroom, while the first-floor unit includes accessibility features for single-level living. The property has forced-air heating, vinyl siding, a shingle roof, and public water service.
The 0.15-acre parcel includes a level, fenced yard with a patio, raised garden beds, porch areas, and a balcony. Off-street parking is provided. The Residential-zoned property is positioned near shopping, dining, and commuter routes in Manchester.
The 0.15-acre parcel includes a level, fenced yard with a patio, raised garden beds, porch areas, and a balcony. Off-street parking is provided. The Residential-zoned property is positioned near shopping, dining, and commuter routes in Manchester.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bath
- First‑floor unit includes accessibility features for single‑level living
- 1,680 square feet on a 0.15‑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
$22,671
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
4.45%
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%
$453,420
$453.4K
Cap Rate 7%
$323,871
$323.9K
Cap Rate 9%
$251,900
$251.9K
Market Conditions
NOI Build-Up for 1,680 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
$34.3K $20.40/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$32.4K $19.28/SF
− OpEx
−$9.7K −$5.78/SF
NOI
$22.7K $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%
$453,420
Cap Rate 7%
$323,871
Cap Rate 9%
$251,900
Alternative Uses
Best Use
Multifamily LT 5
$323.9K
$283.4K – $377.9K
NOI $22,671 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$301.6K
$263.9K – $351.9K
NOI $21,112 @ 7.0% cap · market cap 4.14%
Theoretical Best
Specialty Retail
$412.6K
$361.0K – $481.3K
NOI $28,879 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,449
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Both apartments offer two bedrooms and one full bath, with accessible features on the first level.
Where is this duplex located?
The property is located at 538 Somerville Street Manchester, NH.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bath; First‑floor unit includes accessibility features for single‑level living; 1,680 square feet on a 0.15‑acre lot
