Mixed-Use
For Sale
$700,000
649 Second Street, Manchester, NH 03102
Multi-Family, Manchester, NH
Property Size2,819 SF
Lot Size0.23 Acres
Price / SF$248.32
Days on Market50
Property Features for 649 Second Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
BC-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Lot features
City Lot, 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
Use GPS, parking in the back
Standard status
Active
Size
2,819 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5983
Utilities
Heating system
Ductless (Heating), Natural Gas, Forced Air
Cooling system
Ductless, Zoned
Water source
Public
Building Details
Year built
1894
Floors in Building
3
Number of units
3
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Kelly Erwin
(603) 232-8282
Added: Jul 16
Changed: Sep 1
Last Checked: Sep 3 at 12:06PM
MLS# 5100837
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 2,819-square-foot mixed-use triplex contains one commercial unit and two residential apartments. Separate entrances support distinct occupancy, while off-street parking adds practical functionality for the building. The property was built in 1894 with wood-frame construction, vinyl siding, a shingle roof, and a basement. Heating includes natural gas, forced air, and ductless systems; cooling is ductless and zoned. Public water serves the property.
The 0.23-acre site is located at 649 Second Street in Manchester, with access to downtown, major highways, shopping, restaurants, and other area amenities. The commercial space offers flexibility for a business occupant, while the residential units provide additional occupancy options. Specific commercial uses should be verified with the city.
The 0.23-acre site is located at 649 Second Street in Manchester, with access to downtown, major highways, shopping, restaurants, and other area amenities. The commercial space offers flexibility for a business occupant, while the residential units provide additional occupancy options. Specific commercial uses should be verified with the city.
Key Highlights
- Three‑unit mixed‑use configuration with one commercial unit and two residential apartments
- 2,819 square feet on a 0.23‑acre lot
- Separate entrances and 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
$38,041
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
5.43%
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%
$760,820
$760.8K
Cap Rate 7%
$543,443
$543.4K
Cap Rate 9%
$422,678
$422.7K
Market Conditions
NOI Build-Up for 2,819 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
$57.5K $20.40/SF
− Vacancy
−$3.2K −$1.12/SF
EGI
$54.3K $19.28/SF
− OpEx
−$16.3K −$5.78/SF
NOI
$38.0K $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%
$760,820
Cap Rate 7%
$543,443
Cap Rate 9%
$422,678
Alternative Uses
Best Use
Multifamily LT 5
$543.4K
$475.5K – $634.0K
NOI $38,041 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$506.1K
$442.8K – $590.4K
NOI $35,425 @ 7.0% cap · market cap 5.06%
Theoretical Best
Specialty Retail
$692.3K
$605.7K – $807.7K
NOI $48,459 @ 7.0% cap · market cap 6.92%
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
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 03102, NH
33,396
Population
15,264
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
9.1 sq mi
ZIP Area
3,670
Density / Sq Mi
$69,927
Median Household Income
$43,518
Median Earnings
$1,533
Median Rent
$309,400
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-unit property combining commercial space with two residential apartments and separate entrances.
Where is this triplex located?
The property is located at 649 Second Street Manchester, NH.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Three‑unit mixed‑use configuration with one commercial unit and two residential apartments; 2,819 square feet on a 0.23‑acre lot; Separate entrances and off‑street parking
