Spacious Multi-Family Investment
For Sale
$685,000
10 Malvern Street, Manchester, NH 03104
Three-unit property near downtown Manchester with income potential.
Property Size3,760 SF
Days on Market200
Property Features for 10 Malvern Street
General Information
Standard status
Active
Size
3,760 SF
Property subtype
Multi-Family
Amenities
Cable Ready
Natural Gas
Electric
Forced Air
Hot Water
Cable Available, Shingle
Building Details
Building Size
3,760 SF
Year Built
1900
Listing Agency:
MC440 LLC dba Keller Williams Gateway Realty
Listed By:
John Porter · License #069104
(603) 732-2442
Source:
Kw
Added: Feb 20
Changed: Sep 7
Last Checked: Sep 7 at 7:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MC440 LLC dba Keller Williams Gateway Realty
Investment Insights
Based on property information with market context.
This three-family property presents an investment opportunity with a versatile unit mix. It features a large six-bedroom unit, a two-bedroom apartment, and a one-bedroom apartment. The property offers potential for solid cash flow. Conveniently located near downtown Manchester, it provides access to shopping, restaurants, highways, public transportation, and local employers. The location is attractive for renters. The property has off-street parking. The property is located in a commuter-friendly location. The walk score is 98, indicating it is a walker's paradise. The bike score is 54, indicating it is bikeable.
Key Highlights
- Excellent investment opportunity with strong income potential from three units.
- Versatile unit mix: 6‑bedroom, 2‑bedroom, and 1‑bedroom apartments.
- Prime location near downtown Manchester with easy access to amenities, highways, and public transportation.
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
$47,250
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
6.90%
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%
$945,000
$945.0K
Cap Rate 7%
$675,000
$675.0K
Cap Rate 9%
$525,000
$525.0K
Market Conditions
NOI Build-Up for 3,760 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
$90.2K $24.00/SF
− Vacancy
−$4.3K −$1.15/SF
EGI
$85.9K $22.85/SF
− OpEx
−$38.7K −$10.28/SF
NOI
$47.2K $12.57/SF
Area
Manchester, NH
Vacancy
4.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$945,000
Cap Rate 7%
$675,000
Cap Rate 9%
$525,000
Alternative Uses
Best Use
Apartment 5plus
$675.0K
$590.6K – $787.5K
NOI $47,250 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$923.3K
$807.9K – $1.08M
NOI $64,634 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,408
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-unit property near downtown Manchester with income potential.
Where is this apartment building located?
The property is located at 10 Malvern Street Manchester, NH.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Excellent investment opportunity with strong income potential from three units.; Versatile unit mix: 6‑bedroom, 2‑bedroom, and 1‑bedroom apartments.; Prime location near downtown Manchester with easy access to amenities, highways, and public transportation.
