Duplex Property with Legal
For Sale
$1,050,000
115 School Street, Manchester, MA 01944
Existing main residence includes a legal one-bedroom lower-level apartment.
Property Size5,627 SF
Price / SF$186.60
Days on Market19
Property Features for 115 School Street
General Information
Standard status
Active
Size
5,627 SF
Property subtype
Multi-family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1914
Listing Agency:
J. Barrett & Company
Listed By:
Fabyan & Filias Team
(978) 479-0157
Source:
Jbarrettrealty
Added: Sep 7
Changed: Sep 24
Last Checked: Sep 24 at 10:00AM
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 J. Barrett & Company
Investment Insights
Based on property information with market context.
This 1914 residential property includes a main house and a legal one-bedroom apartment on the lower level. The existing improvements can be renovated, or the site may be reworked as a two-family residence or a larger single-family home, subject to buyer due diligence and applicable approvals.
Located at 115 School St in Manchester, the property has town water and sewer at the site. Essex County Club is nearby, while the elementary and high schools are within walking distance. The flexible configuration supports evaluation by a buyer, contractor, or builder seeking to determine the most suitable redevelopment or renovation approach.
Located at 115 School St in Manchester, the property has town water and sewer at the site. Essex County Club is nearby, while the elementary and high schools are within walking distance. The flexible configuration supports evaluation by a buyer, contractor, or builder seeking to determine the most suitable redevelopment or renovation approach.
Key Highlights
- Legal lower‑level 1‑bedroom apartment
- Main house with options for renovation or replacement
- Potential configuration as a 2‑family or single‑family residence
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
$94,794
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
9.03%
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%
$1,895,880
$1.9M
Cap Rate 7%
$1,354,200
$1.4M
Cap Rate 9%
$1,053,267
$1.1M
Market Conditions
NOI Build-Up for 5,627 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
$141.8K $25.20/SF
− Vacancy
−$6.4K −$1.13/SF
EGI
$135.4K $24.07/SF
− OpEx
−$40.6K −$7.22/SF
NOI
$94.8K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /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%
$1,895,880
Cap Rate 7%
$1,354,200
Cap Rate 9%
$1,053,267
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.58M
NOI $94,794 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,566 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$3.33M
$2.91M – $3.89M
NOI $233,181 @ 7.0% cap · market cap 22.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Explore this area
Business Placement
Demographics for 01944, MA
5,395
Population
2,281
Households
2.4
Avg Household Size
50
Median Age
84%
College-Educated
99%
High-School Grad
9.2 sq mi
ZIP Area
586
Density / Sq Mi
$197,875
Median Household Income
$99,797
Median Earnings
$1,872
Median Rent
$932,000
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 - Existing main residence includes a legal one-bedroom lower-level apartment.
Where is this duplex located?
The property is located at 115 School Street Manchester, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Legal lower‑level 1‑bedroom apartment; Main house with options for renovation or replacement; Potential configuration as a 2‑family or single‑family residence
