115 School Street, Manchester, MA 01944

Building Details

Year Built 1914 More

Listing Agency: J. Barrett & Company

Listed By: Fabyan & Filias Team Show Phone

Source: Jbarrettrealty

Added: Jul 24 Changed: Nov 8 Last Checked: Nov 8 at 6:56AM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$94,794

Cap Rate

9.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,895,880 $1.9M

Cap Rate 7%

$1,354,200 $1.4M

Cap Rate 9%

$1,053,267 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,627 SF

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 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 (±1% cap)

NOI $94,794 @ 7.0% cap · market cap 9.03%

Second Best

Apartment 5plus

$1.22M

$1.07M – $1.43M (±1% cap)

NOI $85,566 @ 7.0% cap · market cap 8.15%

Theoretical Best

Office A

$3.33M

$2.91M – $3.89M (±1% cap)

NOI $233,181 @ 7.0% cap · market cap 22.21%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

Market

Average Price Trend$/SF for Duplexes in Essex County, MA

$352 Jul

$360 Aug

$377 Sep

$338 Oct

Properties on Market for Duplexes in Essex County

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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