Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    151 Pearl St Manchester, NH 03104

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,200,000

    15-unit rooming house with strong income potential in Manchester.

    Lot size:
    0.22 Acres

    Property Features for 151 Pearl St

    General Information

    Property type
    Investment
    Standard status
    Active
    Lot size
    0.22 Acres

    Building Details

    Year built
    1890

    We can help!

    Listing Contact
    Richard Dumont
    Source: Elliman

    Listing Agency: CENTURY 21 Dumont Listing Agent: Richard Dumont

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Established Rooming House Investment Opportunity

    This established 15-unit rooming house has been well-maintained over three generations. The property features a new roof installed in 2018, updated FHW natural gas heat within the last 8 years, and common hallways painted in 2023. New Thermopane windows were installed within the last 5 years, and the kitchen floor, including the subfloor, was replaced in 2021, along with a new GE refrigerator and range. Several rooms have been updated, and the exterior was painted in 2018. The property includes a communal kitchen, 4 bathrooms, and a first-floor laundry. Paved parking is available with 2 separate driveways. The 2024 tax return showed a gross rent of $127,560, and projected rents could exceed $180,000. Total expenses are $30,000. The property rarely experiences vacancies and fills an important affordable housing niche in Manchester. The sewer line and asphalt were redone this year. Situated on a corner lot, the property is near shopping and public transportation.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Merrimack
    State
    New Hampshire
    Longitude
    -71.4580727
    Latitude
    42.9959238

    Nearby Similar for Sale

    • New
      $1,495,000
      4,580 SF

      High-Visibility Commercial Property Available

      8,030 SF single-level building on a level lot.
      25 S Maple St, Manchester, NH 03103
      View Details
    • New
      $575,000
      2,480 SF

      Manchester NH Multi-Family Duplex

      Spacious duplex with yard, separate utilities, and rental upside.
      312 Mystic St, Manchester, NH 03103
      View Details
    • New
      $550,000
      2,710 SF

      Well-Maintained Multi-Family Home

      Two-family home with ample parking and recent improvements.
      374 Bartlett St, Manchester, NH 03102
      View Details
    • New
      $599,500
      1,924 SF

      Two-Family Investment Opportunity

      Charming, well-maintained two-family property with immediate income potential.
      227 Laval St, Manchester, NH 03102
      View Details
    • New
      $685,000
      3,760 SF

      Spacious Multi-Family Investment Opportunity

      Three-unit property near downtown Manchester with strong income potential.
      10 Malvern St, Manchester, NH 03104
      View Details
    • $600,000
      4,521 SF

      Spacious Manchester Triplex on Corner Lot

      Large, renovated triplex with income potential in Manchester, NH.
      344 Maple St, Manchester, NH 03103
      View Details
    • New
      $1,200,000
      4,782 SF

      Established 15-Unit Rooming House

      Well-maintained 15-unit rooming house in Manchester, NH.
      151 Pearl St, Manchester, NH 03104
      View Details
    • New
      $479,500
      2,110 SF

      Two-Family Home: Investment Opportunity

      Charming two-family property with income potential in a prime location.
      358 Auburn St, Manchester, NH 03103
      View Details
    • $1,095,000
      5,178 SF

      Manchester Multi-Family Investment Opportunity

      Six-unit multi-family property in Manchester's North End.
      102 Orange St, Manchester, NH 03104
      View Details
    • $1,100,000

      Renovated Office Building in Manchester

      7,524 SF renovated office building in Manchester's business district.
      35 W Brook St, Manchester, NH 03101
      View Details
    • Contact for pricing

      NNN Leased Pharmacy Near Hospital

      NNN leased Rite Aid near Elliot Hospital with drive-thru.
      270 Mammoth Rd, Manchester, NH 03109
      View Details
    • $390,000
      3,124 SF

      Freestanding Commercial Building in Manchester

      Versatile 3,124 sq ft building suitable for various uses.
      450 Hanover St, Manchester, NH 03104
      View Details

    FAQs

    What type of property is this?
    Apartment building - 15-unit rooming house with strong income potential in Manchester.
    Where is this apartment building located?
    The property is located at 151 Pearl St Manchester, NH.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - Substantial Income Potential: 2024 Gross Rent $127,560 with potential to exceed $180,000.; - High Occupancy: Rarely a vacancy in a sought-after affordable housing niche.; - Recent Capital Improvements: New roof (2018), sewer line and asphalt redone (2024), Thermopane windows (within 5 years).
    (603) 668-5100
    Request Owner's contact information
    151 Pearl St Manchester, NH 03104
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    151 Pearl St
    Manchester, NH 03104
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    151 Pearl St Manchester, NH 03104
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Richard Dumont
    (603) 668-5100 (603) 391-6421
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!