Two-Family with Off-Street
For Sale
$484,900
384 Bridge Street, Manchester, NH 03104
Two-family residence features two bedrooms, one bath per unit, off-street parking, and separate utilities.
Property Size2,330 SF
Price / SF$208.11
Days on Market30
Property Features for 384 Bridge Street
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Multi Family
Zoning
MX-1
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,393
Amenities
off-street parking
separate utilities
washer/dryer hookups
storage
Building Details
Year Built
1920
Stories
2
Listing Agency:
Keller Williams Realty-Metropolitan
(603) 232-8282
Listed By:
Laura Gamache
(603) 232-8282
Source:
Laerrealty
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 21 at 4:26AM
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 Keller Williams Realty-Metropolitan
Investment Insights
Based on property information with market context.
This two-family property offers two bedrooms and one bath per unit, along with off-street parking and separate utilities. Additional space includes an unfinished, walk-up 3rd-floor attic and a basement with washer/dryer hookups and storage.
The building is located near Derryfield Park and is minutes to I-93, providing convenient access for tenants and occupants.
For buyers looking for income property space with potential for finishing the additional areas, the layout includes living units plus usable storage and utility support in the basement and attic.
The building is located near Derryfield Park and is minutes to I-93, providing convenient access for tenants and occupants.
For buyers looking for income property space with potential for finishing the additional areas, the layout includes living units plus usable storage and utility support in the basement and attic.
Key Highlights
- Two‑family residence built in 1920
- Each unit offers 2 bedrooms and 1 bathroom
- Off‑street parking available
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
$31,442
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
6.48%
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%
$628,840
$628.8K
Cap Rate 7%
$449,171
$449.2K
Cap Rate 9%
$349,356
$349.4K
Market Conditions
NOI Build-Up for 2,330 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
$47.5K $20.40/SF
− Vacancy
−$2.6K −$1.12/SF
EGI
$44.9K $19.28/SF
− OpEx
−$13.5K −$5.78/SF
NOI
$31.4K $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%
$628,840
Cap Rate 7%
$449,171
Cap Rate 9%
$349,356
Alternative Uses
Best Use
Multifamily LT 5
$449.2K
$393.0K – $524.0K
NOI $31,442 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$418.3K
$366.0K – $488.0K
NOI $29,280 @ 7.0% cap · market cap 6.04%
Theoretical Best
Specialty Retail
$572.2K
$500.7K – $667.6K
NOI $40,053 @ 7.0% cap · market cap 8.26%
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
464
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family residence features two bedrooms, one bath per unit, off-street parking, and separate utilities.
Where is this duplex located?
The property is located at 384 Bridge Street Manchester, NH.
What is the asking price?
The asking price for this property is $484,900.
What are key features of this property?
This property features: Two‑family residence built in 1920; Each unit offers 2 bedrooms and 1 bathroom; Off‑street parking available
