Duplex with Separate
For Sale
$429,900
14 Sterling Avenue, Manchester, NH 03103
Two one-bedroom residences offer four rooms each, individual utility service, on-site parking, and a shared level yard.
Property Size1,219 SF
Price / SF$352.67
Days on Market13
Property Features for 14 Sterling Avenue
General Information
Standard status
Active
Size
1,219 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
porch
basement
yard
Building Details
Year Built
1840
Tenancy
Single
Listing Agency:
Des Rochers Real Estate Professionals
(603) 661-5555
Listed By:
Laurie Des Rochers
(603) 763-4932
Source:
Harborlightrealty
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 10:34AM
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 Des Rochers Real Estate Professionals
Investment Insights
Based on property information with market context.
This duplex at 14 Sterling Ave in Manchester, New Hampshire, contains two one-bedroom residences with four rooms in each unit. Heat, hot water, and electricity are separated by residence. The first-floor unit includes a private porch and access to the basement, while the second-floor apartment is vacant. A long-term occupant currently leases the first floor.
The property includes on-site parking and a large, flat yard. Its Certificate of Occupancy and Code of Compliance is current. Built in 1840, the two-family property offers a distinct layout with separate residential spaces and unit-level utility arrangements.
The property includes on-site parking and a large, flat yard. Its Certificate of Occupancy and Code of Compliance is current. Built in 1840, the two-family property offers a distinct layout with separate residential spaces and unit-level utility arrangements.
Key Highlights
- Two‑family property with two one‑bedroom units and four rooms per residence
- Separate heat, hot water, and electricity for each unit
- First‑floor residence includes a porch and basement access
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
$16,450
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
3.83%
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%
$329,000
$329.0K
Cap Rate 7%
$235,000
$235.0K
Cap Rate 9%
$182,778
$182.8K
Market Conditions
NOI Build-Up for 1,219 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
$24.9K $20.40/SF
− Vacancy
−$1.4K −$1.12/SF
EGI
$23.5K $19.28/SF
− OpEx
−$7.0K −$5.78/SF
NOI
$16.4K $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%
$329,000
Cap Rate 7%
$235,000
Cap Rate 9%
$182,778
Alternative Uses
Best Use
Multifamily LT 5
$235.0K
$205.6K – $274.2K
NOI $16,450 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$218.8K
$191.5K – $255.3K
NOI $15,318 @ 7.0% cap · market cap 3.56%
Theoretical Best
Specialty Retail
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
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 one-bedroom residences offer four rooms each, individual utility service, on-site parking, and a shared level yard.
Where is this duplex located?
The property is located at 14 Sterling Avenue Manchester, NH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two‑family property with two one‑bedroom units and four rooms per residence; Separate heat, hot water, and electricity for each unit; First‑floor residence includes a porch and basement access
