Multifamily Income Property
New
For Sale
$2,170,000
146 Lowell St 371 Spruce & 32 Mitchell Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size4,704 SF
Lot Size0.26 Acres
Price / SF$461.31
Days on Market1
Property Features for 146 Lowell St 371 Spruce & 32 Mitchell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residential
Rooms
Basement
Parking features
On Street
Patio and Porch features
Deck, Porch
Exterior features
Deck, Outbuilding, Porch, Covered Porch, Enclosed Porch
Appliances
Domestic Water Heater, Oil Water Heater
Lot features
Corner
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Directions
Use GPS
Standard status
Active
Size
4,704 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
26704
Utilities
Heating system
Forced Air, Electric (Heating), Hot Water(Heating)
Cooling system
Central Air, Zoned, Ductless
Water source
Public
Building Details
Year built
1890
Floors in Building
3
Number of units
10
Flooring type
Hardwood, Laminate, Carpet
Building materials
Wood Frame
Roof type
Shingle, Flat, Membrane
Architectural style
Victorian
Additional Structures
Outbuilding
Listing Agency:
Coldwell Banker Realty Bedford NH · Coldwell Banker Real Estate
(603) 471-0777
Listed By:
Kimberly Florence
(603) 848-9559
Added: Sep 16
Last Checked: Sep 16 at 8:06PM
MLS# 5110186
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Manchester portfolio includes three separate properties totaling 10 income units across 4,704 square feet. The package includes a five-unit commercial building at 146 Lowell St, a three-unit triple-decker at 371 Spruce St, and a two-unit property at 32 Mitchell St. The combined configuration includes 3 offices, 1 hair salon, 1 one-bedroom unit, 2 two-bedroom units, and 3 three-bedroom units.
The buildings date to 1890 and feature wood-frame construction with hardwood, laminate, and carpet flooring. Property features include decks, porches, an enclosed porch, an outbuilding, public water, and on-street parking. Heating includes forced air, electric, and hot water systems, while cooling includes central air, zoned systems, and ductless equipment. Long-term commercial and residential tenants occupy the properties, with tenants paying their own utilities.
The buildings date to 1890 and feature wood-frame construction with hardwood, laminate, and carpet flooring. Property features include decks, porches, an enclosed porch, an outbuilding, public water, and on-street parking. Heating includes forced air, electric, and hot water systems, while cooling includes central air, zoned systems, and ductless equipment. Long-term commercial and residential tenants occupy the properties, with tenants paying their own utilities.
Key Highlights
- Three‑property package totals 10 income units
- Combined property size of 4,704 square feet
- Unit mix includes 1 one‑bedroom, 2 two‑bedroom, and 3 three‑bedroom units
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
$63,479
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
2.93%
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%
$1,269,580
$1.3M
Cap Rate 7%
$906,843
$906.8K
Cap Rate 9%
$705,322
$705.3K
Market Conditions
NOI Build-Up for 4,704 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
$96.0K $20.40/SF
− Vacancy
−$5.3K −$1.12/SF
EGI
$90.7K $19.28/SF
− OpEx
−$27.2K −$5.78/SF
NOI
$63.5K $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%
$1,269,580
Cap Rate 7%
$906,843
Cap Rate 9%
$705,322
Alternative Uses
Best Use
Multifamily LT 5
$906.8K
$793.5K – $1.06M
NOI $63,479 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$844.5K
$738.9K – $985.2K
NOI $59,112 @ 7.0% cap · market cap 2.72%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,862 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
549
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three Manchester properties combine residential units, commercial space, and established tenancy across multiple buildings.
Where is this multifamily property located?
The property is located at 146 Lowell St 371 Spruce & 32 Mitchell Street Manchester, NH.
What is the asking price?
The asking price for this property is $2,170,000.
What are key features of this property?
This property features: Three‑property package totals 10 income units; Combined property size of 4,704 square feet; Unit mix includes 1 one‑bedroom, 2 two‑bedroom, and 3 three‑bedroom units
