Victorian Mixed-Use Office
New
For Sale
$925,000
146 Lowell St, Manchester, NH 03103
Fully rented property combining office space, a hair salon, and a one-bedroom apartment with separate utilities.
Property Size4,704 SF
Price / SF$196.64
Days on Market7
Property Features for 146 Lowell St
General Information
Standard status
Active
Size
4,704 SF
Total Parking Spaces
15
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Office Units
3
Amenities
central air
custom lighting
signage
Building Details
Year Built
1890
Buildings
1
Construction
Victorian
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty Bedford NH
Listed By:
Kimberly Florence
(603) 471-0777
Source:
Teamphinney
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 11:35AM
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 Coldwell Banker Realty Bedford NH
Investment Insights
Based on property information with market context.
Built in 1890, this 4,704-square-foot Victorian mixed-use property combines office space, a hair salon, and a one-bedroom apartment. The building is fully rented and includes separate utilities for the occupants. Interior features include oversized windows, wide pine and hardwood floors, custom lighting, chandeliers, and 10-foot ceilings in two offices. The residential unit has an updated kitchen and bathroom.
Recent and ongoing property features include a newer roof, vinyl siding, updated windows, FHA heating systems, central air, and gas utilities. Positioned on a high-traffic corner lot, the property includes signage and a parking area accommodating up to 15 vehicles. The address is 146 Lowell St, Manchester, NH 03103.
Recent and ongoing property features include a newer roof, vinyl siding, updated windows, FHA heating systems, central air, and gas utilities. Positioned on a high-traffic corner lot, the property includes signage and a parking area accommodating up to 15 vehicles. The address is 146 Lowell St, Manchester, NH 03103.
Key Highlights
- 4,704 SF mixed‑use property built in 1890
- Fully rented with separate utilities
- Office space, hair salon, and one‑bedroom apartment
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
$52,497
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
5.68%
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%
$1,049,940
$1.0M
Cap Rate 7%
$749,957
$750.0K
Cap Rate 9%
$583,300
$583.3K
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
$90.3K $19.20/SF
− Vacancy
−$6.3K −$1.34/SF
EGI
$84.0K $17.86/SF
− OpEx
−$31.5K −$6.70/SF
NOI
$52.5K $11.16/SF
Area
Manchester, NH
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,049,940
Cap Rate 7%
$749,957
Cap Rate 9%
$583,300
Alternative Uses
Best Use
Mixed Use
$750.0K
$656.2K – $875.0K
NOI $52,497 @ 7.0% cap · market cap 5.68%
Second Best
Office B
$552.7K
$483.7K – $644.9K
NOI $38,692 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,862 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,495
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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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully rented property combining office space, a hair salon, and a one-bedroom apartment with separate utilities.
Where is this mixed-use property located?
The property is located at 146 Lowell St Manchester, NH.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 4,704 SF mixed‑use property built in 1890; Fully rented with separate utilities; Office space, hair salon, and one‑bedroom apartment
