Victorian Mixed-Use
New
For Sale
$925,000
146 lowell Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size4,704 SF
Lot Size0.26 Acres
Price / SF$196.64
Days on Market1
Property Features for 146 lowell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
business district
Rooms
Basement
Patio and Porch features
Porch
Exterior features
Covered Porch
Appliances
Gas Water Heater
Lot features
City Lot, Corner, In Town
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Directions
Corner of Lowell & Union St
Standard status
Active
Size
4,704 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11660
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
10ft ceilings
chandeliers
large oversized windows
wide pine wood floors
newer roof
vinyl siding
updated windows
FHA heating systems
central air
gas utilities
hardwood floors
custom lighting
separate utilities
signage
Building Details
Year built
1890
Floors in Building
3
Number of units
5
Flooring type
Wood, Hardwood, Laminate
Building materials
Wood Frame
Roof type
Membrane, Shingle, Flat
Architectural style
Victorian
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 6:06PM
MLS# 5109978
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 4,704-square-foot Victorian mixed-use property at 146 Lowell Street includes four commercial units and one residential unit. The commercial component comprises three office spaces and a hair salon, while the residential unit is a one-bedroom apartment with an updated kitchen and bathroom. The building dates to 1890 and includes wood and hardwood flooring, central air, forced-air heating, gas utilities, separate utilities, updated windows, vinyl siding, and a newer roof.
Situated on a 0.26-acre corner lot in a business district, the property includes signage and a parking area accommodating up to 15 vehicles. Additional features include a covered porch, public water, a gas water heater, and wood-frame construction. The office spaces feature details including 10-foot ceilings, chandeliers, oversized windows, and wide pine wood floors. The property is fully rented and has long-term tenants.
Situated on a 0.26-acre corner lot in a business district, the property includes signage and a parking area accommodating up to 15 vehicles. Additional features include a covered porch, public water, a gas water heater, and wood-frame construction. The office spaces feature details including 10-foot ceilings, chandeliers, oversized windows, and wide pine wood floors. The property is fully rented and has long-term tenants.
Key Highlights
- 4,704‑square‑foot mixed‑use building on 0.26 acres
- Four commercial units plus one residential unit
- Three office spaces and a hair salon
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
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Income-producing corner property with office, salon, and residential space in a business district.
Where is this mixed-use property located?
The property is located at 146 lowell Street 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‑square‑foot mixed‑use building on 0.26 acres; Four commercial units plus one residential unit; Three office spaces and a hair salon
