10-Unit Multifamily
New
For Sale
$2,170,000
146 Lowell St 371 Spruce & 32 Mitchell St, Manchester, NH 03103
Three buildings combine office, salon, and apartment space, with tenants responsible for their own utilities.
Property Size4,704 SF
Price / SF$461.31
Days on Market7
Property Features for 146 Lowell St 371 Spruce & 32 Mitchell St
General Information
Standard status
Active
Size
4,704 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
Coldwell Banker Realty Bedford NH
Listed By:
Kimberly Florence
(603) 471-0777
Source:
Lawanaandcompany
Added: Sep 18
Changed: Sep 22
Last Checked: Sep 24 at 11:12AM
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.
This multifamily portfolio includes three Manchester properties totaling 10 income units: 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 4,704-square-foot package includes three offices, a hair salon, one one-bedroom apartment, two two-bedroom apartments, and three three-bedroom apartments. The buildings date to 1890 and have received numerous updates.
The properties are located in Manchester, NH 03103, and may be acquired together or separately. The package includes both commercial and residential tenants, with tenants paying their own utilities. The source information identifies the overall zoning as residential.
The properties are located in Manchester, NH 03103, and may be acquired together or separately. The package includes both commercial and residential tenants, with tenants paying their own utilities. The source information identifies the overall zoning as residential.
Key Highlights
- 10 income units across 3 properties
- 4,704 square feet combined
- Mix includes 3 offices, 1 hair salon, and 6 apartments
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
691
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Three buildings combine office, salon, and apartment space, with tenants responsible for their own utilities.
Where is this multifamily property located?
The property is located at 146 Lowell St 371 Spruce & 32 Mitchell St 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: 10 income units across 3 properties; 4,704 square feet combined; Mix includes 3 offices, 1 hair salon, and 6 apartments
