10-Unit Multifamily
For Sale
$1,675,000
146 Lowell St 371 Spruce 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$356.08
Days on Market23
Property Features for 146 Lowell St 371 Spruce 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: Oct 7
Last Checked: Oct 7 at 1:39PM
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 / Yr
$63,479
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
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
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 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 3.79%
Second Best
Apartment 5plus
$844.5K
$738.9K – $985.2K
NOI $59,112 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,862 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,176
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 Multifamily in Northeast region
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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 St Manchester, NH.
What is the asking price?
The asking price for this property is $1,675,000.
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
