15-Unit Apartment
For Sale
$1,100,000
151 Pearl St, Manchester, NH 03104
Rooming house with shared amenities, updated systems, paved parking, and convenient access to shopping and public transportation.
Property Size4,782 SF
Price / SF$230.03
Days on Market14
Property Features for 151 Pearl St
General Information
Standard status
Active
Size
4,782 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
15
Amenities
communal kitchen
laundry
Building Details
Year Built
1890
Listing Agency:
Century 21 Dumont and Assoc.
(603) 668-5100
Listed By:
Richard Dumont · License #1995
Source:
Carolslocum
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 11:46AM
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 Century 21 Dumont and Assoc.
Investment Insights
Based on property information with market context.
This 15-unit apartment building is configured for rooming-house use and includes a communal kitchen, four bathrooms, and first-floor laundry. Improvements include a roof installed in 2018, exterior painting completed that year, a kitchen floor and subfloor replaced in 2021, hallway painting completed in 2023, and Thermopane windows installed within the past five years. Several rooms have also been updated. Heating is provided by FHW natural gas equipment updated within nine years, and the kitchen includes a GE refrigerator and range.
The property sits on a corner lot at 151 Pearl St in Manchester, NH, with paved parking served by two separate driveways. Nearby shopping and public transportation add convenience for residents. The established rooming-house format has served three generations and addresses a congregate-living housing niche.
The property sits on a corner lot at 151 Pearl St in Manchester, NH, with paved parking served by two separate driveways. Nearby shopping and public transportation add convenience for residents. The established rooming-house format has served three generations and addresses a congregate-living housing niche.
Key Highlights
- 15‑unit rooming house serving three generations
- Roof and exterior painting completed in 2018
- Kitchen floor and subfloor replaced in 2021
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
$60,093
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
5.46%
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%
$1,201,860
$1.2M
Cap Rate 7%
$858,471
$858.5K
Cap Rate 9%
$667,700
$667.7K
Market Conditions
NOI Build-Up for 4,782 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
$114.8K $24.00/SF
− Vacancy
−$5.5K −$1.15/SF
EGI
$109.3K $22.85/SF
− OpEx
−$49.2K −$10.28/SF
NOI
$60.1K $12.57/SF
Area
Manchester, NH
Vacancy
4.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,201,860
Cap Rate 7%
$858,471
Cap Rate 9%
$667,700
Alternative Uses
Best Use
Apartment 5plus
$858.5K
$751.2K – $1.00M
NOI $60,093 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.17M
$1.03M – $1.37M
NOI $82,203 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
3,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 03104, NH
34,324
Population
15,715
Households
2.2
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
8.3 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,513
Median Household Income
$48,513
Median Earnings
$1,455
Median Rent
$364,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Rooming house with shared amenities, updated systems, paved parking, and convenient access to shopping and public transportation.
Where is this apartment building located?
The property is located at 151 Pearl St Manchester, NH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 15‑unit rooming house serving three generations; Roof and exterior painting completed in 2018; Kitchen floor and subfloor replaced in 2021
