15-Unit Rooming House
For Sale
$1,100,000
151 Pearl Street, Manchester, NH 03104
Well-maintained 15-unit rooming house with communal kitchen, multiple baths, and paved parking with two driveways.
Property Size4,782 SF
Price / SF$153.35
Days on Market34
Property Features for 151 Pearl Street
General Information
Standard status
Active
Size
4,782 SF
Property subtype
Multi Family Home
Zoning
R-3
Taxes and HOA fees
Annual Taxes
$7,778
Building Details
Building Size
4,782 SF
Year Built
1890
Stories
2
Units
15
Listing Agency:
Century 21 Dumont And Assoc.
(603) 668-5100
Listed By:
Richard Dumont
(603) 668-5100
Source:
Threehillsres
Added: Jul 21
Changed: Aug 23
Last Checked: Aug 22 at 10:47AM
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 established 15-unit rooming house has been well maintained and includes a communal kitchen, four bathrooms, and first-floor laundry. Recent improvements cited include a new roof in 2018, updated FHW natural gas heat within the past nine years, and common hallways painted in 2023. Additional updates include thermopane windows within five years, exterior paint in 2018, and a new kitchen floor with subfloor work completed in 2021, along with a GE refrigerator and range. Several rooms have also been updated.
The property is situated on a corner lot with nearby shopping and public transportation, according to the provided remarks. Off-street parking is paved and accessed via two separate driveways.
Overall, the building is positioned as congregate living housing with noted longevity in the operation and a stated track record of rarely seeing vacancies, supported by the information in the listing remarks.
The property is situated on a corner lot with nearby shopping and public transportation, according to the provided remarks. Off-street parking is paved and accessed via two separate driveways.
Overall, the building is positioned as congregate living housing with noted longevity in the operation and a stated track record of rarely seeing vacancies, supported by the information in the listing remarks.
Key Highlights
- 15‑unit rooming house built in 1890 with communal kitchen and 4 bathrooms
- New roof (2018); exterior painting (2018)
- FHW natural gas heat updated within the last 9 years
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
$90,139
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
8.19%
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%
$1,802,780
$1.8M
Cap Rate 7%
$1,287,700
$1.3M
Cap Rate 9%
$1,001,544
$1.0M
Market Conditions
NOI Build-Up for 7,173 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
$172.2K $24.00/SF
− Vacancy
−$8.3K −$1.15/SF
EGI
$163.9K $22.85/SF
− OpEx
−$73.7K −$10.28/SF
NOI
$90.1K $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%
$1,802,780
Cap Rate 7%
$1,287,700
Cap Rate 9%
$1,001,544
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,139 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.06M
NOI $123,304 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Well-maintained 15-unit rooming house with communal kitchen, multiple baths, and paved parking with two driveways.
Where is this apartment building located?
The property is located at 151 Pearl Street 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 built in 1890 with communal kitchen and 4 bathrooms; New roof (2018); exterior painting (2018); FHW natural gas heat updated within the last 9 years
