15-Unit Apartment
For Sale
$1,100,000
151 Pearl Street, Manchester, NH 03104
Multi-Family, Manchester, NH
Property Size4,782 SF
Lot Size0.22 Acres
Price / SF$230.03
Days on Market48
Property Features for 151 Pearl Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Rooms
Basement
Exterior features
Double Pane Window(s)
Appliances
Gas Water Heater
Lot features
Corner, Curbing, Level, In Town
Elementary school
McDonough School
Middle school
Hillside Middle School
High school
Central High School
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Directions
Property is on the corner of Pearl and Union Street.
Standard status
Active
Size
4,782 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7778
Utilities
Heating system
Hot Water(Heating)
Water source
Public
Amenities
communal kitchen
laundry
paved parking
Building Details
Year built
1890
Floors in Building
2
Number of units
15
Flooring type
Hardwood, Vinyl
Building materials
Clapboard Exterior
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
Century 21 Dumont and Assoc. · Century 21 Real Estate
(603) 668-5100
Listed By:
Richard Dumont · License #1995
(603) 668-5100
Added: Jul 14
Changed: Aug 20
Last Checked: Aug 30 at 2:06PM
MLS# 5099791
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 15-unit apartment building occupies a 4,782-square-foot Victorian structure built in 1890 on a 0.22-acre corner lot. The property includes a communal kitchen, 4 bathrooms, first-floor laundry, hardwood and vinyl flooring, clapboard siding, shingle roofing, and double-pane windows. Public water serves the building, which is heated by hot water and a natural gas system. Recent improvements include a 2018 roof replacement, exterior painting in 2018, a kitchen floor and subfloor completed in 2021, hallway painting in 2023, and updated rooms and appliances.
Paved parking is provided through 2 separate driveways. The property is zoned R-3 and is situated near shopping and public transportation in Manchester, NH. Additional features include a gas water heater and basement space.
Paved parking is provided through 2 separate driveways. The property is zoned R-3 and is situated near shopping and public transportation in Manchester, NH. Additional features include a gas water heater and basement space.
Key Highlights
- 15‑unit rooming house with 4,782 square feet
- 0.22‑acre corner lot with paved parking and 2 separate driveways
- Zoned R‑3 with communal kitchen, 4 bathrooms, and 1st floor laundry
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
Yes
Paved road access
Yes
Utilities to site
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 congregate housing property with shared amenities, updated systems, and paved on-site parking.
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 with 4,782 square feet; 0.22‑acre corner lot with paved parking and 2 separate driveways; Zoned R‑3 with communal kitchen, 4 bathrooms, and 1st floor laundry
