2-Unit Duplex with Private
For Sale
$480,000
175 Thornton St, Manchester, NH 03102
Two-family home with separate utilities, individual laundry rooms, keyed storage, and off-street parking.
Property Size2,640 SF
Price / SF$181.82
Days on Market25
Property Features for 175 Thornton St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
private deck
individual laundry room
secure keyed storage
walk-up attic
off-street parking
Building Details
Buildings
1
Listing Agency:
EXP Realty
(603) 724-3980
Listed By:
Brandon Christen
(603) 724-3980
Source:
Exprealty
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 29 at 11:48AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 2,640-square-foot two-family home offers a practical layout for an owner-occupant or income property buyer. Both units feature large rooms, high ceilings, updated bathrooms, private decks, individual laundry rooms, and secure keyed storage. Wi-Fi-enabled washer and dryer sets have been recently replaced, while separate utilities support independent operation.
Major improvements include water heaters replaced within the last six years, along with newer roofs on the garage and shed. The property also includes natural gas, public water and sewer, and ample off-street parking. A walk-up attic provides additional storage and may offer future finished living space, subject to necessary approvals.
Major improvements include water heaters replaced within the last six years, along with newer roofs on the garage and shed. The property also includes natural gas, public water and sewer, and ample off-street parking. A walk-up attic provides additional storage and may offer future finished living space, subject to necessary approvals.
Key Highlights
- 2,640 SF two‑family home
- Each unit includes a private deck, individual laundry room, and keyed storage
- Large rooms and high ceilings throughout both units
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
$35,626
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
7.42%
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%
$712,520
$712.5K
Cap Rate 7%
$508,943
$508.9K
Cap Rate 9%
$395,844
$395.8K
Market Conditions
NOI Build-Up for 2,640 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
$53.9K $20.40/SF
− Vacancy
−$3.0K −$1.12/SF
EGI
$50.9K $19.28/SF
− OpEx
−$15.3K −$5.78/SF
NOI
$35.6K $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%
$712,520
Cap Rate 7%
$508,943
Cap Rate 9%
$395,844
Alternative Uses
Best Use
Multifamily LT 5
$508.9K
$445.3K – $593.8K
NOI $35,626 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$473.9K
$414.7K – $552.9K
NOI $33,175 @ 7.0% cap · market cap 6.91%
Theoretical Best
Specialty Retail
$648.3K
$567.3K – $756.4K
NOI $45,382 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 03102, NH
33,396
Population
15,264
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
9.1 sq mi
ZIP Area
3,670
Density / Sq Mi
$69,927
Median Household Income
$43,518
Median Earnings
$1,533
Median Rent
$309,400
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?
Duplex - Two-family home with separate utilities, individual laundry rooms, keyed storage, and off-street parking.
Where is this duplex located?
The property is located at 175 Thornton St Manchester, NH.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 2,640 SF two‑family home; Each unit includes a private deck, individual laundry room, and keyed storage; Large rooms and high ceilings throughout both units
