Historic Four-Family
For Sale
$895,000
18 Mast Rd, Manchester, NH 03102
Corner multifamily property with period details, private outdoor spaces, parking, and an oversized detached garage.
Property Size4,560 SF
Lot Size0.33 Acres
Price / SF$196.27
Days on Market9
Property Features for 18 Mast Rd
General Information
Standard status
Active
Size
4,560 SF
Total Parking Spaces
8
Lot size
0.33 Acres
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$95,400
Multifamily Units
4
Amenities
covered balconies
private decks
coin-op laundry
Building Details
Year Built
1911
Buildings
1
Construction
Brownstone
Listing Agency:
Pierre Peloquin Realty
Listed By:
Pierre J Peloquin
(603) 668-9923
Source:
603propertygroup
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 24 at 10:57AM
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 Pierre Peloquin Realty
Investment Insights
Based on property information with market context.
This 1911 four-family brownstone occupies a 1/3-acre corner parcel at 18 Mast Road. The property includes two 4-room, 2-bedroom apartments with covered south-facing balconies and two additional 4-room apartments configured for one- or two-bedroom use, each with a private deck. Original architectural woodwork, hardwood flooring, and high ceilings complement the well-maintained interiors. Improvements include three new heating systems, vinyl windows, a recently paved driveway, and coin-operated laundry facilities.
The property provides parking for 6 cars and an oversized 2-car garage. Separate utility service is in place for the residences. Unit #3 is vacant, creating an owner-occupancy option within the existing four-unit layout.
The property provides parking for 6 cars and an oversized 2-car garage. Separate utility service is in place for the residences. Unit #3 is vacant, creating an owner-occupancy option within the existing four-unit layout.
Key Highlights
- Four‑family brownstone built in 1911 on a 1/3‑acre corner parcel
- Two 4‑room, 2‑bedroom units with covered south‑facing balconies
- Two additional 4‑room units configured for 1- or 2‑bedroom use
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
$57,303
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
6.40%
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%
$1,146,060
$1.1M
Cap Rate 7%
$818,614
$818.6K
Cap Rate 9%
$636,700
$636.7K
Market Conditions
NOI Build-Up for 4,560 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
$109.4K $24.00/SF
− Vacancy
−$5.3K −$1.15/SF
EGI
$104.2K $22.85/SF
− OpEx
−$46.9K −$10.28/SF
NOI
$57.3K $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%
$1,146,060
Cap Rate 7%
$818,614
Cap Rate 9%
$636,700
Alternative Uses
Best Use
Apartment 5plus
$818.6K
$716.3K – $955.1K
NOI $57,303 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.12M
$979.8K – $1.31M
NOI $78,386 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
466
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
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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 - Corner multifamily property with period details, private outdoor spaces, parking, and an oversized detached garage.
Where is this multifamily property located?
The property is located at 18 Mast Rd Manchester, NH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four‑family brownstone built in 1911 on a 1/3‑acre corner parcel; Two 4‑room, 2‑bedroom units with covered south‑facing balconies; Two additional 4‑room units configured for 1- or 2‑bedroom use
