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    Manchester Multifamily Investment Opportunity Title is generated by Realmo AI

    187 355-357 489 Merrimack & Pine Street, Manchester, NH 03104

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    Claim this Listing
    New
    For Sale
    $3,129,900

    Multi-Family - Manchester, NH

    Property size:
    12,271 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $255/SF
    Added:
    May 19, 2026
    Days on Market:
    2
    Last Refresh:
    May 20 at 7:06 am

    Property Features for 187 355-357 489 Merrimack & Pine Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R3
    Rooms
    Basement
    Parking
    1
    Parking features
    Garage, Paved or Surfaced
    Basement Y/N
    1
    Standard status
    Active
    Size
    12,271 SF
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    29754.83

    Utilities

    Heating system
    Hot Water (Heating), Natural Gas, Oil, Propane (Heating), Space Heater

    Building Details

    Year built
    1920
    Floors in Building
    3
    Number of units
    19
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Mike Giannone

    Listing agent Mike Giannone

    Listing office The Aland Realty Group 175 Market Street., Portsmouth, NH

    Listing date May 19, 2026

    MLS# 5089701 Listing URL

    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.

    HighLights

    • 19‑unit multifamily portfolio in Manchester, NH
    • Enjoy a 7%+ CAP return
    • Gross annual income of $333,660
    • Diverse unit mix with 3‑bedroom, 2‑bedroom, 1‑bedroom, and studio units
    • Includes a detached single‑family home with 3 bedrooms
    • Properties located within 0.5 miles of each other

    Overview

    This portfolio presents an opportunity to invest in three multifamily properties located in Manchester, NH. The properties, situated within 0.5 miles of each other, include 489 Pine Street, 187 Merrimack St, and 355-357 Merrimack St. The portfolio comprises a total of 19 units, offering a mix of residential options. The unit mix includes one three-bedroom unit, eight two-bedroom units, three one-bedroom units, and seven studio-style units. 489 Pine Street features eight units, including one two-bedroom, one-bathroom unit and seven studio units, each with one bathroom. 187 Merrimack St contains six units, with two one-bedroom, one-bathroom units and four two-bedroom, one-bathroom units ranging in size from 500 to 1175 square feet. 355-357 Merrimack St consists of five units across two buildings on one parcel. 355 Merrimack St is a detached single-family home with three bedrooms and one bathroom across 1220 square feet. 357 Merrimack St is a four-unit structure with three two-bedroom, one-bathroom units and one one-bedroom, one-bathroom unit. The properties are zoned R3 and the total lot size is 0.4 acres. The combined property size is 12271 square feet. This property must be sold as a 19-unit portfolio.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Manchester
    County
    Merrimack
    State
    New Hampshire
    Longitude
    -71.4405
    Latitude
    43.0089

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    FAQs

    What type of property is this?
    Apartment building - 19-unit multifamily portfolio in Manchester, NH with diverse unit mix.
    Where is this apartment building located?
    The property is located at 187 355-357 489 Merrimack & Pine Street Manchester, NH.
    What is the asking price?
    The asking price for this property is $3,129,900.
    What are key features of this property?
    This property features: 19‑unit multifamily portfolio in Manchester, NH; Enjoy a 7%+ CAP return; Gross annual income of $333,660
    (978) 806-6446
    We can help!
    Listing Contact
    Mike Giannone
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    187,355-357,489 Merrimack, & Pine Street, Manchester, NH 03104
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