Three-Family Residential Income
New
For Sale
$684,900
190 Ray Street, Manchester, NH 03104
Well-maintained three-family with two 2-bedroom units and one 1-bedroom unit, all occupied on month-to-month leases.
Property Size3,300 SF
Price / SF$207.55
Days on Market5
Property Features for 190 Ray Street
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Building Details
Building Size
3,307 SF
Year Built
1870
Construction
Colonial
Tenancy
Multi
Listing Agency:
Re/Max Synergy
(603) 488-6260
Listed By:
Mark Lynch
(603) 488-6260
Source:
Startpoint
Added: Jul 27
Changed: Jul 28
Last Checked: Jul 30 at 12:56PM
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 Re/Max Synergy
Investment Insights
Based on property information with market context.
This well-maintained three-family residential income property features two spacious 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. All three apartments are currently occupied with month-to-month leases, and tenants pay separate utilities for heat, hot water, and electricity. The property offers finished living space with a mix of hardwood, laminate, and carpet flooring.
Built in 1870, the home includes public water and sewer services, with natural gas and oil heat. Off-street parking is also available.
From a practical leasing standpoint, the unit mix provides two larger layouts alongside a smaller one, while month-to-month occupancy offers flexibility for an owner. The property currently produces rental income totaling $5,400 per month, with separate utility arrangements in place.
Built in 1870, the home includes public water and sewer services, with natural gas and oil heat. Off-street parking is also available.
From a practical leasing standpoint, the unit mix provides two larger layouts alongside a smaller one, while month-to-month occupancy offers flexibility for an owner. The property currently produces rental income totaling $5,400 per month, with separate utility arrangements in place.
Key Highlights
- Three‑family built in 1870 in Manchester’s North End, offering 3,300+ sq ft of finished living space
- Unit mix: two 2‑bedroom, 1‑bath apartments plus one 1‑bedroom, 1‑bath apartment
- All three units are occupied with month‑to‑month leases
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $67.3k | $20.40 |
| − Vacancy | −$3.7k | −$1.12 |
| EGI | $63.6k | $19.28 |
| − OpEx | −$19.1k | −$5.78 |
| NOI | $44.5k | $13.49 |
3,300 SF · lease $20.40/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$636.2K
$556.7K – $742.2K
NOI $44,532 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$592.4K
$518.4K – $691.2K
NOI $41,469 @ 7.0% cap · market cap 6.05%
Theoretical Best
Specialty Retail
$810.4K
$709.1K – $945.5K
NOI $56,727 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
589
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?
Triplex - Well-maintained three-family with two 2-bedroom units and one 1-bedroom unit, all occupied on month-to-month leases.
Where is this triplex located?
The property is located at 190 Ray Street Manchester, NH.
What is the asking price?
The asking price for this property is $684,900.
What are key features of this property?
This property features: Three‑family built in 1870 in Manchester’s North End, offering 3,300+ sq ft of finished living space; Unit mix: two 2‑bedroom, 1‑bath apartments plus one 1‑bedroom, 1‑bath apartment; All three units are occupied with month‑to‑month leases
