Three-Family Residential Income
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 Size3,307 SF
Price / SF$207.55
Days on Market13
Property Features for 190 Ray Street
General Information
Standard status
Active
Size
3,307 SF
Property subtype
Multi Family Home
Zoning
Res
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,065
Building Details
Building Size
3,307 SF
Year Built
1870
Stories
3
Units
3
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: Aug 8
Last Checked: Aug 8 at 11:19AM
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
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
$44,532
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
6.50%
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%
$890,640
$890.6K
Cap Rate 7%
$636,171
$636.2K
Cap Rate 9%
$494,800
$494.8K
Market Conditions
NOI Build-Up for 3,300 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
$67.3K $20.40/SF
− Vacancy
−$3.7K −$1.12/SF
EGI
$63.6K $19.28/SF
− OpEx
−$19.1K −$5.78/SF
NOI
$44.5K $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%
$890,640
Cap Rate 7%
$636,171
Cap Rate 9%
$494,800
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
