Fully Occupied Three-Family
For Sale
$655,000
217 Cartier Street, Manchester, NH 03102
Fully occupied 3-unit property with 3 bedrooms and 1 bathroom per unit, plus off-street parking and a 4-stall garage.
Property Size3,000 SF
Days on Market34
Property Features for 217 Cartier Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi Family Home
Zoning
res
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,076
Building Details
Building Size
3,000 SF
Year Built
1905
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Real Broker Nh, LLC
(603) 657-6787
Listed By:
Kevin Cooper
(603) 657-6787
Source:
Ossipeelakere
Added: Jul 22
Changed: Aug 23
Last Checked: Aug 24 at 1:11PM
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 Real Broker Nh, LLC
Investment Insights
Based on property information with market context.
This fully occupied three-family investment property offers three separate units, each with 3 bedrooms and 1 bathroom. Tenants pay their own utilities, while the owner pays water and sewer. The building includes off-street parking for 6+ vehicles and a detached 4-stall garage; all garage bays are currently rented, providing additional income.
The property is located in Manchester, conveniently close to downtown, highways, shopping, and restaurants.
Current rents are described as below market, creating room for potential rent improvement. It may be a suitable fit for buyers looking to add to a rental portfolio or purchase their first multi-family property.
The property is located in Manchester, conveniently close to downtown, highways, shopping, and restaurants.
Current rents are described as below market, creating room for potential rent improvement. It may be a suitable fit for buyers looking to add to a rental portfolio or purchase their first multi-family property.
Key Highlights
- Fully occupied 3‑family investment property (1905) in Manchester
- Each unit offers 3 bedrooms and 1 bathroom
- Tenants pay their own utilities; owner pays water and sewer
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
$40,484
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
6.18%
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%
$809,680
$809.7K
Cap Rate 7%
$578,343
$578.3K
Cap Rate 9%
$449,822
$449.8K
Market Conditions
NOI Build-Up for 3,000 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
$61.2K $20.40/SF
− Vacancy
−$3.4K −$1.12/SF
EGI
$57.8K $19.28/SF
− OpEx
−$17.4K −$5.78/SF
NOI
$40.5K $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%
$809,680
Cap Rate 7%
$578,343
Cap Rate 9%
$449,822
Alternative Uses
Best Use
Multifamily LT 5
$578.3K
$506.1K – $674.7K
NOI $40,484 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$538.6K
$471.2K – $628.3K
NOI $37,699 @ 7.0% cap · market cap 5.76%
Theoretical Best
Specialty Retail
$736.7K
$644.6K – $859.5K
NOI $51,570 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,645
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?
Triplex - Fully occupied 3-unit property with 3 bedrooms and 1 bathroom per unit, plus off-street parking and a 4-stall garage.
Where is this triplex located?
The property is located at 217 Cartier Street Manchester, NH.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: Fully occupied 3‑family investment property (1905) in Manchester; Each unit offers 3 bedrooms and 1 bathroom; Tenants pay their own utilities; owner pays water and sewer
