Three-Unit Property with
For Sale
$670,000
217 Spruce Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size4,136 SF
Lot Size0.80 Acres
Price / SF$161.99
Days on Market16
Property Features for 217 Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2, R-3
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 1, Bedroom 3, Basement, Bedroom 9, Bathroom 3, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 7, Bedroom 2, Bedroom 8
Lot features
City Lot
Elementary school
Beech Street School
Middle school
Southside Middle School
High school
Manchester Central High Sch
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Directions
From Beech Street turn left on Spruce Street and the house is on your right side before you arrive to Lincoln Street.
Standard status
Active
Size
4,136 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7731
Utilities
Utilities
Cable Available
Heating system
Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Synergy · RE/MAX International
(603) 472-3900
Listed By:
Majlinda Shishko · License #76562
(603) 647-8000
Added: Sep 2
Changed: Sep 17
Last Checked: Sep 17 at 7:06PM
MLS# 5107905
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.
Investment Insights
Based on property information with market context.
This 4,136-square-foot triplex contains three residential units, each arranged with 3 bedrooms and 1 full bathroom. The property was built in 1900 and features wood-frame construction with vinyl siding, shingle roofing, baseboard and hot water heating, and public water service. Separate utilities serve the units, while the 0.8-acre parcel includes 8 off-street parking spaces. Zoning is identified as R-2 and R-3.
All three units are currently rented. The configuration also supports an owner-occupant arrangement with one unit used as a residence and the remaining units leased. Located at 217 Spruce Street in Manchester, the property is near shopping, restaurants, schools, public transportation, and major commuter routes.
All three units are currently rented. The configuration also supports an owner-occupant arrangement with one unit used as a residence and the remaining units leased. Located at 217 Spruce Street in Manchester, the property is near shopping, restaurants, schools, public transportation, and major commuter routes.
Key Highlights
- Triplex with 3 units, each offering 3 bedrooms and 1 full bathroom
- 4,136 square feet on a 0.8‑acre parcel
- 8 off‑street parking spaces
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
$55,814
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
8.33%
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%
$1,116,280
$1.1M
Cap Rate 7%
$797,343
$797.3K
Cap Rate 9%
$620,156
$620.2K
Market Conditions
NOI Build-Up for 4,136 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
$84.4K $20.40/SF
− Vacancy
−$4.6K −$1.12/SF
EGI
$79.7K $19.28/SF
− OpEx
−$23.9K −$5.78/SF
NOI
$55.8K $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%
$1,116,280
Cap Rate 7%
$797,343
Cap Rate 9%
$620,156
Alternative Uses
Best Use
Multifamily LT 5
$797.3K
$697.7K – $930.2K
NOI $55,814 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$742.5K
$649.7K – $866.3K
NOI $51,975 @ 7.0% cap · market cap 7.76%
Theoretical Best
Specialty Retail
$1.02M
$888.7K – $1.18M
NOI $71,098 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,823
Businesses Nearby
Explore this area
Business Placement
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three-bedroom layouts, separate utilities, and public water support practical residential operation.
Where is this triplex located?
The property is located at 217 Spruce Street Manchester, NH.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Triplex with 3 units, each offering 3 bedrooms and 1 full bathroom; 4,136 square feet on a 0.8‑acre parcel; 8 off‑street parking spaces
