Golf-Course
For Sale
$699,999
223 Highland Street, Manchester, NH 03104
Two residences offer separate utilities, flexible living arrangements, and direct adjacency to Derryfield Golf Course.
Property Size3,232 SF
Price / SF$216.58
Days on Market16
Property Features for 223 Highland Street
General Information
Standard status
Active
Size
3,232 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1928
Buildings
1
Listing Agency:
Coldwell Banker Classic Realty
(603) 647-5718
Listed By:
Michelle Gannon
(603) 548-5315
Source:
Burkelordrealestate
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 25 at 9:21AM
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 Coldwell Banker Classic Realty
Investment Insights
Based on property information with market context.
Built in 1928, this two-family property includes 5 bedrooms and 3 full bathrooms across two residences. The first-floor unit provides single-level living, while the second residence occupies the second and finished third floors. An additional full bathroom on the third floor expands the upper unit’s usable layout. Separate utilities serve each residence and support independent occupancy.
The property borders the 8th hole of Derryfield Golf Course, providing an open recreational setting in an urban residential environment. Its location at 223 Highland St places the property near downtown Manchester, dining, shopping, entertainment, healthcare, recreation, and major commuter routes. Walk Score is 55 and Bike Score is 27.
The property borders the 8th hole of Derryfield Golf Course, providing an open recreational setting in an urban residential environment. Its location at 223 Highland St places the property near downtown Manchester, dining, shopping, entertainment, healthcare, recreation, and major commuter routes. Walk Score is 55 and Bike Score is 27.
Key Highlights
- Two‑family property with 5 bedrooms and 3 full bathrooms
- Separate utilities for each residence
- Upper residence spans the second and finished third floors
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
$43,615
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
6.23%
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%
$872,300
$872.3K
Cap Rate 7%
$623,071
$623.1K
Cap Rate 9%
$484,611
$484.6K
Market Conditions
NOI Build-Up for 3,232 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
$65.9K $20.40/SF
− Vacancy
−$3.6K −$1.12/SF
EGI
$62.3K $19.28/SF
− OpEx
−$18.7K −$5.78/SF
NOI
$43.6K $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%
$872,300
Cap Rate 7%
$623,071
Cap Rate 9%
$484,611
Alternative Uses
Best Use
Multifamily LT 5
$623.1K
$545.2K – $726.9K
NOI $43,615 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$580.2K
$507.7K – $676.9K
NOI $40,615 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$793.7K
$694.5K – $926.0K
NOI $55,558 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,014
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?
Duplex - Two residences offer separate utilities, flexible living arrangements, and direct adjacency to Derryfield Golf Course.
Where is this duplex located?
The property is located at 223 Highland Street Manchester, NH.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Two‑family property with 5 bedrooms and 3 full bathrooms; Separate utilities for each residence; Upper residence spans the second and finished third floors
