Duplex with Detached
New
For Sale
$769,999
2484 Elm St, Manchester, NH 03104
Two apartments offer separate utilities, laundry areas, and a full walkout basement for added functionality.
Property Size3,322 SF
Price / SF$231.79
Days on Market3
Property Features for 2484 Elm St
General Information
Standard status
Active
Size
3,322 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Coldwell Banker Classic Realty
Listed By:
Michelle Gannon
(603) 647-5718
Source:
Carolslocum
Added: Sep 1
Last Checked: Sep 2 at 7:20PM
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 1920, this two-family duplex combines period character with updated interior features. The first apartment has two bedrooms, while the upper residence occupies the second and third floors with four bedrooms and two baths. Both units include separate utilities and dedicated laundry areas. A full walkout basement provides storage or workshop space, and the property includes a detached two-car garage, paved driveway, landscaped corner lot, and private backyard.
The property is located at 2484 Elm St in Manchester’s North End, minutes from downtown Manchester, Elliot Hospital, Catholic Medical Center, major highways, shopping, restaurants, and neighborhood parks. Its multi-level configuration and separate utility setup provide a clearly defined arrangement for two households.
The property is located at 2484 Elm St in Manchester’s North End, minutes from downtown Manchester, Elliot Hospital, Catholic Medical Center, major highways, shopping, restaurants, and neighborhood parks. Its multi-level configuration and separate utility setup provide a clearly defined arrangement for two households.
Key Highlights
- Two‑family duplex with 2 bedrooms in one unit and 4 bedrooms plus 2 baths in the other
- Separate utilities and laundry areas for both apartments
- Full walkout basement with storage or workshop space
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
$44,829
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
5.82%
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%
$896,580
$896.6K
Cap Rate 7%
$640,414
$640.4K
Cap Rate 9%
$498,100
$498.1K
Market Conditions
NOI Build-Up for 3,322 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
$67.8K $20.40/SF
− Vacancy
−$3.7K −$1.12/SF
EGI
$64.0K $19.28/SF
− OpEx
−$19.2K −$5.78/SF
NOI
$44.8K $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%
$896,580
Cap Rate 7%
$640,414
Cap Rate 9%
$498,100
Alternative Uses
Best Use
Multifamily LT 5
$640.4K
$560.4K – $747.2K
NOI $44,829 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$596.4K
$521.8K – $695.8K
NOI $41,746 @ 7.0% cap · market cap 5.42%
Theoretical Best
Specialty Retail
$815.8K
$713.8K – $951.8K
NOI $57,105 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
146
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 apartments offer separate utilities, laundry areas, and a full walkout basement for added functionality.
Where is this duplex located?
The property is located at 2484 Elm St Manchester, NH.
What is the asking price?
The asking price for this property is $769,999.
What are key features of this property?
This property features: Two‑family duplex with 2 bedrooms in one unit and 4 bedrooms plus 2 baths in the other; Separate utilities and laundry areas for both apartments; Full walkout basement with storage or workshop space
