Two-Family Residence with Walkout
For Sale
$785,000
2484 Elm Street, Manchester, NH 03104
Updated two-family home with separate utilities and laundry, plus a full walkout basement and detached two-car garage.
Property Size3,322 SF
Price / SF$236.30
Days on Market30
Property Features for 2484 Elm Street
General Information
Standard status
Active
Size
3,322 SF
Total Parking Spaces
2
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1920
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Classic Realty
(603) 647-5718
Listed By:
Michelle Gannon
(603) 763-6033
Source:
Dolanre
Added: Jul 26
Changed: Aug 23
Last Checked: Aug 20 at 7:48AM
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.
This updated two-family residence on a landscaped corner lot offers two separate living setups with convenient, resident-friendly features. The first-floor owner’s unit includes approximately 1,340 square feet with two bedrooms, modern updates, an inviting layout, and direct access to outdoor living. The second unit spans the second and third floors with nearly 2,000 square feet, four bedrooms, and two baths, with additional flexible space on the third floor while maintaining the home’s historic character.
Both apartments include separate utilities and their own laundry areas, supporting day-to-day convenience and simplified property management. A full walkout basement provides storage or workshop space, and the property also features a detached two-car garage, a paved driveway, and a private backyard. Built in 1920, the home pairs classic character with today’s practical updates.
Located in Manchester’s North End, the property is just minutes from downtown Manchester as well as Elliot Hospital, Catholic Medical Center, major highways, shopping, restaurants, and neighborhood parks.
Both apartments include separate utilities and their own laundry areas, supporting day-to-day convenience and simplified property management. A full walkout basement provides storage or workshop space, and the property also features a detached two-car garage, a paved driveway, and a private backyard. Built in 1920, the home pairs classic character with today’s practical updates.
Located in Manchester’s North End, the property is just minutes from downtown Manchester as well as Elliot Hospital, Catholic Medical Center, major highways, shopping, restaurants, and neighborhood parks.
Key Highlights
- Updated two‑family residence with two separate living units
- First‑floor unit: approximately 1,340 SF with two bedrooms
- Second unit spans 2nd and 3rd floors: nearly 2,000 SF with four bedrooms and two baths
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
5.71%
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 5.71%
Second Best
Apartment 5plus
$596.4K
$521.8K – $695.8K
NOI $41,746 @ 7.0% cap · market cap 5.32%
Theoretical Best
Specialty Retail
$815.8K
$713.8K – $951.8K
NOI $57,105 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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 - Updated two-family home with separate utilities and laundry, plus a full walkout basement and detached two-car garage.
Where is this duplex located?
The property is located at 2484 Elm Street Manchester, NH.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Updated two‑family residence with two separate living units; First‑floor unit: approximately 1,340 SF with two bedrooms; Second unit spans 2nd and 3rd floors: nearly 2,000 SF with four bedrooms and two baths
