Two-Unit Duplex with
For Sale
$785,000
2484 Elm Street, Manchester, NH 03104
Updated two-family property with separate utilities, dedicated laundry areas, and flexible living space across three levels.
Property Size3,322 SF
Price / SF$189.38
Days on Market28
Property Features for 2484 Elm Street
General Information
Standard status
Active
Size
3,322 SF
Property subtype
Multi Family Home
Zoning
2 Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,514
Building Details
Building Size
3,322 SF
Year Built
1920
Buildings
1
Stories
3
Units
2
Listing Agency:
Coldwell Banker Classic Realty
(603) 647-5718
Listed By:
Michelle Gannon
(603) 647-5718
Source:
Threehillsres
Added: Aug 1
Changed: Aug 27
Last Checked: Aug 28 at 11:32AM
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 3322-square-foot duplex includes two distinct residences. The first-floor unit offers approximately 1,340 square feet with two bedrooms, an updated interior, and direct outdoor access. The second residence occupies the second and third floors, with nearly 2,000 square feet, four bedrooms, and two baths. Separate utilities and individual laundry areas serve both apartments.
The property sits on a landscaped corner lot with a private backyard, paved driveway, and detached two-car garage. A full walkout basement provides storage or workshop area. Its Manchester setting places the home minutes from downtown, Elliot Hospital, Catholic Medical Center, major highways, shopping, restaurants, and neighborhood parks.
The property sits on a landscaped corner lot with a private backyard, paved driveway, and detached two-car garage. A full walkout basement provides storage or workshop area. Its Manchester setting places the home minutes from downtown, Elliot Hospital, Catholic Medical Center, major highways, shopping, restaurants, and neighborhood parks.
Key Highlights
- Two‑unit duplex totaling 3322 square feet, built in 1920
- First‑floor residence offers approximately 1,340 square feet and two bedrooms
- Upper residence spans nearly 2,000 square feet 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
$55,935
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
7.13%
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%
$1,118,700
$1.1M
Cap Rate 7%
$799,071
$799.1K
Cap Rate 9%
$621,500
$621.5K
Market Conditions
NOI Build-Up for 4,145 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
$84.6K $20.40/SF
− Vacancy
−$4.7K −$1.12/SF
EGI
$79.9K $19.28/SF
− OpEx
−$24.0K −$5.78/SF
NOI
$55.9K $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%
$1,118,700
Cap Rate 7%
$799,071
Cap Rate 9%
$621,500
Alternative Uses
Best Use
Multifamily LT 5
$799.1K
$699.2K – $932.3K
NOI $55,935 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$744.1K
$651.1K – $868.1K
NOI $52,088 @ 7.0% cap · market cap 6.64%
Theoretical Best
Specialty Retail
$1.02M
$890.7K – $1.19M
NOI $71,253 @ 7.0% cap · market cap 9.08%
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
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 property with separate utilities, dedicated laundry areas, and flexible living space across three levels.
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: Two‑unit duplex totaling 3322 square feet, built in 1920; First‑floor residence offers approximately 1,340 square feet and two bedrooms; Upper residence spans nearly 2,000 square feet with four bedrooms and two baths
