Fully Leased 9-Unit Apartment
For Sale
$2,295,000
269 Cedar Street, Manchester, NH 03103
A nine-unit multifamily property with six four-bedroom units and three three-bedroom units, fully leased.
Property Size10,215 SF
Price / SF$224.67
Days on Market130
Property Features for 269 Cedar Street
General Information
Standard status
Active
Size
10,215 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
9
Building Details
Year Built
1910
Listing Agency:
MFH Realty
Listed By:
Craig Labrecque
(603) 673-7314
Source:
Proctorandgreene
Added: Apr 29
Changed: Sep 4
Last Checked: Sep 4 at 10:14AM
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 MFH Realty
Investment Insights
Based on property information with market context.
Located at 269–273 Cedar Street in Manchester, this fully leased nine-unit apartment building features six four-bedroom apartments and three three-bedroom apartments, creating a mixed bedroom-count configuration. Tenants are responsible for their own heat, hot water, and electricity, which can help keep operating expenses controlled.
The property’s current Certificate of Occupancy is valid through May 15, 2028, providing continuity for the next owner.
The property’s current Certificate of Occupancy is valid through May 15, 2028, providing continuity for the next owner.
Key Highlights
- Fully leased 9‑unit multifamily at 269‑273 Cedar Street
- Unit mix: six 4‑bedroom apartments and three 3‑bedroom apartments
- Certificate of Occupancy valid through May 15, 2028
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
$128,366
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
5.59%
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%
$2,567,320
$2.6M
Cap Rate 7%
$1,833,800
$1.8M
Cap Rate 9%
$1,426,289
$1.4M
Market Conditions
NOI Build-Up for 10,215 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
$245.2K $24.00/SF
− Vacancy
−$11.8K −$1.15/SF
EGI
$233.4K $22.85/SF
− OpEx
−$105.0K −$10.28/SF
NOI
$128.4K $12.57/SF
Area
Manchester, NH
Vacancy
4.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,567,320
Cap Rate 7%
$1,833,800
Cap Rate 9%
$1,426,289
Alternative Uses
Best Use
Apartment 5plus
$1.83M
$1.60M – $2.14M
NOI $128,366 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.51M
$2.19M – $2.93M
NOI $175,596 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,448
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - A nine-unit multifamily property with six four-bedroom units and three three-bedroom units, fully leased.
Where is this apartment building located?
The property is located at 269 Cedar Street Manchester, NH.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Fully leased 9‑unit multifamily at 269‑273 Cedar Street; Unit mix: six 4‑bedroom apartments and three 3‑bedroom apartments; Certificate of Occupancy valid through May 15, 2028
