Five-Unit Apartment
New
For Sale
$869,999
272 Front Street, Manchester, NH 03102
Commercially zoned property with a varied unit mix, updated interiors, porches, laundry, and off-street parking.
Property Size4,400 SF
Price / SF$197.73
Days on Market4
Property Features for 272 Front Street
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multi-Family
Zoning
Commercial
Building Details
Year Built
1890
Stories
3
Listing Agency:
Unicorn Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 8:10AM
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 Unicorn Realty
Investment Insights
Based on property information with market context.
Built in 1890, this 4,400-square-foot apartment property contains five units: two one-bedroom apartments, two two-bedroom apartments, and one three-bedroom apartment. The building includes two levels of porches, a center entry, wide hallways, a grand staircase, hardwood floors, and distinct floor plans. Three apartments feature updated granite and butcher block countertops. A coin-operated laundry area is located on the first floor, and the property provides approximately 7–10 off-street parking spaces. Two units are currently operated as short-term rentals.
The property is located at 272 Front Street in Manchester, with access to I-293 and I-93. Downtown Manchester, shopping, dining, entertainment, and the Merrimack River are nearby. Commercial zoning and the existing five-unit configuration support a range of residential income property strategies, subject to applicable requirements.
The property is located at 272 Front Street in Manchester, with access to I-293 and I-93. Downtown Manchester, shopping, dining, entertainment, and the Merrimack River are nearby. Commercial zoning and the existing five-unit configuration support a range of residential income property strategies, subject to applicable requirements.
Key Highlights
- Five apartments with a mix of two 1‑bedroom, two 2‑bedroom, and one 3‑bedroom units
- 4,400 SF building constructed in 1890
- Commercial zoning
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
$55,292
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
6.36%
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%
$1,105,840
$1.1M
Cap Rate 7%
$789,886
$789.9K
Cap Rate 9%
$614,356
$614.4K
Market Conditions
NOI Build-Up for 4,400 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
$105.6K $24.00/SF
− Vacancy
−$5.1K −$1.15/SF
EGI
$100.5K $22.85/SF
− OpEx
−$45.2K −$10.28/SF
NOI
$55.3K $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%
$1,105,840
Cap Rate 7%
$789,886
Cap Rate 9%
$614,356
Alternative Uses
Best Use
Apartment 5plus
$789.9K
$691.2K – $921.5K
NOI $55,292 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$945.5K – $1.26M
NOI $75,636 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 03102, NH
33,396
Population
15,264
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
9.1 sq mi
ZIP Area
3,670
Density / Sq Mi
$69,927
Median Household Income
$43,518
Median Earnings
$1,533
Median Rent
$309,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Commercially zoned property with a varied unit mix, updated interiors, porches, laundry, and off-street parking.
Where is this apartment building located?
The property is located at 272 Front Street Manchester, NH.
What is the asking price?
The asking price for this property is $869,999.
What are key features of this property?
This property features: Five apartments with a mix of two 1‑bedroom, two 2‑bedroom, and one 3‑bedroom units; 4,400 SF building constructed in 1890; Commercial zoning
