Duplex with Attached
For Sale
$569,900
273 Walnut St, Manchester, NH 03104
Two-family property with separate utilities, updated exterior components, and flexible room layouts on both floors.
Property Size2,608 SF
Price / SF$218.52
Days on Market9
Property Features for 273 Walnut St
General Information
Standard status
Active
Size
2,608 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1891
Listing Agency:
Godzyk Real Estate Services
Listed By:
Scott Godzyk
(603) 661-2121
Source:
Lawanaandcompany
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 24 at 3:02PM
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 Godzyk Real Estate Services
Investment Insights
Based on property information with market context.
This two-family property contains 2,608 square feet arranged with four rooms on each floor. The larger fourth room on both levels may serve as a second bedroom, subject to applicable requirements. Each unit has separate utilities, and the building includes an attached 1-car garage.
Recent improvements include two brand-new water heaters, replacement exterior doors, new railings, and a rubber roof. Built in 1891, the property is located at 273 Walnut St in Manchester, New Hampshire.
Recent improvements include two brand-new water heaters, replacement exterior doors, new railings, and a rubber roof. Built in 1891, the property is located at 273 Walnut St in Manchester, New Hampshire.
Key Highlights
- 2,608‑square‑foot duplex with four rooms on each floor
- Large fourth room on each level can function as a second bedroom
- Attached 1‑car garage
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
$35,194
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
6.18%
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%
$703,880
$703.9K
Cap Rate 7%
$502,771
$502.8K
Cap Rate 9%
$391,044
$391.0K
Market Conditions
NOI Build-Up for 2,608 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
$53.2K $20.40/SF
− Vacancy
−$2.9K −$1.12/SF
EGI
$50.3K $19.28/SF
− OpEx
−$15.1K −$5.78/SF
NOI
$35.2K $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%
$703,880
Cap Rate 7%
$502,771
Cap Rate 9%
$391,044
Alternative Uses
Best Use
Multifamily LT 5
$502.8K
$439.9K – $586.6K
NOI $35,194 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$468.2K
$409.7K – $546.2K
NOI $32,773 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$640.5K
$560.4K – $747.2K
NOI $44,832 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,349
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
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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?
Duplex - Two-family property with separate utilities, updated exterior components, and flexible room layouts on both floors.
Where is this duplex located?
The property is located at 273 Walnut St Manchester, NH.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: 2,608‑square‑foot duplex with four rooms on each floor; Large fourth room on each level can function as a second bedroom; Attached 1‑car garage
