Upgraded Two-Family
For Sale
$569,900
273 Walnut Street, Manchester, NH 03104
Multi-Family, Manchester, NH
Property Size2,608 SF
Lot Size0.08 Acres
Price / SF$218.52
Days on Market18
Property Features for 273 Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Basement, Bedroom 2
Lot features
Corner
Directions
Walnut st corner of Sagamore st
Standard status
Active
Size
2,608 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6782
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1891
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Laminate
Building materials
Wood Frame
Roof type
Membrane
Architectural style
Colonial
Listing Agency:
Godzyk Real Estate Services
Listed By:
Scott Godzyk
(603) 661-2121
Added: Sep 7
Changed: Sep 22
Last Checked: Sep 24 at 10:06PM
MLS# 5108561
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family Colonial property offers 2,608 square feet with four rooms on each floor and a flexible one- to two-bedroom arrangement per unit. A larger fourth room on both levels can serve as a second bedroom. The wood-frame building was constructed in 1891 and includes an attached one-car garage, basement, laminate, vinyl and hardwood flooring, and a membrane roof.
Recent improvements include two new water heaters, exterior doors, and railings. Each unit has separate utilities, while heating is provided by natural gas. Public water and public sewer serve the property. The first-floor unit is expected to be vacant in mid-October, providing a defined occupancy transition for the next owner.
Recent improvements include two new water heaters, exterior doors, and railings. Each unit has separate utilities, while heating is provided by natural gas. Public water and public sewer serve the property. The first-floor unit is expected to be vacant in mid-October, providing a defined occupancy transition for the next owner.
Key Highlights
- 2,608‑square‑foot two‑family property on a 0.08‑acre lot
- Four rooms on each floor with flexible one- to two‑bedroom layouts
- Attached one‑car garage and basement
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 - Colonial duplex with separate utilities, an attached garage, and flexible bedroom layouts on each floor.
Where is this duplex located?
The property is located at 273 Walnut Street 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 two‑family property on a 0.08‑acre lot; Four rooms on each floor with flexible one- to two‑bedroom layouts; Attached one‑car garage and basement
