Four-Story Mixed-Use Apartment
For Sale
$2,150,000
303 Pine Street, Manchester, NH 03103
Four-story mixed-use building with 1-bedroom apartments and vacant street-level retail/office space for lease-up.
Property Size8,344 SF
Price / SF$257.67
Days on Market26
Property Features for 303 Pine Street
General Information
Standard status
Active
Size
8,344 SF
Property subtype
Commercial
Zoning
Commercial DT-1
Units
Unit Mix
13 x 1BR
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$9,278
Building Details
Year Built
1910
Buildings
1
Stories
4
Units
13
Listing Agency:
Nai Norwood Group
(603) 431-3001
Listed By:
Deana Arden · License #069047
(603) 431-3001
Source:
Ossipeelakere
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 22 at 9:56AM
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 Nai Norwood Group
Investment Insights
Based on property information with market context.
This four-story mixed-use apartment building includes 13 income-producing one-bedroom apartments, along with an owner’s office on-site. The owner’s office has potential to be converted into an additional apartment, subject to zoning and code approvals. Approximately 770± SF of vacant street-level retail/office space is available and may support additional lease-up and income growth. The property totals approximately 8,344± SF and was built in 1910.
Located at 303 Pine St in Downtown Manchester’s North End, the building sits directly across from the Norris Cotton Federal Building. The immediate area includes dense residential blocks plus neighborhood retail, professional offices, and service businesses, supporting walk-in demand. WalkScore is 83 (Very Walkable) and BikeScore is 62 (Bikeable).
The ground-floor retail/office space and the apartment mix provide a practical combination of residential income and commercial lease-up opportunity in a central downtown setting.
Located at 303 Pine St in Downtown Manchester’s North End, the building sits directly across from the Norris Cotton Federal Building. The immediate area includes dense residential blocks plus neighborhood retail, professional offices, and service businesses, supporting walk-in demand. WalkScore is 83 (Very Walkable) and BikeScore is 62 (Bikeable).
The ground-floor retail/office space and the apartment mix provide a practical combination of residential income and commercial lease-up opportunity in a central downtown setting.
Key Highlights
- Approximately 8,344± SF four‑story mixed‑use building
- 13 income‑producing one‑bedroom apartments
- Owner’s office with potential conversion to an additional apartment, subject to approvals
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
$119,853
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
5.57%
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%
$2,397,060
$2.4M
Cap Rate 7%
$1,712,186
$1.7M
Cap Rate 9%
$1,331,700
$1.3M
Market Conditions
NOI Build-Up for 8,344 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
$180.2K $21.60/SF
− Vacancy
−$9.0K −$1.08/SF
EGI
$171.2K $20.52/SF
− OpEx
−$51.4K −$6.16/SF
NOI
$119.9K $14.36/SF
Area
Manchester, NH
Vacancy
5.00%
Lease Rate
$21.60 /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%
$2,397,060
Cap Rate 7%
$1,712,186
Cap Rate 9%
$1,331,700
Alternative Uses
Best Use
Retail
$1.71M
$1.50M – $2.00M
NOI $119,853 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $104,854 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$2.05M
$1.79M – $2.39M
NOI $143,433 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
3,481
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-story mixed-use building with 1-bedroom apartments and vacant street-level retail/office space for lease-up.
Where is this apartment building located?
The property is located at 303 Pine Street Manchester, NH.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Approximately 8,344± SF four‑story mixed‑use building; 13 income‑producing one‑bedroom apartments; Owner’s office with potential conversion to an additional apartment, subject to approvals
