Four-Story Mixed-Use
For Sale
$2,150,000
303 Pine Street, Manchester, NH 03103
Downtown building combines occupied apartments with vacant street-level commercial space for additional leasing potential.
Property Size8,344 SF
Price / SF$257.67
Days on Market36
Property Features for 303 Pine Street
General Information
Standard status
Active
Size
8,344 SF
Property subtype
Commercial
Lease Term
[]
Units
Unit Mix
13 x 1BR
Multifamily Units
13
Additional Details
Public Transit
Yes
Building Details
Year Built
1910
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
NAI Norwood Group
(603) 682-3440
Listed By:
Deana Arden · License #069047
(603) 600-8900
Source:
Portsiderealestategroup
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 30 at 6:57PM
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.
Located at 303 Pine Street, this approximately 8,344 +/- square foot, four-story mixed-use building contains 13 one-bedroom apartments that are producing income. The property also includes an owner's office and approximately 770 +/- square feet of vacant retail or office area at street level. The office may offer conversion potential for another apartment, subject to zoning and code approvals.
The property sits in downtown Manchester within an established mixed-use setting of residential blocks, neighborhood retail, professional offices, and service businesses. Its central position provides exposure to both vehicle and pedestrian activity, with clear signage and nearby public transportation, dining, and daily amenities. The Elm Street business district, Catholic Medical Center, and the Millyard are within a short drive.
The property sits in downtown Manchester within an established mixed-use setting of residential blocks, neighborhood retail, professional offices, and service businesses. Its central position provides exposure to both vehicle and pedestrian activity, with clear signage and nearby public transportation, dining, and daily amenities. The Elm Street business district, Catholic Medical Center, and the Millyard are within a short drive.
Key Highlights
- Approximately 8,344 +/- square feet across four stories
- 13 income‑producing one‑bedroom apartments
- Approximately 770 +/- square feet of vacant street‑level retail or office space
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
Multi-tenant
Tenancy
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?
Mixed-use property - Downtown building combines occupied apartments with vacant street-level commercial space for additional leasing potential.
Where is this mixed-use property 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 +/- square feet across four stories; 13 income‑producing one‑bedroom apartments; Approximately 770 +/- square feet of vacant street‑level retail or office space
