9-Unit Apartment
For Sale
$1,795,000
305-309 Cedar Street, Manchester, NH 03103
Nine-unit multifamily property with two- and three-bedroom apartments, recent unit updates, and off-street parking.
Property Size7,356 SF
Price / SF$244.02
Days on Market12
Property Features for 305-309 Cedar Street
General Information
Standard status
Active
Size
7,356 SF
Total Parking Spaces
5
Property subtype
Multi-family
Additional Details
Multifamily Units
9
Building Details
Year Built
1910
Listing Agency:
Gray Property Group,LLC
Listed By:
Nick Gray
(802) 422-3600
Source:
Killingtonpicorealty
Added: Aug 12
Changed: Aug 23
Last Checked: Aug 22 at 9:14AM
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 Gray Property Group,LLC
Investment Insights
Based on property information with market context.
Built in 1910, this 9-unit multifamily property at 305-309 Cedar Street includes a mix of spacious 2- and 3-bedroom apartments. The 7,356-square-foot building has received modest updates in several units, while additional improvement work remains available for a future owner. Natural gas supplies the building’s heat, and the boiler also produces hot water for three apartments. The other six units use three electric water heaters. Residents pay their own electricity, while ownership covers natural gas heat, hot water, and water/sewer.
The property includes approximately five off-street parking spaces, with additional street parking in the surrounding Manchester neighborhood. The reported pro forma cap rate is 8.3%.
The property includes approximately five off-street parking spaces, with additional street parking in the surrounding Manchester neighborhood. The reported pro forma cap rate is 8.3%.
Key Highlights
- 9‑unit apartment property with a mix of 2- and 3‑bedroom apartments
- 7,356 SF building constructed in 1910
- Several apartments have received modest recent updates
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
$92,438
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
5.15%
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%
$1,848,760
$1.8M
Cap Rate 7%
$1,320,543
$1.3M
Cap Rate 9%
$1,027,089
$1.0M
Market Conditions
NOI Build-Up for 7,356 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
$176.5K $24.00/SF
− Vacancy
−$8.5K −$1.15/SF
EGI
$168.1K $22.85/SF
− OpEx
−$75.6K −$10.28/SF
NOI
$92.4K $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%
$1,848,760
Cap Rate 7%
$1,320,543
Cap Rate 9%
$1,027,089
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,438 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.81M
$1.58M – $2.11M
NOI $126,450 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,448
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 - Nine-unit multifamily property with two- and three-bedroom apartments, recent unit updates, and off-street parking.
Where is this apartment building located?
The property is located at 305-309 Cedar Street Manchester, NH.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 9‑unit apartment property with a mix of 2- and 3‑bedroom apartments; 7,356 SF building constructed in 1910; Several apartments have received modest recent updates
