Building Details

Year Built 1910

Listing Agency: Gray Property Group,LLC

Listed By: Nick Gray Show Phone

Source: Killingtonpicorealty

Added: Aug 7 Changed: Oct 8 Last Checked: Oct 7 at 1:45PM

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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%.

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 / Yr

$92,438

Cap Rate

5.36%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $92,438 @ 7.0% cap · market cap 5.36%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$1.81M

$1.58M – $2.11M (±1% cap)

NOI $126,450 @ 7.0% cap · market cap 7.33%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Bakery Butcher Wine and Liquor Store Carpet & Flooring Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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 $1,725,000.

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