Duplex with Fenced
For Sale
$495,000
32 Mitchell St, Manchester, NH 03103
Two residential units with separate bedroom layouts, tenant-paid utilities, and outdoor storage on a maintained lot.
Property Size2,071 SF
Price / SF$239.01
Days on Market8
Property Features for 32 Mitchell St
General Information
Standard status
Active
Size
2,071 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private deck
large fenced in yard
detached shed
large enclosed front porch
laundry hook-ups
Building Details
Year Built
1915
Listing Agency:
Coldwell Banker Realty Bedford NH
Listed By:
Kimberly Florence
(603) 471-0777
Source:
Carolslocum
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 24 at 12:59PM
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 Coldwell Banker Realty Bedford NH
Investment Insights
Based on property information with market context.
This 2,071-square-foot duplex, built in 1915, includes two residential units with distinct layouts. The first-floor residence offers three bedrooms, one bathroom, and a private deck; the second-floor unit includes two bedrooms and one bathroom. Both units have access to updated heating systems, an updated hot water tank, laundry hookups, and a large enclosed front porch. Vinyl siding adds to the exterior package.
The property includes a fenced yard, detached shed, and a newer driveway with parking for 4+ vehicles. Long-term tenants occupy the units and pay all utilities. Located at 32 Mitchell St in Manchester, the property is near shopping and highway access.
The property includes a fenced yard, detached shed, and a newer driveway with parking for 4+ vehicles. Long-term tenants occupy the units and pay all utilities. Located at 32 Mitchell St in Manchester, the property is near shopping and highway access.
Key Highlights
- Two‑unit duplex with 2,071 square feet of living area
- First‑floor unit includes 3 bedrooms, 1 bathroom, and a private deck
- Second‑floor unit offers 2 bedrooms and 1 bathroom
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
$27,947
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
5.65%
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%
$558,940
$558.9K
Cap Rate 7%
$399,243
$399.2K
Cap Rate 9%
$310,522
$310.5K
Market Conditions
NOI Build-Up for 2,071 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
$42.2K $20.40/SF
− Vacancy
−$2.3K −$1.12/SF
EGI
$39.9K $19.28/SF
− OpEx
−$12.0K −$5.78/SF
NOI
$27.9K $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%
$558,940
Cap Rate 7%
$399,243
Cap Rate 9%
$310,522
Alternative Uses
Best Use
Multifamily LT 5
$399.2K
$349.3K – $465.8K
NOI $27,947 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$371.8K
$325.3K – $433.8K
NOI $26,025 @ 7.0% cap · market cap 5.26%
Theoretical Best
Specialty Retail
$508.6K
$445.0K – $593.3K
NOI $35,600 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
549
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
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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 - Two residential units with separate bedroom layouts, tenant-paid utilities, and outdoor storage on a maintained lot.
Where is this duplex located?
The property is located at 32 Mitchell St Manchester, NH.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,071 square feet of living area; First‑floor unit includes 3 bedrooms, 1 bathroom, and a private deck; Second‑floor unit offers 2 bedrooms and 1 bathroom
