Duplex with Fenced
For Sale
$495,000
32 Mitchell Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size2,071 SF
Lot Size0.23 Acres
Price / SF$239.01
Days on Market9
Property Features for 32 Mitchell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 5, Basement, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2
Parking features
Driveway
Patio and Porch features
Deck
Exterior features
Deck, Shed
Appliances
Domestic Water Heater
Lot features
Neighborhood
Middle school
Southside Middle School
High school
Manchester Memorial High Sch
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Directions
Calef Road to Mitchell St
Standard status
Active
Size
2,071 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6924
Utilities
Heating system
Hot Water(Heating)
Water source
Public
Amenities
private deck
fenced in yard
detached shed
enclosed front porch
laundry hook-ups
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Flooring type
Tile, Carpet, Hardwood
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
Coldwell Banker Realty Bedford NH · Coldwell Banker Real Estate
(603) 471-0777
Listed By:
Kimberly Florence
(603) 848-9559
Added: Sep 16
Changed: Sep 22
Last Checked: Sep 24 at 11:06PM
MLS# 5109974
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1915 duplex includes two residential units on a 0.23-acre parcel. The first-floor apartment offers 3 bedrooms, 1 bath, and a private deck, while the second-floor unit has 2 bedrooms and 1 bath. The property also includes an enclosed front porch, laundry hookups, vinyl siding, wood-frame construction, and a detached shed.
A large fenced yard, newer driveway, and parking for 4+ vehicles add useful exterior space. Building systems include updated heating equipment and a newer domestic hot water tank. Tenants pay all utilities, and a current COC is in place. The property is located at 32 Mitchell Street in Manchester, with shopping and highways described as minutes away.
A large fenced yard, newer driveway, and parking for 4+ vehicles add useful exterior space. Building systems include updated heating equipment and a newer domestic hot water tank. Tenants pay all utilities, and a current COC is in place. The property is located at 32 Mitchell Street in Manchester, with shopping and highways described as minutes away.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 2‑bedroom apartments
- 0.23‑acre parcel with a large fenced yard
- First‑floor unit includes a private deck and 3 bedrooms
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residence with separate living spaces, outdoor areas, parking, and utility-paid tenancy structure.
Where is this duplex located?
The property is located at 32 Mitchell Street 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 3‑bedroom and 2‑bedroom apartments; 0.23‑acre parcel with a large fenced yard; First‑floor unit includes a private deck and 3 bedrooms
