Two-Unit Duplex with
For Sale
$429,900
336 Spruce St, Manchester, NH 03103
Two residential units offer separate utilities, private laundry, off-street parking, and a shared yard.
Property Size1,470 SF
Price / SF$292.45
Days on Market71
Property Features for 336 Spruce St
General Information
Standard status
Active
Size
1,470 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,325
Listing Agency:
EXP Realty
(603) 548-3016
Listed By:
Sara Lucas
(603) 548-3016
Source:
Exprealty
Added: Jun 12
Changed: Aug 17
Last Checked: Aug 20 at 9:54AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 1,470-square-foot duplex contains two residential units, each configured with 2 bedrooms, 1 full bathroom, and in-unit laundry. Separate utilities serve the apartments. The second-floor residence has been recently updated and is move-in ready, while the first-floor unit requires improvements and offers a separate renovation opportunity. The property is being sold as-is.
Located at 336 Spruce St in Manchester, NH, the property includes off-street parking and a yard suitable for future landscaping work. Its two-unit layout supports residential income use, with both apartments available for occupancy or one unit potentially serving as an owner residence while the other is rented.
Located at 336 Spruce St in Manchester, NH, the property includes off-street parking and a yard suitable for future landscaping work. Its two-unit layout supports residential income use, with both apartments available for occupancy or one unit potentially serving as an owner residence while the other is rented.
Key Highlights
- Two‑unit duplex with 1,470 square feet of property size
- Each unit includes 2 bedrooms and 1 full bathroom
- In‑unit laundry and separate utilities for both apartments
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
$19,837
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
4.61%
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%
$396,740
$396.7K
Cap Rate 7%
$283,386
$283.4K
Cap Rate 9%
$220,411
$220.4K
Market Conditions
NOI Build-Up for 1,470 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
$30.0K $20.40/SF
− Vacancy
−$1.6K −$1.12/SF
EGI
$28.3K $19.28/SF
− OpEx
−$8.5K −$5.78/SF
NOI
$19.8K $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%
$396,740
Cap Rate 7%
$283,386
Cap Rate 9%
$220,411
Alternative Uses
Best Use
Multifamily LT 5
$283.4K
$248.0K – $330.6K
NOI $19,837 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$263.9K
$230.9K – $307.9K
NOI $18,473 @ 7.0% cap · market cap 4.30%
Theoretical Best
Specialty Retail
$361.0K
$315.9K – $421.2K
NOI $25,269 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,584
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?
Duplex - Two residential units offer separate utilities, private laundry, off-street parking, and a shared yard.
Where is this duplex located?
The property is located at 336 Spruce St Manchester, NH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,470 square feet of property size; Each unit includes 2 bedrooms and 1 full bathroom; In‑unit laundry and separate utilities for both apartments
