Colonial-Style Duplex with Detached
For Sale
$730,000
357 Gray Street, Manchester, NH 03103
Well-maintained duplex with two units, a partially finished basement, and an oversized detached two-car garage.
Property Size3,080 SF
Price / SF$197.51
Days on Market30
Property Features for 357 Gray Street
General Information
Standard status
Active
Size
3,080 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Zoning
R-1B
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,484
Amenities
irrigation system
solar panels
workshop space
Building Details
Building Size
3,080 SF
Year Built
1983
Stories
2
Units
2
Construction
Colonial
Tenancy
Multi
Listing Agency:
Re/Max Synergy
(603) 472-3900
Listed By:
Richard Valentin Gutierrez · License #75620
Source:
Threehillsres
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 21 at 2:16PM
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 Re/Max Synergy
Investment Insights
Based on property information with market context.
This spacious Colonial-style duplex offers two generously sized residential units and a valid Certificate of Compliance. The first-floor owner’s unit features four bedrooms and two bathrooms, including an open-concept living room, an eat-in kitchen, and a full bath with laundry on the main level. A partially finished basement adds additional living space with a recreation area, utility/workshop space, and a private primary suite with its own three-quarter bathroom.
The second-floor garden-style apartment has three bedrooms and one full bathroom, with a private rear entrance. The unit was recently renovated, including a new kitchen with stainless steel appliances, soft-close cabinetry, dovetail drawers, and granite countertops, along with luxury vinyl plank flooring. The bathroom has been updated with granite countertops and luxury vinyl flooring.
Outside, the property includes an oversized detached two-car garage with shelving and workshop space, as well as a driveway that accommodates 4–6 additional vehicles. Additional property improvements include an eight-zone irrigation system with drip lines and smartphone app compatibility, and leased solar panels that transfer to the new owner at closing.
The second-floor garden-style apartment has three bedrooms and one full bathroom, with a private rear entrance. The unit was recently renovated, including a new kitchen with stainless steel appliances, soft-close cabinetry, dovetail drawers, and granite countertops, along with luxury vinyl plank flooring. The bathroom has been updated with granite countertops and luxury vinyl flooring.
Outside, the property includes an oversized detached two-car garage with shelving and workshop space, as well as a driveway that accommodates 4–6 additional vehicles. Additional property improvements include an eight-zone irrigation system with drip lines and smartphone app compatibility, and leased solar panels that transfer to the new owner at closing.
Key Highlights
- 1983‑built Colonial‑style duplex with two spacious units and a valid Certificate of Compliance
- First‑floor unit offers 4 bedrooms and 2 baths, including an in‑unit laundry full bath
- Second‑floor garden‑style unit features 3 bedrooms and 1 full bath with a private rear entrance; recently renovated kitchen and bath
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
$49,876
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
6.83%
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%
$997,520
$997.5K
Cap Rate 7%
$712,514
$712.5K
Cap Rate 9%
$554,178
$554.2K
Market Conditions
NOI Build-Up for 3,696 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
$75.4K $20.40/SF
− Vacancy
−$4.1K −$1.12/SF
EGI
$71.3K $19.28/SF
− OpEx
−$21.4K −$5.78/SF
NOI
$49.9K $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%
$997,520
Cap Rate 7%
$712,514
Cap Rate 9%
$554,178
Alternative Uses
Best Use
Multifamily LT 5
$712.5K
$623.5K – $831.3K
NOI $49,876 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$663.5K
$580.6K – $774.1K
NOI $46,445 @ 7.0% cap · market cap 6.36%
Theoretical Best
Specialty Retail
$907.6K
$794.2K – $1.06M
NOI $63,534 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,336
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 - Well-maintained duplex with two units, a partially finished basement, and an oversized detached two-car garage.
Where is this duplex located?
The property is located at 357 Gray Street Manchester, NH.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: 1983‑built Colonial‑style duplex with two spacious units and a valid Certificate of Compliance; First‑floor unit offers 4 bedrooms and 2 baths, including an in‑unit laundry full bath; Second‑floor garden‑style unit features 3 bedrooms and 1 full bath with a private rear entrance; recently renovated kitchen and bath
