Renovated Triplex with Covered
New
For Sale
$750,000
371 Spruce St, Manchester, NH 03103
Three leased units offer updated interiors, private outdoor space, and gated parking.
Property Size3,912 SF
Price / SF$191.72
Days on Market7
Property Features for 371 Spruce St
General Information
Standard status
Active
Size
3,912 SF
Property subtype
Multi-Family
Building Details
Year Built
1906
Listing Agency:
Coldwell Banker Realty Bedford NH
Listed By:
Kimberly Florence
(603) 471-0777
Source:
Lyvrealty
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 24 at 3:36PM
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 three-family property at 371 Spruce St in Manchester, NH, was built in 1906 and includes three three-bedroom, one-bath units. Each apartment has a private covered porch, laundry hookups, and access to a large private yard with gated parking. The building features vinyl siding, newer heating systems, newer electrical panels, and updated windows.
Unit interiors vary by improvement level. The first-floor apartment retains original woodwork alongside multiple updates, while the second floor has an open living arrangement, upgraded kitchen with granite countertops, and mini-split air conditioning. The third-floor unit was renovated with new kitchen and bath finishes, drywall, lighting, and flooring. All three units are fully rented to long-term tenants, and a current COC is in place. The property has a walk score of 87 and a bike score of 49.
Unit interiors vary by improvement level. The first-floor apartment retains original woodwork alongside multiple updates, while the second floor has an open living arrangement, upgraded kitchen with granite countertops, and mini-split air conditioning. The third-floor unit was renovated with new kitchen and bath finishes, drywall, lighting, and flooring. All three units are fully rented to long-term tenants, and a current COC is in place. The property has a walk score of 87 and a bike score of 49.
Key Highlights
- Three‑family building with three‑bedroom, one‑bath units
- All units fully rented to long‑term tenants
- Third‑floor unit renovated with new kitchen, bath, drywall, lighting, and flooring
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
$52,791
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
7.04%
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%
$1,055,820
$1.1M
Cap Rate 7%
$754,157
$754.2K
Cap Rate 9%
$586,567
$586.6K
Market Conditions
NOI Build-Up for 3,912 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
$79.8K $20.40/SF
− Vacancy
−$4.4K −$1.12/SF
EGI
$75.4K $19.28/SF
− OpEx
−$22.6K −$5.78/SF
NOI
$52.8K $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%
$1,055,820
Cap Rate 7%
$754,157
Cap Rate 9%
$586,567
Alternative Uses
Best Use
Multifamily LT 5
$754.2K
$659.9K – $879.9K
NOI $52,791 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$702.3K
$614.5K – $819.3K
NOI $49,160 @ 7.0% cap · market cap 6.55%
Theoretical Best
Specialty Retail
$960.7K
$840.6K – $1.12M
NOI $67,247 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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?
Triplex - Three leased units offer updated interiors, private outdoor space, and gated parking.
Where is this triplex located?
The property is located at 371 Spruce St Manchester, NH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑family building with three‑bedroom, one‑bath units; All units fully rented to long‑term tenants; Third‑floor unit renovated with new kitchen, bath, drywall, lighting, and flooring
