Renovated Triplex with Covered
371 Spruce St, Manchester, NH 03103
For Sale
$750,000
Three leased units offer updated interiors, private outdoor space, and gated parking.
Property Size3,912 SF
Price / SF$191.72
Days on Market53
Property Features for 371 Spruce St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Coldwell Banker Realty Bedford NH
Listed By:
Kimberly Florence
(603) 582-8513
Source:
Lyvrealty
Added: Sep 18
Changed: Oct 25
Last Checked: Oct 7 at 2:19PM
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
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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 / Yr
$52,791
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
1,584
Businesses Nearby
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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
$313,500
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Manchester, NH
Properties on Market for Triplexes in Manchester
Vacancy Rate% for Multifamily in Northeast region
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
