Renovated 3-Unit
For Sale
$750,000
371 Spruce Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size3,912 SF
Lot Size0.11 Acres
Price / SF$191.72
Days on Market47
Property Features for 371 Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residential
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Basement, Bedroom 2, Bedroom 8, Bathroom 1, Bedroom 9, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 7, Bedroom 6
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Porch, Covered Porch
Appliances
Domestic Water Heater
Lot features
City Lot, Neighborhood
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Directions
Spruce St, between Wilson & Hall
Standard status
Active
Size
3,912 SF
Lot size
0.11 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8120
Utilities
Heating system
Forced Air
Cooling system
Zoned, Ductless
Water source
Public
Amenities
private covered porches
laundry hook-ups in each unit
large private yard
gated parking
Building Details
Year built
1906
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Laminate, Carpet
Building materials
Wood Frame
Roof type
Flat, Membrane
Architectural style
Other
Buildings
1
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: Oct 30
Last Checked: Nov 1 at 12:06AM
MLS# 5109977
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.
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Investment Insights
Based on property information with market context.
This 3,912-square-foot triplex in Manchester contains three apartments, each with three bedrooms and one bathroom. The second-floor residence has an open living area, an upgraded kitchen with granite counters, and ductless mini-split cooling. The third-floor apartment was rebuilt with new kitchen and bathroom finishes, drywall, lighting, and flooring; the first-floor unit retains original woodwork and has also received updates. Covered porches, laundry hookups in every unit, vinyl siding, and newer heating equipment and electrical panels are among the property features.
Set on a 0.11-acre lot, the building has a private yard and gated driveway parking. All three apartments are rented, and a current COC is in place.
Set on a 0.11-acre lot, the building has a private yard and gated driveway parking. All three apartments are rented, and a current COC is in place.
Key Highlights
- Three apartments, each with 3 bedrooms and 1 bathroom
- 3,912 square feet on a 0.11‑acre lot
- Second‑floor apartment renovated with an open layout, granite kitchen counters, and ductless mini‑split cooling
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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Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three-bedroom apartments offer private covered porches and individual laundry hookups.
Where is this triplex located?
The property is located at 371 Spruce Street 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 apartments, each with 3 bedrooms and 1 bathroom; 3,912 square feet on a 0.11‑acre lot; Second‑floor apartment renovated with an open layout, granite kitchen counters, and ductless mini‑split cooling
