Triplex with Covered
New
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 Market1
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, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 7, Bedroom 2, Bedroom 6, Bedroom 4, Basement, Bedroom 9, Bedroom 5, Bedroom 8, Bathroom 1
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
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8120
Utilities
Heating system
Forced Air, Oil
Cooling system
Ductless, Zoned
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
Laminate, Hardwood, Carpet
Building materials
Wood Frame
Roof type
Flat, Membrane
Architectural style
Other
Listing Agency:
Coldwell Banker Realty Bedford NH · Coldwell Banker Real Estate
(603) 471-0777
Listed By:
Kimberly Florence
(603) 848-9559
Added: Sep 16
Last Checked: Sep 16 at 7:06PM
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.
Investment Insights
Based on property information with market context.
This 3,912-square-foot triplex contains three residential units, each configured with three bedrooms and one bathroom. The first-floor apartment retains original woodwork alongside multiple updates, while the second-floor unit features an open living area, updated kitchen with granite countertops, and ductless mini-split air conditioning. The third-floor apartment was rebuilt from the studs with updated kitchen and bath finishes, drywall, lighting, and flooring. Vinyl siding, newer heating systems, newer electrical panels, and updated windows add to the property’s improvements. Laundry hookups are provided in each unit.
The property occupies a 0.11-acre lot at 371 Spruce Street in Manchester, with a private yard, covered porches, driveway parking, public water, and a membrane roof. All three units are fully rented to long-term tenants, and a current COC is in place. Built in 1906, the property is zoned residential.
The property occupies a 0.11-acre lot at 371 Spruce Street in Manchester, with a private yard, covered porches, driveway parking, public water, and a membrane roof. All three units are fully rented to long-term tenants, and a current COC is in place. Built in 1906, the property is zoned residential.
Key Highlights
- Three 3‑bedroom, 1‑bath residential units
- 3,912 square feet on a 0.11‑acre lot
- All units fully rented to long‑term tenants
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
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 fully rented units offer private covered porches, individual laundry hookups, and gated parking.
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 3‑bedroom, 1‑bath residential units; 3,912 square feet on a 0.11‑acre lot; All units fully rented to long‑term tenants
