Remodeled Duplex with Detached
For Sale
$575,000
373 Bartlett Street, Manchester, NH 03102
Two vacant units feature updated kitchens, refreshed baths, separate utilities, and flexible living space.
Property Size3,096 SF
Price / SF$185.72
Days on Market12
Property Features for 373 Bartlett Street
General Information
Standard status
Active
Size
3,096 SF
Property subtype
Multi-family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
off-street parking
detached garage
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Amanda Plecinoga · License #075897
(603) 232-8282
Source:
Greatislandrealty
Added: Aug 23
Changed: Sep 2
Last Checked: Sep 1 at 8:38PM
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 Keller Williams Realty-Metropolitan
Investment Insights
Based on property information with market context.
This 3,096-square-foot duplex, built in 1890, contains two vacant residential units with separate utilities and multiple electric meters. Recent improvements include new flooring, neutral interior paint, updated kitchens, and refreshed bathrooms. The first-floor unit includes a sunroom, while the upper residence spans the second and third floors and offers multiple living areas, a laundry hookup, and a screened porch. The finished third floor provides additional flexible space and requires paint to complete the update.
The property also includes public water and sewer, off-street parking, and a detached garage with storage areas. Located near shopping, public transportation, commuter routes, and everyday services, the property is zoned MX-1 mixed use and offers a practical two-unit configuration for residential occupancy or rental use.
The property also includes public water and sewer, off-street parking, and a detached garage with storage areas. Located near shopping, public transportation, commuter routes, and everyday services, the property is zoned MX-1 mixed use and offers a practical two-unit configuration for residential occupancy or rental use.
Key Highlights
- 3,096‑square‑foot duplex with two vacant units
- Fully remodeled interiors with updated kitchens, refreshed baths, new flooring, and neutral paint
- First‑floor unit includes a sunroom; upper unit spans the second and third floors
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
$41,779
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
7.27%
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%
$835,580
$835.6K
Cap Rate 7%
$596,843
$596.8K
Cap Rate 9%
$464,211
$464.2K
Market Conditions
NOI Build-Up for 3,096 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
$63.2K $20.40/SF
− Vacancy
−$3.5K −$1.12/SF
EGI
$59.7K $19.28/SF
− OpEx
−$17.9K −$5.78/SF
NOI
$41.8K $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%
$835,580
Cap Rate 7%
$596,843
Cap Rate 9%
$464,211
Alternative Uses
Best Use
Multifamily LT 5
$596.8K
$522.2K – $696.3K
NOI $41,779 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$555.8K
$486.3K – $648.4K
NOI $38,906 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$760.3K
$665.3K – $887.0K
NOI $53,220 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 03102, NH
33,396
Population
15,264
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
9.1 sq mi
ZIP Area
3,670
Density / Sq Mi
$69,927
Median Household Income
$43,518
Median Earnings
$1,533
Median Rent
$309,400
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 - Two vacant units feature updated kitchens, refreshed baths, separate utilities, and flexible living space.
Where is this duplex located?
The property is located at 373 Bartlett Street Manchester, NH.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,096‑square‑foot duplex with two vacant units; Fully remodeled interiors with updated kitchens, refreshed baths, new flooring, and neutral paint; First‑floor unit includes a sunroom; upper unit spans the second and third floors
