9-Unit Multifamily
For Sale
$1,650,000
377-383 Manchester Street, Manchester, NH 03103
Three neighboring buildings provide varied apartment layouts with separately metered utilities.
Property Size8,500 SF
Price / SF$194.12
Days on Market194
Property Features for 377-383 Manchester Street
General Information
Standard status
Active
Size
8,500 SF
Total Parking Spaces
10
Property subtype
Multi Family
Zoning
MX-2
Net Operating Income
$99,000
Units
Unit Mix
6 x 1BR, 3 x 2BR
Multifamily Units
9
Additional Details
Gross Income
$163,000
Taxes and HOA fees
Annual Taxes
$17,635
Amenities
Municipal
Forced Air, Hot Air
Yes
2.5
Walk-up
Concrete Floor, Unfinished
Asphalt Shingle
Timber Frame, Vinyl Siding
Building Details
Year Built
1890
Buildings
3
Listing Agency:
Gray Property Group, LLC
Listed By:
Nick Gray
(603) 637-4812
Source:
Compass
Added: Feb 20
Changed: Sep 2
Last Checked: Aug 31 at 9:54PM
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 Gray Property Group, LLC
Investment Insights
Based on property information with market context.
This multifamily offering includes three neighboring buildings at 377, 379, and 383 Manchester Street, with three apartments in each structure. The 8,500-square-foot portfolio contains six 1-bedroom residences and three 2-bedroom residences. Units feature functional layouts, walk-up access, forced-air or hot-air systems, and unfinished concrete-floor areas. The buildings date to 1890 and have timber-frame construction with vinyl siding and asphalt-shingle roofing.
Each apartment is separately metered. Residents pay for natural gas used for heat and electricity serving hot water, lighting, and outlets, while water and sewer remain landlord responsibilities. The contiguous lot provides approximately 9–10 off-street parking spaces, supplemented by street parking. Parking for 383 Manchester Street is supported by an easement across the adjacent 379 Manchester Street parcel. The property is zoned MX-2.
Each apartment is separately metered. Residents pay for natural gas used for heat and electricity serving hot water, lighting, and outlets, while water and sewer remain landlord responsibilities. The contiguous lot provides approximately 9–10 off-street parking spaces, supplemented by street parking. Parking for 383 Manchester Street is supported by an easement across the adjacent 379 Manchester Street parcel. The property is zoned MX-2.
Key Highlights
- 9‑unit multifamily portfolio comprising three buildings at 377, 379, and 383 Manchester Street
- Unit mix includes six 1‑bedroom apartments and three 2‑bedroom apartments
- 8,500 square feet across the portfolio
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
$106,814
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
6.47%
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%
$2,136,280
$2.1M
Cap Rate 7%
$1,525,914
$1.5M
Cap Rate 9%
$1,186,822
$1.2M
Market Conditions
NOI Build-Up for 8,500 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
$204.0K $24.00/SF
− Vacancy
−$9.8K −$1.15/SF
EGI
$194.2K $22.85/SF
− OpEx
−$87.4K −$10.28/SF
NOI
$106.8K $12.57/SF
Area
Manchester, NH
Vacancy
4.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,136,280
Cap Rate 7%
$1,525,914
Cap Rate 9%
$1,186,822
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $106,814 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.44M
NOI $146,115 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,917
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three neighboring buildings provide varied apartment layouts with separately metered utilities.
Where is this apartment building located?
The property is located at 377-383 Manchester Street Manchester, NH.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 9‑unit multifamily portfolio comprising three buildings at 377, 379, and 383 Manchester Street; Unit mix includes six 1‑bedroom apartments and three 2‑bedroom apartments; 8,500 square feet across the portfolio
