Three-Unit Multifamily
For Sale
$479,000
377 Manchester Street, Manchester, NH 03103
Well-maintained triplex with three separately metered one-bedroom units and off-street parking for three vehicles.
Property Size2,257 SF
Price / SF$212.23
Days on Market164
Property Features for 377 Manchester Street
General Information
Standard status
Active
Size
2,257 SF
Property subtype
Multi-Family
Zoning
MX-2
Building Details
Year Built
1890
Stories
2
Listing Agency:
Pailin Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 1
Changed: Sep 10
Last Checked: Sep 10 at 6:36AM
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 Pailin Realty
Investment Insights
Based on property information with market context.
This well-maintained three-unit multifamily property includes three one-bedroom units with functional, serviceable interiors. Each unit is separately metered, with tenants responsible for natural gas for heat and electricity for hot water, lights, and plugs. The landlord covers water and sewer. Off-street parking is provided for three vehicles, with additional street parking available.
The property is located on the East Side of Manchester. It also presents an option to purchase as part of a larger 9-unit package opportunity that includes two adjacent multifamily properties at 379 and 383 Manchester Street (three units each), with a contiguous lot and shared off-street parking that totals roughly 9–10 spaces across the package.
As an individual asset, the configuration supports in-place occupancy with a straightforward management structure given the separate metering and clearly assigned utilities.
The property is located on the East Side of Manchester. It also presents an option to purchase as part of a larger 9-unit package opportunity that includes two adjacent multifamily properties at 379 and 383 Manchester Street (three units each), with a contiguous lot and shared off-street parking that totals roughly 9–10 spaces across the package.
As an individual asset, the configuration supports in-place occupancy with a straightforward management structure given the separate metering and clearly assigned utilities.
Key Highlights
- 1890‑built 3‑unit multifamily (triplex) featuring three 1‑bedroom units with functional layouts
- Each unit has separate metering; tenants pay natural gas (heat) and electricity (hot water, lights, and plugs)
- Landlord pays water and sewer
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
$30,457
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
6.36%
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%
$609,140
$609.1K
Cap Rate 7%
$435,100
$435.1K
Cap Rate 9%
$338,411
$338.4K
Market Conditions
NOI Build-Up for 2,257 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
$46.0K $20.40/SF
− Vacancy
−$2.5K −$1.12/SF
EGI
$43.5K $19.28/SF
− OpEx
−$13.1K −$5.78/SF
NOI
$30.5K $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%
$609,140
Cap Rate 7%
$435,100
Cap Rate 9%
$338,411
Alternative Uses
Best Use
Multifamily LT 5
$435.1K
$380.7K – $507.6K
NOI $30,457 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$405.2K
$354.5K – $472.7K
NOI $28,362 @ 7.0% cap · market cap 5.92%
Theoretical Best
Specialty Retail
$554.3K
$485.0K – $646.6K
NOI $38,798 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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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 - Well-maintained triplex with three separately metered one-bedroom units and off-street parking for three vehicles.
Where is this triplex located?
The property is located at 377 Manchester Street Manchester, NH.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 1890‑built 3‑unit multifamily (triplex) featuring three 1‑bedroom units with functional layouts; Each unit has separate metering; tenants pay natural gas (heat) and electricity (hot water, lights, and plugs); Landlord pays water and sewer
