Two-Unit Colonial
For Sale
$525,000
38 Riddle Street, Manchester, NH 03102
Two-unit residential property with hardwood floors, outdoor space, and off-street parking.
Property Size1,728 SF
Price / SF$303.82
Days on Market9
Property Features for 38 Riddle Street
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
deck
backyard
Building Details
Year Built
1900
Construction
Colonial
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Kelly Erwin
(603) 866-2942
Source:
Profoundrealestate
Added: Sep 3
Changed: Sep 10
Last Checked: Sep 10 at 5:42AM
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.
Located at 38 Riddle Street, this two-unit Colonial-style duplex was built in 1900 and contains approximately 1,728 square feet of living space. The interior includes abundant windows, hardwood floors, tile, and an open feel, while a deck and backyard extend the usable space outdoors. Public water and sewer serve the property, and off-street parking is included.
The property is situated near downtown Manchester, with shopping, restaurants, major highways, and local amenities nearby. Its two-unit layout offers flexibility for an owner-occupant or investment use, subject to applicable requirements.
The property is situated near downtown Manchester, with shopping, restaurants, major highways, and local amenities nearby. Its two-unit layout offers flexibility for an owner-occupant or investment use, subject to applicable requirements.
Key Highlights
- Two‑unit Colonial‑style property built in 1900
- Approximately 1,728 square feet of living space
- Hardwood floors, tile, and abundant windows
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
$23,319
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
4.44%
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%
$466,380
$466.4K
Cap Rate 7%
$333,129
$333.1K
Cap Rate 9%
$259,100
$259.1K
Market Conditions
NOI Build-Up for 1,728 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
$35.3K $20.40/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$33.3K $19.28/SF
− OpEx
−$10.0K −$5.78/SF
NOI
$23.3K $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%
$466,380
Cap Rate 7%
$333,129
Cap Rate 9%
$259,100
Alternative Uses
Best Use
Multifamily LT 5
$333.1K
$291.5K – $388.7K
NOI $23,319 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$310.2K
$271.4K – $361.9K
NOI $21,715 @ 7.0% cap · market cap 4.14%
Theoretical Best
Specialty Retail
$424.3K
$371.3K – $495.1K
NOI $29,704 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
551
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
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?
Duplex - Two-unit residential property with hardwood floors, outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 38 Riddle Street Manchester, NH.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑unit Colonial‑style property built in 1900; Approximately 1,728 square feet of living space; Hardwood floors, tile, and abundant windows
