Two-Unit Duplex with
New
For Sale
$525,000
38 Riddle Street, Manchester, NH 03102
Multi-Family, Manchester, NH
Property Size1,728 SF
Lot Size0.14 Acres
Price / SF$303.82
Days on Market2
Property Features for 38 Riddle Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2
Lot features
City Lot
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Standard status
Active
Size
1,728 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5890
Utilities
Heating system
Oil, Steam
Water source
Public
Amenities
deck
backyard
off street parking
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Kelly Erwin
(603) 232-8282
Added: Sep 5
Last Checked: Sep 6 at 2:06AM
MLS# 5108466
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 two-unit duplex occupies a 0.14-acre city lot and contains approximately 1,728 square feet of living space. Built in 1900 with wood-frame construction, the Colonial-style residence includes three bedrooms, two bathrooms, a basement, hardwood and tile flooring, and abundant windows. A deck and backyard extend the usable space, while oil-fired steam heat, a shingle roof, and public water service are existing property features.
The property is located near downtown Manchester, with shopping, restaurants, major highways, and other local amenities in the surrounding area. Off-street parking is provided, and the Residential zoning supports its residential use. The two-unit configuration offers flexibility for an owner-occupant or an investment buyer.
The property is located near downtown Manchester, with shopping, restaurants, major highways, and other local amenities in the surrounding area. Off-street parking is provided, and the Residential zoning supports its residential use. The two-unit configuration offers flexibility for an owner-occupant or an investment buyer.
Key Highlights
- Two‑unit duplex with approximately 1,728 square feet of living space
- 0.14‑acre city lot with deck, backyard, and off‑street parking
- Built in 1900 with wood‑frame construction and Colonial‑style design
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
Property Profile
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
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 - Residential duplex with hardwood floors, outdoor space, off-street parking, and access to public water and sewer.
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 duplex with approximately 1,728 square feet of living space; 0.14‑acre city lot with deck, backyard, and off‑street parking; Built in 1900 with wood‑frame construction and Colonial‑style design
