Fully Renovated 4-Unit
For Sale
$799,900
388 Belmont Street, Manchester, NH 03103
Turnkey four-unit property with all units renovated and newer furnaces and hot water heaters.
Property Size2,335 SF
Price / SF$342.57
Days on Market176
Property Features for 388 Belmont Street
General Information
Standard status
Active
Size
2,335 SF
Property subtype
Multi Family
Zoning
res
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,930
Amenities
Natural Gas
Yes
3
4
Interior
Unfinished
Shingle
Other
Building Details
Year Built
1921
Listing Agency:
Allison James Estates and Homes
(603) 557-8904
Listed By:
Luciane Ortis
(603) 557-8904
Source:
Compass
Added: Feb 26
Changed: Aug 8
Last Checked: Jul 23 at 9:55AM
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 Allison James Estates and Homes
Investment Insights
Based on property information with market context.
This fully renovated four-unit quadplex offers a turnkey setup for an investor or an owner-occupant. The property is reported as 100% occupied, with one unit on a month-to-month lease. Renovations include newer furnaces and hot water heaters, each stated to be less than one year old.
The property is located at 388 Belmont Street in Manchester, New Hampshire. It is presented as ready to operate with no additional work required beyond ownership.
Configuration-wise, the asset is a four-unit residential income building with unit-level improvements completed throughout, supported by the provided details on mechanical replacements.
The property is located at 388 Belmont Street in Manchester, New Hampshire. It is presented as ready to operate with no additional work required beyond ownership.
Configuration-wise, the asset is a four-unit residential income building with unit-level improvements completed throughout, supported by the provided details on mechanical replacements.
Key Highlights
- Fully renovated 4‑unit property with all units completely renovated from top to bottom
- 100% occupied: 3 units on leases plus 1 unit on a month‑to‑month lease for flexibility
- Newer furnaces and hot water heaters, all less than 1 year old
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
$31,510
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
3.94%
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%
$630,200
$630.2K
Cap Rate 7%
$450,143
$450.1K
Cap Rate 9%
$350,111
$350.1K
Market Conditions
NOI Build-Up for 2,335 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
$47.6K $20.40/SF
− Vacancy
−$2.6K −$1.12/SF
EGI
$45.0K $19.28/SF
− OpEx
−$13.5K −$5.78/SF
NOI
$31.5K $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%
$630,200
Cap Rate 7%
$450,143
Cap Rate 9%
$350,111
Alternative Uses
Best Use
Multifamily LT 5
$450.1K
$393.9K – $525.2K
NOI $31,510 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$419.2K
$366.8K – $489.1K
NOI $29,343 @ 7.0% cap · market cap 3.67%
Theoretical Best
Specialty Retail
$573.4K
$501.7K – $669.0K
NOI $40,139 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,633
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?
Quadplex - Turnkey four-unit property with all units renovated and newer furnaces and hot water heaters.
Where is this quadplex located?
The property is located at 388 Belmont Street Manchester, NH.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Fully renovated 4‑unit property with all units completely renovated from top to bottom; 100% occupied: 3 units on leases plus 1 unit on a month‑to‑month lease for flexibility; Newer furnaces and hot water heaters, all less than 1 year old
