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    Three-Family Residential Income Property Title is generated by Realmo AI

    40 Morgan Street, Manchester, NH 03102

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    For Sale
    $675,000

    MULTI_FAMILY - Other - Manchester, NH

    Property size:
    2,478 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $272/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 2:06 pm

    Property Features for 40 Morgan Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 4, Bedroom 2, Basement, Bedroom 1, Bedroom 5, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 3
    Patio and Porch features
    Porch
    Exterior features
    Partial Fence, Garden Space, Covered Porch
    Fencing
    Partial
    Standard status
    Active
    Size
    2,478 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6742

    Utilities

    Heating system
    Forced Air, Hot Water(Heating), Natural Gas
    Water source
    Public

    Building Details

    Year built
    1921
    Floors in Building
    3
    Number of units
    3
    Flooring type
    Vinyl, Carpet
    Building materials
    Wood Frame, Aluminum Siding, Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Laurie Des Rochers

    Listing agent Laurie Des Rochers

    Listing office Des Rochers Real Estate Professionals 689 Union St., Manchester, NH

    Listing date Jun 3, 2026

    MLS# 5092522 Listing URL

    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.

    HighLights

    • Three‑family home built in 1921 with wood‑frame construction and shingle roof
    • Each unit has its own basement with laundry and storage (1st‑floor and 2nd‑floor units; back townhouse unit)
    • Unit layouts include multiple bedrooms and bathrooms, with eat‑in kitchens in all units
    • Heating: forced air and hot water heat, with natural gas; tenants pay their own heat, hot water, and electricity
    • Exterior features include covered porches, partial fencing, and garden space
    • Public water supply and a mix of vinyl and carpet flooring; aluminum and vinyl siding

    Overview

    This three-family residential income property includes three distinct units with updated, well-maintained interiors. The first-floor unit offers two bedrooms, a spacious layout with a large eat-in kitchen, living room, and an additional flex room that can serve as an office, along with a large bathroom. It also provides direct access to its own basement, which includes laundry and storage. The second-floor unit features an eat-in kitchen with a pantry, a living room, two bedrooms, and a bathroom with laundry, along with its own basement for storage. The back unit is townhouse-style and includes an eat-in kitchen, living room, bathroom, and a huge bedroom, plus its own basement with laundry and storage.

    Located on the west-side near Goffstown in a neighborhood of single-family homes, the property offers outdoor space with a nice backyard and covered porches. There is plenty of parking on site. Tenants pay for their own heat, hot water, and electricity.

    For buyers seeking a small multifamily with clear unit separation and in-unit basement laundry and storage for each tenant, this layout can support easy day-to-day management. Covered porches, a backyard, and ample parking add practical everyday value for residents, while tenant-paid utilities help keep operating expenses aligned with usage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Merrimack
    State
    New Hampshire
    Longitude
    -71.4886611
    Latitude
    42.9937912

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    FAQs

    What type of property is this?
    Triplex - Well-maintained three-family with separate basements, laundry, and parking, plus tenant-paid utilities for straightforward operations.
    Where is this triplex located?
    The property is located at 40 Morgan Street Manchester, NH.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Three‑family home built in 1921 with wood‑frame construction and shingle roof; Each unit has its own basement with laundry and storage (1st‑floor and 2nd‑floor units; back townhouse unit); Unit layouts include multiple bedrooms and bathrooms, with eat‑in kitchens in all units
    (603) 641-5905
    We can help!
    Listing Contact
    Laurie Des Rochers
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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