6-Unit Apartment
New
For Sale
$850,000
406 Belmont St, Manchester, NH 03103
Renovated one-bedroom apartments and a studio are served by paved off-street parking and updated building systems.
Property Size3,348 SF
Price / SF$253.88
Days on Market2
Property Features for 406 Belmont St
General Information
Standard status
Active
Size
3,348 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
5 x 1BR, 1 x studio
Multifamily Units
6
Parking per Unit
1
Building Details
Year Built
1920
Listing Agency:
Downtown Realty
Listed By:
Matthew Lefebvre · License #070207
(603) 554-2309
Source:
603propertygroup
Added: Sep 24
Last Checked: Sep 24 at 2:46PM
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 Downtown Realty
Investment Insights
Based on property information with market context.
Built in 1920, this 3,348-square-foot apartment building contains five one-bedroom units and one studio. The five one-bedroom apartments have updated kitchens, appliances, fixtures, and a mix of refinished hardwood and vinyl plank flooring. The studio has not been renovated and is occupied by a long-term resident. Building improvements include vinyl siding, replacement front decks, a new natural gas water heater, and electrical service with individual 100-amp panels.
All six apartments are occupied. The property includes six paved, off-street parking spaces behind the building. The owner pays for heat, hot water, and water and sewer; residents pay their own electric service.
All six apartments are occupied. The property includes six paved, off-street parking spaces behind the building. The owner pays for heat, hot water, and water and sewer; residents pay their own electric service.
Key Highlights
- Six occupied apartments: five one‑bedroom units and one studio
- 3,348 square feet; built in 1920
- Six paved off‑street parking spaces behind the building
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
$42,072
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
4.95%
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%
$841,440
$841.4K
Cap Rate 7%
$601,029
$601.0K
Cap Rate 9%
$467,467
$467.5K
Market Conditions
NOI Build-Up for 3,348 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
$80.4K $24.00/SF
− Vacancy
−$3.9K −$1.15/SF
EGI
$76.5K $22.85/SF
− OpEx
−$34.4K −$10.28/SF
NOI
$42.1K $12.57/SF
Area
Manchester, NH
Vacancy
4.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$841,440
Cap Rate 7%
$601,029
Cap Rate 9%
$467,467
Alternative Uses
Best Use
Apartment 5plus
$601.0K
$525.9K – $701.2K
NOI $42,072 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$822.2K
$719.4K – $959.2K
NOI $57,552 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated one-bedroom apartments and a studio are served by paved off-street parking and updated building systems.
Where is this apartment building located?
The property is located at 406 Belmont St Manchester, NH.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six occupied apartments: five one‑bedroom units and one studio; 3,348 square feet; built in 1920; Six paved off‑street parking spaces behind the building
