Updated Two-Unit
For Sale
$530,000
418 Central Street, Manchester, NH 03103
Two-bedroom units feature separate systems, driveway parking, a fenced yard, and a detached garage with workshop space.
Property Size1,839 SF
Price / SF$288.20
Days on Market13
Property Features for 418 Central Street
General Information
Standard status
Active
Size
1,839 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
fenced-in yard
oversized detached garage with loft and separate workshop
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Redfin Corporation
Listed By:
Stacie Gallucci
(978) 831-7798
Source:
Sugarbushrealestate
Added: Sep 13
Changed: Sep 24
Last Checked: Sep 24 at 10:08AM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two residential units with two bedrooms in each. The property includes updated kitchens and bathrooms, along with newer windows, siding, and roofing. Separate electrical and mechanical systems serve the units independently. A driveway provides off-street parking, while the fenced yard adds usable outdoor space.
The detached garage expands the property's functionality with a loft and a separate workshop. Located at 418 Central Street in Manchester, NH, the property offers a two-unit configuration with dedicated building systems and substantial storage and workspace improvements.
The detached garage expands the property's functionality with a loft and a separate workshop. Located at 418 Central Street in Manchester, NH, the property offers a two-unit configuration with dedicated building systems and substantial storage and workspace improvements.
Key Highlights
- Two units, each with two bedrooms
- Newer windows, siding, roof, kitchens, and bathrooms
- Separate electrical and mechanical systems
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
$24,817
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
4.68%
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%
$496,340
$496.3K
Cap Rate 7%
$354,529
$354.5K
Cap Rate 9%
$275,744
$275.7K
Market Conditions
NOI Build-Up for 1,839 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
$37.5K $20.40/SF
− Vacancy
−$2.1K −$1.12/SF
EGI
$35.5K $19.28/SF
− OpEx
−$10.6K −$5.78/SF
NOI
$24.8K $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%
$496,340
Cap Rate 7%
$354,529
Cap Rate 9%
$275,744
Alternative Uses
Best Use
Multifamily LT 5
$354.5K
$310.2K – $413.6K
NOI $24,817 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$330.1K
$288.9K – $385.2K
NOI $23,110 @ 7.0% cap · market cap 4.36%
Theoretical Best
Specialty Retail
$451.6K
$395.2K – $526.9K
NOI $31,612 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,584
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
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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-bedroom units feature separate systems, driveway parking, a fenced yard, and a detached garage with workshop space.
Where is this duplex located?
The property is located at 418 Central Street Manchester, NH.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Two units, each with two bedrooms; Newer windows, siding, roof, kitchens, and bathrooms; Separate electrical and mechanical systems
