Three-Family Residential Income
For Sale
$750,000
421 Laurel Street, Manchester, NH 03103
Well-maintained three-unit multifamily on a city lot with off-street parking and a backyard.
Property Size4,096 SF
Price / SF$183.11
Days on Market143
Property Features for 421 Laurel Street
General Information
Standard status
Active
Size
4,096 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Year Renovated
1983
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Classic Realty
Listed By:
Michelle Gannon
(603) 352-5533
Source:
Hgjohnsonrealestate
Added: Apr 14
Changed: Sep 2
Last Checked: Sep 1 at 9:04PM
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 Coldwell Banker Classic Realty
Investment Insights
Based on property information with market context.
This well-maintained three-family residential income property offers approximately 4,900 square feet of living space across three levels. Built in 1900 with a remodel date of 1983, the layout provides one unit on each floor. The first-floor unit includes 3 bedrooms plus additional finished lower-level space, while the upper units each offer spacious 3-bedroom layouts. The property has received updates over the years and includes off-street parking and a backyard for outdoor use.
Located in Manchester, the property offers convenient access to downtown Manchester, schools, shopping, dining, and major commuter routes. The home is situated on a city lot.
Scheduled showings are Thursday, June 25th from 2:00 PM to 4:00 PM.
Located in Manchester, the property offers convenient access to downtown Manchester, schools, shopping, dining, and major commuter routes. The home is situated on a city lot.
Scheduled showings are Thursday, June 25th from 2:00 PM to 4:00 PM.
Key Highlights
- Three‑family multifamily built in 1900 with remodel date of 1983
- Approximately 4,900 SF total living space with one unit on each floor
- Each unit offers a spacious 3‑bedroom layout, with the first‑floor unit also including additional finished lower‑level space
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
$55,274
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
7.37%
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%
$1,105,480
$1.1M
Cap Rate 7%
$789,629
$789.6K
Cap Rate 9%
$614,156
$614.2K
Market Conditions
NOI Build-Up for 4,096 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
$83.6K $20.40/SF
− Vacancy
−$4.6K −$1.12/SF
EGI
$79.0K $19.28/SF
− OpEx
−$23.7K −$5.78/SF
NOI
$55.3K $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%
$1,105,480
Cap Rate 7%
$789,629
Cap Rate 9%
$614,156
Alternative Uses
Best Use
Multifamily LT 5
$789.6K
$690.9K – $921.2K
NOI $55,274 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$735.3K
$643.4K – $857.9K
NOI $51,472 @ 7.0% cap · market cap 6.86%
Theoretical Best
Specialty Retail
$1.01M
$880.1K – $1.17M
NOI $70,410 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,473
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?
Triplex - Well-maintained three-unit multifamily on a city lot with off-street parking and a backyard.
Where is this triplex located?
The property is located at 421 Laurel Street Manchester, NH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑family multifamily built in 1900 with remodel date of 1983; Approximately 4,900 SF total living space with one unit on each floor; Each unit offers a spacious 3‑bedroom layout, with the first‑floor unit also including additional finished lower‑level space
