Updated Duplex with
New
For Sale
$595,000
424 Gold St, Manchester, NH 03103
Two remodeled residences share a landscaped yard, finished basement space, and a separate electrified outbuilding.
Property Size1,984 SF
Price / SF$299.90
Days on Market6
Property Features for 424 Gold St
General Information
Standard status
Active
Size
1,984 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
irrigation
stone patio
hardscape beds
gardens
fruit trees
converted outbuilding
finished basement
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Jerry Hamanne Of A House To Home Realty
Listed By:
Dempsey Realty Group
(603) 321-5891
Source:
Dempseyteam
Added: Sep 19
Changed: Sep 24
Last Checked: Sep 24 at 9:52AM
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 Jerry Hamanne Of A House To Home Realty
Investment Insights
Based on property information with market context.
This 1,984-square-foot duplex, built in 1976, contains two two-bedroom, one-bath residences that have been extensively updated. Improvements include new kitchens and appliances, refreshed bathrooms, flooring, lighting, doors, fixtures, and interior paint. Both units are served by natural-gas forced-hot-water heat, with newer water tanks. Central A/C ductwork and air handlers are installed, while condensers remain to be added.
The property includes a mostly finished basement with an additional bathroom and two washer/dryer connections. A converted outbuilding offers electricity, finished interior space, natural light, and views of the landscaped grounds. Exterior features include a stone patio, gardens, fruit trees, hardscape beds, irrigation, updated porches and stairs, and a seal-coated driveway. Off-street parking accommodates approximately 10 vehicles on both sides of the building. Public water and sewer serve the property, and leased solar panels offset the owner’s unit and house electric costs. The property is near shopping, dining, medical facilities, and major highways in South Manchester.
The property includes a mostly finished basement with an additional bathroom and two washer/dryer connections. A converted outbuilding offers electricity, finished interior space, natural light, and views of the landscaped grounds. Exterior features include a stone patio, gardens, fruit trees, hardscape beds, irrigation, updated porches and stairs, and a seal-coated driveway. Off-street parking accommodates approximately 10 vehicles on both sides of the building. Public water and sewer serve the property, and leased solar panels offset the owner’s unit and house electric costs. The property is near shopping, dining, medical facilities, and major highways in South Manchester.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a remodeled duplex
- 1,984 SF property built in 1976
- Separate converted outbuilding with electricity and finished 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
$26,773
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
4.50%
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%
$535,460
$535.5K
Cap Rate 7%
$382,471
$382.5K
Cap Rate 9%
$297,478
$297.5K
Market Conditions
NOI Build-Up for 1,984 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
$40.5K $20.40/SF
− Vacancy
−$2.2K −$1.12/SF
EGI
$38.2K $19.28/SF
− OpEx
−$11.5K −$5.78/SF
NOI
$26.8K $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%
$535,460
Cap Rate 7%
$382,471
Cap Rate 9%
$297,478
Alternative Uses
Best Use
Multifamily LT 5
$382.5K
$334.7K – $446.2K
NOI $26,773 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$356.2K
$311.7K – $415.5K
NOI $24,932 @ 7.0% cap · market cap 4.19%
Theoretical Best
Specialty Retail
$487.2K
$426.3K – $568.4K
NOI $34,105 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
374
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
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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 remodeled residences share a landscaped yard, finished basement space, and a separate electrified outbuilding.
Where is this duplex located?
The property is located at 424 Gold St Manchester, NH.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a remodeled duplex; 1,984 SF property built in 1976; Separate converted outbuilding with electricity and finished space
