Duplex with Fenced
For Sale
$535,000
440 Kelley St, Manchester, NH 03102
Two-level configuration offers seven bedrooms across two residential units with flexible occupancy options.
Property Size3,492 SF
Price / SF$153.21
Days on Market8
Property Features for 440 Kelley St
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
fenced-in yard
patio
basketball hoop
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Aaron Woods Of Badger Peabody & Smith Realty/Plymouth
Listed By:
Chadd Dempsey Real Estate Experts
(603) 472-1010
Source:
Dempseyteam
Added: Sep 4
Changed: Sep 10
Last Checked: Sep 10 at 6:41AM
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 Aaron Woods Of Badger Peabody & Smith Realty/Plymouth
Investment Insights
Based on property information with market context.
Located at 440 Kelley St in Manchester, this duplex contains two residential units arranged in an up-and-down configuration. The property provides 3,492 square feet of finished space, with 7 bedrooms and 3 bathrooms in total. Both units include galley kitchens, and the building has received updates over time. Constructed in 1930, it combines established residential character with substantial interior space.
Exterior amenities include a fenced yard, a large patio, and a basketball hoop. The layout can accommodate an owner-occupant who lives in one unit while leasing the other, or an investor seeking a two-unit residential property. Walk Score is 65, rated Somewhat Walkable, while Bike Score is 55, rated Bikeable.
Exterior amenities include a fenced yard, a large patio, and a basketball hoop. The layout can accommodate an owner-occupant who lives in one unit while leasing the other, or an investor seeking a two-unit residential property. Walk Score is 65, rated Somewhat Walkable, while Bike Score is 55, rated Bikeable.
Key Highlights
- Two‑unit duplex with 3,492 square feet of finished space
- 7 bedrooms and 3 bathrooms
- Up‑and‑down unit arrangement with galley kitchens
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
$47,123
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
8.81%
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%
$942,460
$942.5K
Cap Rate 7%
$673,186
$673.2K
Cap Rate 9%
$523,589
$523.6K
Market Conditions
NOI Build-Up for 3,492 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
$71.2K $20.40/SF
− Vacancy
−$3.9K −$1.12/SF
EGI
$67.3K $19.28/SF
− OpEx
−$20.2K −$5.78/SF
NOI
$47.1K $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%
$942,460
Cap Rate 7%
$673,186
Cap Rate 9%
$523,589
Alternative Uses
Best Use
Multifamily LT 5
$673.2K
$589.0K – $785.4K
NOI $47,123 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$626.9K
$548.5K – $731.4K
NOI $43,882 @ 7.0% cap · market cap 8.20%
Theoretical Best
Specialty Retail
$857.5K
$750.3K – $1.00M
NOI $60,027 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 03102, NH
33,396
Population
15,264
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
9.1 sq mi
ZIP Area
3,670
Density / Sq Mi
$69,927
Median Household Income
$43,518
Median Earnings
$1,533
Median Rent
$309,400
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-level configuration offers seven bedrooms across two residential units with flexible occupancy options.
Where is this duplex located?
The property is located at 440 Kelley St Manchester, NH.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,492 square feet of finished space; 7 bedrooms and 3 bathrooms; Up‑and‑down unit arrangement with galley kitchens
