Two-Family Home with Detached
For Sale
$599,900
Pending
447 Hanover St, Manchester, NH 03104
Multifamily property with hardwood floors, off-street parking, and unfinished basement and attic areas.
Property Size1,703 SF
Days on Market21
Property Features for 447 Hanover St
General Information
Standard status
Pending
Size
1,703 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,864
Listing Agency:
EXP Realty
(888) 398-7062
Listed By:
Riley Walters
(617) 735-6429
Source:
Exprealty
Added: Aug 19
Changed: Sep 6
Last Checked: Sep 8 at 1:24PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This two-family property at 447 Hanover Street was built in 1900 and includes two full bathrooms and one half bathroom. Interior features include hardwood flooring, while gas-fired hot-water heat and vinyl siding serve the building. An unfinished basement and unfinished attic provide additional storage or future planning flexibility, subject to applicable verification and approvals.
The property includes a detached garage and a large paver driveway with ample off-street parking. It is located in Manchester’s Hanover Hill neighborhood, less than a mile from Elm Street and downtown Manchester. Shopping, dining, schools, public transportation, and major commuter routes are also described as nearby. Walk Score is 98 and Bike Score is 54.
The property includes a detached garage and a large paver driveway with ample off-street parking. It is located in Manchester’s Hanover Hill neighborhood, less than a mile from Elm Street and downtown Manchester. Shopping, dining, schools, public transportation, and major commuter routes are also described as nearby. Walk Score is 98 and Bike Score is 54.
Key Highlights
- Two‑family property with 2 full bathrooms and 1 half bathroom
- Detached garage plus a large paver driveway with ample off‑street parking
- Hardwood flooring, vinyl siding, and gas hot‑water heat
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
$22,981
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
3.83%
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%
$459,620
$459.6K
Cap Rate 7%
$328,300
$328.3K
Cap Rate 9%
$255,344
$255.3K
Market Conditions
NOI Build-Up for 1,703 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
$34.7K $20.40/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$32.8K $19.28/SF
− OpEx
−$9.8K −$5.78/SF
NOI
$23.0K $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%
$459,620
Cap Rate 7%
$328,300
Cap Rate 9%
$255,344
Alternative Uses
Best Use
Multifamily LT 5
$328.3K
$287.3K – $383.0K
NOI $22,981 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$305.7K
$267.5K – $356.7K
NOI $21,401 @ 7.0% cap · market cap 3.57%
Theoretical Best
Specialty Retail
$418.2K
$365.9K – $487.9K
NOI $29,275 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,576
Businesses Nearby
Explore this area
Business Placement
Demographics for 03104, NH
34,324
Population
15,715
Households
2.2
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
8.3 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,513
Median Household Income
$48,513
Median Earnings
$1,455
Median Rent
$364,200
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?
Duplex - Multifamily property with hardwood floors, off-street parking, and unfinished basement and attic areas.
Where is this duplex located?
The property is located at 447 Hanover St Manchester, NH.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑family property with 2 full bathrooms and 1 half bathroom; Detached garage plus a large paver driveway with ample off‑street parking; Hardwood flooring, vinyl siding, and gas hot‑water heat
