Renovated Four-Unit
For Sale
$799,900
475 wilson Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size3,547 SF
Lot Size0.13 Acres
Price / SF$225.51
Days on Market10
Property Features for 475 wilson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
mx-2
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 8, Bathroom 3, Bathroom 5, Bedroom 9, Bathroom 1, Bedroom 4, Basement, Bedroom 1, Bathroom 6, Bedroom 7, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3
Lot features
City Lot, Corner
Standard status
Active
Size
3,547 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8386
Utilities
Heating system
Natural Gas, Steam, Oil
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Synergy · RE/MAX International
(603) 472-3900
Listed By:
Andrew Caudill
(603) 647-8000
Added: Aug 24
Changed: Sep 1
Last Checked: Sep 2 at 4:06PM
MLS# 5106438
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Manchester quadplex contains 3,547 square feet across four residences: one four-bedroom, one-and-a-half-bath unit; one three-bedroom, two-bath unit; and two one-bedroom, one-bath units. The apartments were renovated as they turned over, and all are currently leased at market rates except the three-bedroom unit, which is scheduled for delivery vacant at closing. The property includes off-street parking for four vehicles and sits on a 5,460-square-foot lot. Construction is wood frame with vinyl siding, while heating includes natural gas, steam, and oil systems. Public water serves the property, and the roof is shingle. Built in 1920, the property is zoned MX-2 and located at 475 Wilson Street in Manchester, New Hampshire.
Key Highlights
- Four residential units with a 4BR/1.5BA, 3BR/2BA, and two 1BR/1BA layouts
- 3,547 square feet on a 0.13‑acre lot
- All four units renovated at turnover
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
$47,865
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
5.98%
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%
$957,300
$957.3K
Cap Rate 7%
$683,786
$683.8K
Cap Rate 9%
$531,833
$531.8K
Market Conditions
NOI Build-Up for 3,547 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
$72.4K $20.40/SF
− Vacancy
−$4.0K −$1.12/SF
EGI
$68.4K $19.28/SF
− OpEx
−$20.5K −$5.78/SF
NOI
$47.9K $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%
$957,300
Cap Rate 7%
$683,786
Cap Rate 9%
$531,833
Alternative Uses
Best Use
Multifamily LT 5
$683.8K
$598.3K – $797.8K
NOI $47,865 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$636.8K
$557.2K – $742.9K
NOI $44,573 @ 7.0% cap · market cap 5.57%
Theoretical Best
Specialty Retail
$871.0K
$762.2K – $1.02M
NOI $60,973 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Multifamily property with varied unit layouts, off-street parking, and one residence available for owner occupancy at closing.
Where is this quadplex located?
The property is located at 475 wilson Street Manchester, NH.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four residential units with a 4BR/1.5BA, 3BR/2BA, and two 1BR/1BA layouts; 3,547 square feet on a 0.13‑acre lot; All four units renovated at turnover
