Duplex with Updated Building
New
For Sale
$449,900
481 Hall Street, Manchester, NH 03103
Two-unit property with separate utilities, off-street parking, porches, decks, and residential interiors featuring hardwood flooring.
Property Size1,474 SF
Price / SF$305.22
Days on Market2
Property Features for 481 Hall Street
General Information
Standard status
Active
Size
1,474 SF
Property subtype
Multi Family
Zoning
rx1
Taxes and HOA fees
Annual Taxes
$5,034
Amenities
enclosed porch
eat-in kitchen with dishwasher
built in coffee station
laundry room
hardwood floors
walk-in tile shower
built-ins
patio area
deck
Building Details
Year Built
1915
Stories
2
Listing Agency:
Erwin Real Estate
Listed By:
Kristy Morency
(603) 345-4024
Source:
Laerrealty
Added: Sep 2
Last Checked: Sep 2 at 2:22PM
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 Erwin Real Estate
Investment Insights
Based on property information with market context.
This duplex contains 1,474 square feet and was built in 1915. The property includes two residential units, with each unit paying its own utilities. Building updates include boilers, hot water heaters, vinyl windows, and blown-in insulation. Interior details include hardwood flooring, built-in storage, and distinctive arched doorways. The first-floor unit offers an enclosed porch, eat-in kitchen with dishwasher, coffee station, laundry room, and tile shower. The second-floor unit includes a deck, while the property also has a patio and off-street parking.
Positioned on a corner lot near a park, the property is located at 481 Hall Street in Manchester, New Hampshire. Zoning is RX1, and the property is offered with tenants at will.
Positioned on a corner lot near a park, the property is located at 481 Hall Street in Manchester, New Hampshire. Zoning is RX1, and the property is offered with tenants at will.
Key Highlights
- 1,474‑square‑foot duplex on a corner lot near a park
- Built in 1915 with updated boilers, hot water heaters, vinyl windows, and blown‑in insulation
- Each unit pays its own utilities; tenancy is TAW
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
$19,891
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
4.42%
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%
$397,820
$397.8K
Cap Rate 7%
$284,157
$284.2K
Cap Rate 9%
$221,011
$221.0K
Market Conditions
NOI Build-Up for 1,474 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
$30.1K $20.40/SF
− Vacancy
−$1.7K −$1.12/SF
EGI
$28.4K $19.28/SF
− OpEx
−$8.5K −$5.78/SF
NOI
$19.9K $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%
$397,820
Cap Rate 7%
$284,157
Cap Rate 9%
$221,011
Alternative Uses
Best Use
Multifamily LT 5
$284.2K
$248.6K – $331.5K
NOI $19,891 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$264.6K
$231.5K – $308.7K
NOI $18,523 @ 7.0% cap · market cap 4.12%
Theoretical Best
Specialty Retail
$362.0K
$316.7K – $422.3K
NOI $25,338 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,586
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?
Duplex - Two-unit property with separate utilities, off-street parking, porches, decks, and residential interiors featuring hardwood flooring.
Where is this duplex located?
The property is located at 481 Hall Street Manchester, NH.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 1,474‑square‑foot duplex on a corner lot near a park; Built in 1915 with updated boilers, hot water heaters, vinyl windows, and blown‑in insulation; Each unit pays its own utilities; tenancy is TAW
