Duplex with Updated Mechanical
New
For Sale
$449,900
481 Hall Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size1,474 SF
Lot Size0.06 Acres
Price / SF$305.22
Days on Market4
Property Features for 481 Hall Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
rx1
Rooms
Basement
Patio and Porch features
Patio, Porch, Deck
Exterior features
Deck, Patio, Enclosed Porch
Appliances
Separate Water Heater
Lot features
Corner
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Directions
corner of Laurel and Hall St
Standard status
Active
Size
1,474 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5034
Utilities
Heating system
Natural Gas
Water source
Public
Amenities
large enclosed porch
eat-in kitchen with dishwasher
built in coffee station
laundry room
hardwood floors
walk-in tile shower
built-ins
great patio area
arched doorways
good sized deck
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
Erwin Real Estate
Listed By:
Kristy Morency
(603) 345-4024
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 3 at 10:06AM
MLS# 5107503
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.
Built in 1915, this 1,474-square-foot duplex occupies a 0.06-acre corner lot at 481 Hall Street in Manchester. The property has a wood-frame structure, shingle roof, public water, natural-gas heat, and separate water heaters. Recent improvements include brand-new boilers, new hot water heaters, vinyl windows, and blown-in insulation.
The first-floor unit includes an enclosed porch, eat-in kitchen with dishwasher, built-in coffee station, laundry room, hardwood flooring, built-ins, and a tiled walk-in shower. The second floor features hardwood floors, arched doorways, built-ins, and a deck. A patio, additional deck space, and plenty of off-street parking serve the property. Each unit is responsible for its own utilities, and the property is zoned RX1.
The first-floor unit includes an enclosed porch, eat-in kitchen with dishwasher, built-in coffee station, laundry room, hardwood flooring, built-ins, and a tiled walk-in shower. The second floor features hardwood floors, arched doorways, built-ins, and a deck. A patio, additional deck space, and plenty of off-street parking serve the property. Each unit is responsible for its own utilities, and the property is zoned RX1.
Key Highlights
- 1,474‑square‑foot duplex on a 0.06‑acre corner lot
- Brand‑new boilers, new hot water heaters, vinyl windows, and blown‑in insulation
- Each unit pays its own utilities; separate water heaters included
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 utility responsibility, off-street parking, outdoor areas, and a mix of original character and modern updates.
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 0.06‑acre corner lot; Brand‑new boilers, new hot water heaters, vinyl windows, and blown‑in insulation; Each unit pays its own utilities; separate water heaters included
