Renovated 5-Unit Apartment
For Sale
$1,100,000
494 Wilson St, Manchester, NH 03103
Updated multifamily property with varied bedroom layouts and in-unit laundry hookups.
Property Size5,884 SF
Price / SF$186.95
Days on Market8
Property Features for 494 Wilson St
General Information
Standard status
Active
Size
5,884 SF
Property subtype
Residential Income
Net Operating Income
$100,000
Units
Unit Mix
1 x 4BR, 2 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
5
Additional Details
Cap Rate
9%
Taxes and HOA fees
Annual Taxes
$11,425
Amenities
washer/dryer hookups
Listing Agency:
eXp Realty LLC
(978) 270-5225
Listed By:
AJ Pappas · License #452001651
(978) 270-5225
Source:
Exprealty
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 30 at 7:39PM
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 LLC
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains a varied mix of one 4-bedroom, two 3-bedroom, one 2-bedroom, and one 1-bedroom residence. Interior updates include vinyl plank flooring, refreshed wood cabinetry, new paint, and bathroom vanities with modern fixtures. Each apartment includes washer and dryer hookups, while street parking is available nearby.
The property is located at 494 Wilson St in Manchester, New Hampshire, on the city’s East Side. Tenants separately pay heat, hot water, and electricity, supporting distinct utility responsibility by unit. The building contains 5,884 square feet and is reported at a 9.0% cap rate when fully occupied.
The property is located at 494 Wilson St in Manchester, New Hampshire, on the city’s East Side. Tenants separately pay heat, hot water, and electricity, supporting distinct utility responsibility by unit. The building contains 5,884 square feet and is reported at a 9.0% cap rate when fully occupied.
Key Highlights
- 5‑unit apartment property totaling 5,884 square feet
- Unit mix includes 4‑bedroom, 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
- Updated interiors feature vinyl plank flooring, wood cabinets, paint, and bathroom vanities
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
$73,941
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
6.72%
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%
$1,478,820
$1.5M
Cap Rate 7%
$1,056,300
$1.1M
Cap Rate 9%
$821,567
$821.6K
Market Conditions
NOI Build-Up for 5,884 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
$141.2K $24.00/SF
− Vacancy
−$6.8K −$1.15/SF
EGI
$134.4K $22.85/SF
− OpEx
−$60.5K −$10.28/SF
NOI
$73.9K $12.57/SF
Area
Manchester, NH
Vacancy
4.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,478,820
Cap Rate 7%
$1,056,300
Cap Rate 9%
$821,567
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$924.3K – $1.23M
NOI $73,941 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.69M
NOI $101,146 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,576
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?
Apartment building - Updated multifamily property with varied bedroom layouts and in-unit laundry hookups.
Where is this apartment building located?
The property is located at 494 Wilson St Manchester, NH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5‑unit apartment property totaling 5,884 square feet; Unit mix includes 4‑bedroom, 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments; Updated interiors feature vinyl plank flooring, wood cabinets, paint, and bathroom vanities
