Character-Rich Residential
For Sale
$800,000
495 Concord Street #497 tenant occupied, Manchester, NH 03104
Two separately finished homes offer bonus rooms, private basements, and covered outdoor spaces.
Property Size3,504 SF
Price / SF$160.97
Days on Market42
Property Features for 495 Concord Street #497 tenant occupied
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Multi Family Home
Zoning
Residential
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,636
Amenities
original woodwork
vintage fireplace mantels with working fireplaces
updated kitchen
separate full basements
covered front porch
covered rear deck porches
fenced divider
Building Details
Building Size
3,504 SF
Year Built
1890
Buildings
1
Stories
3
Units
2
Listing Agency:
Bhg Masiello Concord
(603) 340-1152
Listed By:
Mary Graziano
(603) 340-1152
Source:
Threehillsres
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 5:00PM
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 Bhg Masiello Concord
Investment Insights
Based on property information with market context.
This residential duplex contains two distinct units, each with three bedrooms, one full bathroom, one half bathroom, and a second-floor bonus room suitable for flexible household use. Separate full basements serve each unit. Interior character includes original woodwork and vintage fireplace mantels with working fireplaces, complemented by updated kitchens. Each side also includes a covered front porch and covered rear deck porch, while a fenced divider separates the outdoor areas. The roof was replaced 4 years ago.
The property is located at 495 Concord Street in Manchester, within the Hanover Hill area. It has been owner-occupied for 20 years while also generating rental income, providing a documented blend of residential use and income-producing functionality. Residential zoning applies, and the property includes two dwelling units under one ownership.
The property is located at 495 Concord Street in Manchester, within the Hanover Hill area. It has been owner-occupied for 20 years while also generating rental income, providing a documented blend of residential use and income-producing functionality. Residential zoning applies, and the property includes two dwelling units under one ownership.
Key Highlights
- Two‑unit residential property at 495 Concord Street, Manchester, NH 03104
- Each unit includes 3 bedrooms, 1 full bath, 1 half bath, and a second‑floor bonus room
- Separate full basements provide dedicated lower‑level space for each unit
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
$67,068
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
8.38%
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%
$1,341,360
$1.3M
Cap Rate 7%
$958,114
$958.1K
Cap Rate 9%
$745,200
$745.2K
Market Conditions
NOI Build-Up for 4,970 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
$101.4K $20.40/SF
− Vacancy
−$5.6K −$1.12/SF
EGI
$95.8K $19.28/SF
− OpEx
−$28.7K −$5.78/SF
NOI
$67.1K $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%
$1,341,360
Cap Rate 7%
$958,114
Cap Rate 9%
$745,200
Alternative Uses
Best Use
Multifamily LT 5
$958.1K
$838.4K – $1.12M
NOI $67,068 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$892.2K
$780.7K – $1.04M
NOI $62,455 @ 7.0% cap · market cap 7.81%
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,434 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
353
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 - Two separately finished homes offer bonus rooms, private basements, and covered outdoor spaces.
Where is this duplex located?
The property is located at 495 Concord Street #497 tenant occupied Manchester, NH.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two‑unit residential property at 495 Concord Street, Manchester, NH 03104; Each unit includes 3 bedrooms, 1 full bath, 1 half bath, and a second‑floor bonus room; Separate full basements provide dedicated lower‑level space for each unit
