Duplex with Original
For Sale
$800,000
Pending
495 Concord Street, Manchester, NH 03104
Manchester, NH
Property Size3,504 SF
Days on Market26
Property Features for 495 Concord Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Elementary school
McDonough School
Middle school
Hillside Middle School
High school
Manchester Central High Sch
Elementary school district
Manchester Sch Dst SAU #37
Middle school district
Manchester Sch Dst SAU #37
High school district
Manchester Sch Dst SAU #37
Standard status
Pending
Size
3,504 SF
Amenities
working fireplaces
updated kitchen
full basements
covered front porch
covered rear deck
fenced yard
Building Details
Year built
1890
Listing Agency:
Concord, New Hampshire · Better Homes and Gardens Real Estate
(603) 228-0151
Listed By:
Mary Graziano
(603) 228-0151
Added: Aug 1
Changed: Aug 26
Last Checked: Aug 26 at 8:06AM
MLS# 5100499
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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 two-unit residential property contains 3,504 square feet of living space, with each unit offering three bedrooms, one full bathroom, one half bathroom, and a second-floor bonus room suitable for office, den, or playroom use. Separate full basements provide additional storage and utility space. Interior character includes original woodwork and vintage fireplace mantels with working fireplaces, while updated kitchens add modern functionality.
Outdoor features include a covered front porch, covered rear deck porches, and a fenced divider separating the exterior areas. The roof was replaced four years ago. The property has been owner-occupied for 20 years while generating rental income. Located in Manchester’s Hanover Hill area at 495 Concord Street, the property also carries a potential subdivision concept for construction of another home, subject to required approvals.
Outdoor features include a covered front porch, covered rear deck porches, and a fenced divider separating the exterior areas. The roof was replaced four years ago. The property has been owner-occupied for 20 years while generating rental income. Located in Manchester’s Hanover Hill area at 495 Concord Street, the property also carries a potential subdivision concept for construction of another home, subject to required approvals.
Key Highlights
- 3,504 square feet of living space across two residential units
- Each unit has 3 bedrooms, 1 full bath, 1 half bath, and a second‑floor bonus room
- Separate full basements serve 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
$47,285
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
5.91%
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%
$945,700
$945.7K
Cap Rate 7%
$675,500
$675.5K
Cap Rate 9%
$525,389
$525.4K
Market Conditions
NOI Build-Up for 3,504 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
$71.5K $20.40/SF
− Vacancy
−$3.9K −$1.12/SF
EGI
$67.6K $19.28/SF
− OpEx
−$20.3K −$5.78/SF
NOI
$47.3K $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%
$945,700
Cap Rate 7%
$675,500
Cap Rate 9%
$525,389
Alternative Uses
Best Use
Multifamily LT 5
$675.5K
$591.1K – $788.1K
NOI $47,285 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$629.0K
$550.4K – $733.9K
NOI $44,033 @ 7.0% cap · market cap 5.50%
Theoretical Best
Specialty Retail
$860.5K
$752.9K – $1.00M
NOI $60,234 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,253
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 - Each residence includes multiple bedrooms, flexible bonus space, and a private outdoor area.
Where is this duplex located?
The property is located at 495 Concord Street 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: 3,504 square feet of living space across two residential units; Each unit has 3 bedrooms, 1 full bath, 1 half bath, and a second‑floor bonus room; Separate full basements serve each unit
