Turn-Key Five-Unit Multifamily
For Sale
$1,300,000
514 Hanover Street, Manchester, NH 03104
Five-unit, turn-key multifamily property with a mix of 1- to 4-bedroom units and an unfinished attic for potential expansion.
Property Size6,289 SF
Price / SF$206.71
Days on Market118
Property Features for 514 Hanover Street
General Information
Standard status
Active
Size
6,289 SF
Property subtype
Multi-family
Site & Location
Neighborhood
Hanover Hill
Additional Details
Multifamily Units
5
Building Details
Year Built
1910
Listing Agency:
Galactic Realty Group LLC
Listed By:
Matthew Brown
(603) 296-5584
Source:
Mbgre
Added: Jul 7
Changed: Oct 31
Last Checked: Oct 30 at 7:10PM
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 Galactic Realty Group LLC
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Investment Insights
Based on property information with market context.
This turn-key five-unit multifamily building offers a diversified unit mix, including one large 4-bedroom/3-bath unit, one 2-bedroom/2-bath unit, one 2-bedroom/1-bath unit, and two 1-bedroom/1-bath units. The property also includes an unfinished attic that may provide future expansion possibilities. For utilities, tenants pay their own electric and natural gas for baseboard heating, while the landlord covers hot water.
The property is located at 514 Hanover Street in Manchester, New Hampshire.
The offering is presented as a low-maintenance, stabilized income property with an emphasis on existing rental performance.
The property is located at 514 Hanover Street in Manchester, New Hampshire.
The offering is presented as a low-maintenance, stabilized income property with an emphasis on existing rental performance.
Key Highlights
- 5‑unit multifamily property with unit mix of 4BD/3BA, 2BD/2BA, 2BD/1BA, and two 1BD/1BA units
- Unfinished attic offers potential for future expansion
- Year built: 1910
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,030
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,580,600
$1.6M
Cap Rate 7%
$1,129,000
$1.1M
Cap Rate 9%
$878,111
$878.1K
Market Conditions
NOI Build-Up for 6,289 SF
Gross rent
$150.9K $24.00/SF
− Vacancy
−$7.2K −$1.15/SF
EGI
$143.7K $22.85/SF
− OpEx
−$64.7K −$10.28/SF
NOI
$79.0K $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 Rate 5%
$1,580,600
Cap Rate 7%
$1,129,000
Cap Rate 9%
$878,111
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$987.9K – $1.32M
NOI $79,030 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.54M
$1.35M – $1.80M
NOI $108,108 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,253
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit, turn-key multifamily property with a mix of 1- to 4-bedroom units and an unfinished attic for potential expansion.
Where is this apartment building located?
The property is located at 514 Hanover Street Manchester, NH.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 5‑unit multifamily property with unit mix of 4BD/3BA, 2BD/2BA, 2BD/1BA, and two 1BD/1BA units; Unfinished attic offers potential for future expansion; Year built: 1910
