Turn-Key Five-Unit Multifamily
For Sale
$1,325,000
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$210.69
Days on Market42
Property Features for 514 Hanover Street
General Information
Standard status
Active
Size
6,289 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
5
Building Details
Year Built
1910
Listing Agency:
Galactic Realty Group LLC
Listed By:
Matthew Brown
(603) 642-5171
Source:
Mbgre
Added: Jul 5
Changed: Aug 15
Last Checked: Aug 15 at 12:20PM
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
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 = 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
$79,030
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
5.96%
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%
$1,580,600
$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
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
$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 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%
$1,580,600
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 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.54M
$1.35M – $1.80M
NOI $108,108 @ 7.0% cap · market cap 8.16%
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
460
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?
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 $1,325,000.
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
