Two-Unit Duplex with Fenced
New
For Sale
$509,900
538 Somerville Street, Manchester, NH 03103
Two-bedroom apartments include a first-floor layout with accessibility features and private outdoor amenities.
Property Size1,680 SF
Price / SF$303.51
Days on Market5
Property Features for 538 Somerville Street
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
fenced-in yard
patio
raised garden beds
accessibility features
Building Details
Year Built
1950
Listing Agency:
Century 21 North East
Listed By:
Amy Longtin · License #7565
(978) 702-6566
Source:
Findanhhome
Added: Sep 12
Last Checked: Sep 15 at 5:20AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This 1,680-square-foot duplex, built in 1950, contains two apartments with matching two-bedroom, one-bath layouts. The first-floor unit includes accessibility features supporting single-level living. Exterior amenities include a level fenced yard, patio, and raised garden beds, along with off-street parking.
The property is located at 538 Somerville St in Manchester, NH, near shopping, dining, and commuter routes. Its two-unit configuration accommodates both owner-occupant and investment use, subject to applicable requirements.
The property is located at 538 Somerville St in Manchester, NH, near shopping, dining, and commuter routes. Its two-unit configuration accommodates both owner-occupant and investment use, subject to applicable requirements.
Key Highlights
- Two‑unit duplex with 1,680 square feet
- Each apartment offers 2 bedrooms and 1 full bath
- First‑floor unit includes accessibility features
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
$22,671
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
4.45%
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%
$453,420
$453.4K
Cap Rate 7%
$323,871
$323.9K
Cap Rate 9%
$251,900
$251.9K
Market Conditions
NOI Build-Up for 1,680 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
$34.3K $20.40/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$32.4K $19.28/SF
− OpEx
−$9.7K −$5.78/SF
NOI
$22.7K $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%
$453,420
Cap Rate 7%
$323,871
Cap Rate 9%
$251,900
Alternative Uses
Best Use
Multifamily LT 5
$323.9K
$283.4K – $377.9K
NOI $22,671 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$301.6K
$263.9K – $351.9K
NOI $21,112 @ 7.0% cap · market cap 4.14%
Theoretical Best
Specialty Retail
$412.6K
$361.0K – $481.3K
NOI $28,879 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,449
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom apartments include a first-floor layout with accessibility features and private outdoor amenities.
Where is this duplex located?
The property is located at 538 Somerville Street Manchester, NH.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,680 square feet; Each apartment offers 2 bedrooms and 1 full bath; First‑floor unit includes accessibility features
