Four-Bedroom Triplex with
For Sale
$739,900
Pending
551 Montgomery St, Manchester, NH 03102
Three apartments feature separate utilities, in-unit laundry, and updated interiors.
Property Size4,485 SF
Days on Market8
Property Features for 551 Montgomery St
General Information
Standard status
Pending
Size
4,485 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 4BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$8,572
Amenities
in-unit laundry
Listing Agency:
EXP Realty
(888) 398-7062
Listed By:
Salah Amrani
(978) 457-3571
Source:
Exprealty
Added: Sep 4
Changed: Sep 10
Last Checked: Sep 10 at 3:08PM
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 EXP Realty
Investment Insights
Based on property information with market context.
Located at 551 Montgomery St in Manchester, this triplex contains three apartments totaling 4,485 square feet. Each unit offers four bedrooms, over 1,400 square feet of living space, in-unit laundry, and updates. The first-floor apartment includes new cabinets and countertops, along with a brand-new heating system; the second- and third-floor units use newer gas space heaters.
A private rear driveway provides ample off-street parking, with additional street parking available at the front. All utilities are separately metered. The first-floor apartment is leased, while the second- and third-floor apartments are vacant, creating different occupancy configurations for an owner-occupant or investor.
A private rear driveway provides ample off-street parking, with additional street parking available at the front. All utilities are separately metered. The first-floor apartment is leased, while the second- and third-floor apartments are vacant, creating different occupancy configurations for an owner-occupant or investor.
Key Highlights
- Three‑unit triplex with 4,485 square feet total
- Each apartment has 4 bedrooms and over 1,400 square feet of living space
- In‑unit laundry in all three apartments
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
$60,523
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
8.18%
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%
$1,210,460
$1.2M
Cap Rate 7%
$864,614
$864.6K
Cap Rate 9%
$672,478
$672.5K
Market Conditions
NOI Build-Up for 4,485 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
$91.5K $20.40/SF
− Vacancy
−$5.0K −$1.12/SF
EGI
$86.5K $19.28/SF
− OpEx
−$25.9K −$5.78/SF
NOI
$60.5K $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%
$1,210,460
Cap Rate 7%
$864,614
Cap Rate 9%
$672,478
Alternative Uses
Best Use
Multifamily LT 5
$864.6K
$756.5K – $1.01M
NOI $60,523 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$805.1K
$704.5K – $939.3K
NOI $56,360 @ 7.0% cap · market cap 7.62%
Theoretical Best
Specialty Retail
$1.10M
$963.7K – $1.28M
NOI $77,097 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Explore this area
Business Placement
Demographics for 03102, NH
33,396
Population
15,264
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
9.1 sq mi
ZIP Area
3,670
Density / Sq Mi
$69,927
Median Household Income
$43,518
Median Earnings
$1,533
Median Rent
$309,400
Median Home Value
Check the figures for this property
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?
Triplex - Three apartments feature separate utilities, in-unit laundry, and updated interiors.
Where is this triplex located?
The property is located at 551 Montgomery St Manchester, NH.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: Three‑unit triplex with 4,485 square feet total; Each apartment has 4 bedrooms and over 1,400 square feet of living space; In‑unit laundry in all three apartments
