4-Unit Multifamily
For Sale
Under Contract
$825,000
575 Summer Street, Manchester, NH 03103
Multi-Family, Manchester, NH
Property Size4,320 SF
Lot Size0.12 Acres
Price / SF$190.97
Days on Market77
Property Features for 575 Summer Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential Multi Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Lot features
City Lot
Elementary school district
Manchester School District
Middle school district
Manchester School District
High school district
Manchester School District
Standard status
Active Under Contract
Size
4,320 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9537
Utilities
Heating system
Natural Gas
Water source
Public
Amenities
off-street parking
washer/dryer hookups
basement laundry hookups
Building Details
Year built
1920
Floors in Building
3
Number of units
4
Flooring type
Hardwood
Building materials
Wood Frame
Roof type
Flat
Architectural style
Other
Listing Agency:
Realty One Group Next Level
(603) 262-3500
Listed By:
Nikki Kalantzis
(603) 389-6604
Added: Jun 8
Changed: Aug 20
Last Checked: Aug 23 at 3:06PM
MLS# 5093367
Copyright © 2026 PrimeMLS. 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 4-unit multifamily property contains 4,320 square feet of living area across two 3-bedroom apartments and two 1-bedroom apartments. The wood-frame building was constructed in 1920 and includes hardwood flooring, a basement, a flat roof, and natural-gas heating. Washer and dryer hookups are installed in both 3-bedroom units, with additional laundry hookups in the basement. Public water serves the property, and off-street parking is provided.
Three apartments are occupied under month-to-month leases, while all utilities are separately metered and paid by the tenants. The property sits on a 0.12-acre lot at 575 Summer Street in Manchester, New Hampshire, and is zoned Residential Multi Family. Group showings are available by appointment during the stated Tuesday, Thursday, and Saturday time windows.
Three apartments are occupied under month-to-month leases, while all utilities are separately metered and paid by the tenants. The property sits on a 0.12-acre lot at 575 Summer Street in Manchester, New Hampshire, and is zoned Residential Multi Family. Group showings are available by appointment during the stated Tuesday, Thursday, and Saturday time windows.
Key Highlights
- 4,320 square feet of living area in a 4‑unit configuration
- Unit mix includes two 3‑bedroom apartments and two 1‑bedroom apartments
- Three of four units are occupied on month‑to‑month leases
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
$58,297
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
7.07%
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%
$1,165,940
$1.2M
Cap Rate 7%
$832,814
$832.8K
Cap Rate 9%
$647,744
$647.7K
Market Conditions
NOI Build-Up for 4,320 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
$88.1K $20.40/SF
− Vacancy
−$4.8K −$1.12/SF
EGI
$83.3K $19.28/SF
− OpEx
−$25.0K −$5.78/SF
NOI
$58.3K $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%
$1,165,940
Cap Rate 7%
$832,814
Cap Rate 9%
$647,744
Alternative Uses
Best Use
Multifamily LT 5
$832.8K
$728.7K – $971.6K
NOI $58,297 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$775.5K
$678.6K – $904.8K
NOI $54,287 @ 7.0% cap · market cap 6.58%
Theoretical Best
Specialty Retail
$1.06M
$928.3K – $1.24M
NOI $74,261 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,600
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Wood-frame quadplex with separate utility metering, off-street parking, and a flexible mix of one- and three-bedroom apartments.
Where is this quadplex located?
The property is located at 575 Summer Street Manchester, NH.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 4,320 square feet of living area in a 4‑unit configuration; Unit mix includes two 3‑bedroom apartments and two 1‑bedroom apartments; Three of four units are occupied on month‑to‑month leases
