Fully Renovated 6-Unit Apartment
For Sale
$1,399,999
637 Harvard Street, Manchester, NH 03103
Turn-key, fully renovated six-unit multifamily with courtyard, off-street parking, and new mechanical and electrical systems.
Property Size4,413 SF
Price / SF$317.24
Days on Market110
Property Features for 637 Harvard Street
General Information
Standard status
Active
Size
4,413 SF
Property subtype
Multi-family
Building Details
Year Built
1914
Listing Agency:
Anagnost Realty & Development
(603) 856-7169
Listed By:
Matthew Bacon
(603) 352-5533
Source:
Hgjohnsonrealestate
Added: May 7
Changed: Aug 23
Last Checked: Aug 24 at 6:48AM
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 Anagnost Realty & Development
Investment Insights
Based on property information with market context.
This turn-key six-unit apartment building was fully renovated, insulated, and remodeled, including an approved conversion from a five-unit to a six-unit configuration. The property is reported to have completed plot plan, certificate of occupancy (COC), permits, and inspection requirements tied to the unit conversion. Building improvements highlighted in the materials include new electrical, three new Rinnai direct-vent heaters, updated LED lighting, and life safety upgrades. Interior finishes noted include solid surface counters (mostly quartz), new fixtures and sinks. A new roof was installed in December 2023, and the owner reports only two total maintenance calls for repair in 2025.
The property includes a courtyard and off-street parking on a “nice lot,” along with a two-car garage with loft that is included with the building. The address is 637 Harvard St, Manchester, NH 03103.
For buyers seeking a delivered, ready-to-operate multifamily, the asset is presented as stabilized following the deep rehab completed in 2023, with all six units leased up in less than three weeks after city sign-off for occupancy. The materials also note a reported 7.47% cap rate and mention that the garage can still be rented to a third party for additional income.
The property includes a courtyard and off-street parking on a “nice lot,” along with a two-car garage with loft that is included with the building. The address is 637 Harvard St, Manchester, NH 03103.
For buyers seeking a delivered, ready-to-operate multifamily, the asset is presented as stabilized following the deep rehab completed in 2023, with all six units leased up in less than three weeks after city sign-off for occupancy. The materials also note a reported 7.47% cap rate and mention that the garage can still be rented to a third party for additional income.
Key Highlights
- Fully renovated 6‑unit multifamily converted from a 5‑unit with permits, variances, plot plan, COC, and inspections completed
- All six units leased up in under 3 weeks after city sign‑off for occupancy following deep rehab in 2023
- New roof installed Dec 2023, plus new electrical and 3 new Rinnai direct vent heaters
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
$55,456
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
3.96%
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%
$1,109,120
$1.1M
Cap Rate 7%
$792,229
$792.2K
Cap Rate 9%
$616,178
$616.2K
Market Conditions
NOI Build-Up for 4,413 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
$105.9K $24.00/SF
− Vacancy
−$5.1K −$1.15/SF
EGI
$100.8K $22.85/SF
− OpEx
−$45.4K −$10.28/SF
NOI
$55.5K $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%
$1,109,120
Cap Rate 7%
$792,229
Cap Rate 9%
$616,178
Alternative Uses
Best Use
Apartment 5plus
$792.2K
$693.2K – $924.3K
NOI $55,456 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$948.2K – $1.26M
NOI $75,859 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Turn-key, fully renovated six-unit multifamily with courtyard, off-street parking, and new mechanical and electrical systems.
Where is this apartment building located?
The property is located at 637 Harvard Street Manchester, NH.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Fully renovated 6‑unit multifamily converted from a 5‑unit with permits, variances, plot plan, COC, and inspections completed; All six units leased up in under 3 weeks after city sign‑off for occupancy following deep rehab in 2023; New roof installed Dec 2023, plus new electrical and 3 new Rinnai direct vent heaters
