Two-Family Residential Income
For Sale
$499,000
644 Pine Street, Manchester, NH 03104
Well-positioned two-unit property with in-unit laundry, separate utilities, and dedicated parking for both units.
Property Size2,136 SF
Price / SF$233.61
Days on Market54
Property Features for 644 Pine Street
General Information
Standard status
Active
Size
2,136 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
RE/MAX Triumph Realty
(978) 804-2242
Listed By:
Dawn Sylvester · License #53883
(978) 804-2242
Source:
Lockandkeyre
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 29 at 9:53AM
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 RE/MAX Triumph Realty
Investment Insights
Based on property information with market context.
This two-family residential income property includes two separate units, with laundry facilities available in each unit. The first-floor unit is currently occupied, while the second-floor unit is vacant and ready for immediate occupancy. The property features shared front entrance with separate back entrances for each unit.
Both units include their own parking. Utilities are separated, with separate heating, hot water, and electrical services for each unit.
The current setup supports either owner-occupancy with a tenant on the other level or leasing both units. Shared access at the front and separate entrances at the rear provide practical day-to-day separation between the units.
Both units include their own parking. Utilities are separated, with separate heating, hot water, and electrical services for each unit.
The current setup supports either owner-occupancy with a tenant on the other level or leasing both units. Shared access at the front and separate entrances at the rear provide practical day-to-day separation between the units.
Key Highlights
- Two‑family property built in 1920 with two separate units
- Each unit includes its own laundry
- First‑floor unit is currently occupied; second‑floor unit is vacant
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
$28,824
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
5.78%
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%
$576,480
$576.5K
Cap Rate 7%
$411,771
$411.8K
Cap Rate 9%
$320,267
$320.3K
Market Conditions
NOI Build-Up for 2,136 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
$43.6K $20.40/SF
− Vacancy
−$2.4K −$1.12/SF
EGI
$41.2K $19.28/SF
− OpEx
−$12.4K −$5.78/SF
NOI
$28.8K $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%
$576,480
Cap Rate 7%
$411,771
Cap Rate 9%
$320,267
Alternative Uses
Best Use
Multifamily LT 5
$411.8K
$360.3K – $480.4K
NOI $28,824 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$383.5K
$335.5K – $447.4K
NOI $26,842 @ 7.0% cap · market cap 5.38%
Theoretical Best
Specialty Retail
$524.5K
$459.0K – $612.0K
NOI $36,718 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,337
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-positioned two-unit property with in-unit laundry, separate utilities, and dedicated parking for both units.
Where is this duplex located?
The property is located at 644 Pine Street Manchester, NH.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑family property built in 1920 with two separate units; Each unit includes its own laundry; First‑floor unit is currently occupied; second‑floor unit is vacant
