Two-Unit Duplex with Separate
For Sale
$499,000
644 Pine Street, Manchester, NH 03104
Residential Income, Manchester, NH
Property Size2,136 SF
Lot Size0.09 Acres
Price / SF$233.61
Days on Market50
Property Features for 644 Pine Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Parking
6
Directions
Use GPS.
Standard status
Active
APN
340722
Size
2,136 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6185
Amenities
in-unit laundry
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Listing Agency:
RE/MAX Triumph Realty · RE/MAX International
(978) 262-9665
Listed By:
Paul Dunton · License #9067637
(978) 857-0351
Added: Jul 8
Changed: Aug 19
Last Checked: Aug 26 at 6:06AM
MLS# 73546681
Copyright © 2026 MLS Property Information Network Inc. 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 two-unit duplex at 644 Pine Street features a shared front entrance with separate back entrances for each unit. Both units include their own laundry. The first-floor unit is currently occupied, while the second-floor unit is vacant.
Each unit has its own parking, and the home is set up with separate heating, hot water, and electrical services. With a total property size of 2,136 SF on a 0.09-acre lot, the duplex was built in 1920 and is zoned Res.
The layout supports either an owner-occupied scenario or a straightforward way to begin with new tenancy. With separate access and independent utilities, day-to-day operations can be simplified for each unit.
Each unit has its own parking, and the home is set up with separate heating, hot water, and electrical services. With a total property size of 2,136 SF on a 0.09-acre lot, the duplex was built in 1920 and is zoned Res.
The layout supports either an owner-occupied scenario or a straightforward way to begin with new tenancy. With separate access and independent utilities, day-to-day operations can be simplified for each unit.
Key Highlights
- Two‑unit duplex with shared front entrance and separate back entrances
- Both units have their own laundry
- First‑floor unit currently occupied; second‑floor unit 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
50%
Occupancy
Yes
Utilities to site
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with in-unit laundry, shared front entrance and separate back entrances, plus separate utilities.
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‑unit duplex with shared front entrance and separate back entrances; Both units have their own laundry; First‑floor unit currently occupied; second‑floor unit vacant
