Building Details

Year Built 1894

Tenancy Multi

Listing Agency: Keller Williams Realty-Metropolitan

Listed By: Kelly Erwin · License #062037 Show Phone

Source: Carolslocum

Added: Jul 21 Changed: Oct 14 Last Checked: Oct 7 at 5:04PM

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Investment Insights

Based on property information with market context.

This 4,318-square-foot mixed-use property, built in 1894, contains three units: one commercial space and two residential apartments. Separate entrances support distinct occupancy, while off-street parking adds practical functionality for the property’s occupants and visitors.

The property is located at 649 Second St in Manchester, with access to downtown, major highways, shopping, restaurants, and other area amenities. Zoning is identified as the B-2 General Business District. Specific permitted uses are subject to city verification.

Key Highlights

• 4,318‑square‑foot mixed‑use property built in 1894
• Three units: one commercial space and two residential apartments
• Located in the B‑2 General Business District

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,425

Cap Rate

5.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$708,500 $708.5K

Cap Rate 7%

$506,071 $506.1K

Cap Rate 9%

$393,611 $393.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,819 SF

Gross rent

$67.7K $24.00/SF

− Vacancy

−$3.2K −$1.15/SF

EGI

$64.4K $22.85/SF

− OpEx

−$29.0K −$10.28/SF

NOI

$35.4K $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 Rate 5%

$708,500

Cap Rate 7%

$506,071

Cap Rate 9%

$393,611

Alternative Uses

Best Use

Apartment 5plus

$506.1K

$442.8K – $590.4K (±1% cap)

NOI $35,425 @ 7.0% cap · market cap 5.06%

Second Best

Mixed Use

$449.4K

$393.3K – $524.3K (±1% cap)

NOI $31,460 @ 7.0% cap · market cap 4.49%

Theoretical Best

Specialty Retail

$692.3K

$605.7K – $807.7K (±1% cap)

NOI $48,459 @ 7.0% cap · market cap 6.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Gabe Cohen Associates Real Estate Agency Access Data Personnel Employment Agency

Suggested Use

Top Pick Garden Center Storage Facility (Bike/Boat/Book/etc) Store Building Supply Cafe & Coffee Shop Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

803

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - B-2 General Business District property with separate entrances, off-street parking, and combined commercial and residential space.

Where is this mixed-use property located?

The property is located at 649 Second St Manchester, NH.

What is the asking price?

The asking price for this property is $700,000.

What are key features of this property?

This property features: 4,318‑square‑foot mixed‑use property built in 1894; Three units: one commercial space and two residential apartments; Located in the B‑2 General Business District