Three-Unit Mixed-Use
For Sale
$700,000
649 Second St, Manchester, NH 03102
B-2 General Business District property with separate entrances, off-street parking, and combined commercial and residential space.
Property Size2,819 SF
Price / SF$248.32
Days on Market45
Property Features for 649 Second St
General Information
Standard status
Active
Size
2,819 SF
Property subtype
Multi-Family
Zoning
B-2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Amenities
separate entrances
off-street parking
Building Details
Year Built
1894
Tenancy
Multi
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Kelly Erwin
(603) 232-8282
Source:
Amranifinehome
Added: Jul 21
Changed: Aug 28
Last Checked: Sep 1 at 8:54PM
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 Keller Williams Realty-Metropolitan
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.
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 = 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
$35,425
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
5.06%
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%
$708,500
$708.5K
Cap Rate 7%
$506,071
$506.1K
Cap Rate 9%
$393,611
$393.6K
Market Conditions
NOI Build-Up for 2,819 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
$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 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%
$708,500
Cap Rate 7%
$506,071
Cap Rate 9%
$393,611
Alternative Uses
Best Use
Apartment 5plus
$506.1K
$442.8K – $590.4K
NOI $35,425 @ 7.0% cap · market cap 5.06%
Second Best
Mixed Use
$449.4K
$393.3K – $524.3K
NOI $31,460 @ 7.0% cap · market cap 4.49%
Theoretical Best
Specialty Retail
$692.3K
$605.7K – $807.7K
NOI $48,459 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
