Turnkey Triplex with Long-Term
For Sale
$689,900
67 Pennacook St, Manchester, NH 03104
Three-unit property includes a two-way entry duplex plus an attached 2-bedroom accessory dwelling.
Property Size3,069 SF
Price / SF$224.80
Days on Market51
Property Features for 67 Pennacook St
General Information
Standard status
Active
Size
3,069 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
BHHS Verani Londonderry
Listed By:
Betty Mak
(603) 548-6047
Source:
Lawanaandcompany
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 9 at 10:51PM
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 BHHS Verani Londonderry
Investment Insights
Based on property information with market context.
Located at 67 Pennacook Street in Manchester’s North End, this well-maintained multi-family offering combines two distinct buildings into one package. The main dwelling is set up as a two-way entry duplex, with two spacious units, each featuring 2 bedrooms, 1 full bath, and a wide, functional kitchen. Attached to the property is a second dwelling configured as an in-law suite or ADU, offering 2 bedrooms and 1.5 baths.
As of today, two of the three units are currently occupied by long-term tenants with 10+ years of tenure. The triplex is presented as delivering guaranteed rental income of $43,000+ annually. Recent upgrades include backyard fencing, brand-new gas boilers, and a new water heater.
Private showings begin 7/22/2026 (Wed.).
As of today, two of the three units are currently occupied by long-term tenants with 10+ years of tenure. The triplex is presented as delivering guaranteed rental income of $43,000+ annually. Recent upgrades include backyard fencing, brand-new gas boilers, and a new water heater.
Private showings begin 7/22/2026 (Wed.).
Key Highlights
- Three‑unit multi‑family in Manchester’s North End: two‑way entry duplex plus an attached 2‑bedroom ADU/in‑law unit.
- Duplex layout includes two units, each with 2 bedrooms and 1 full bath, plus wide, functional kitchens.
- Attached ADU offers 2 bedrooms and 1.5 baths for extended family use or additional rental income.
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
$41,415
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
6.00%
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%
$828,300
$828.3K
Cap Rate 7%
$591,643
$591.6K
Cap Rate 9%
$460,167
$460.2K
Market Conditions
NOI Build-Up for 3,069 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
$62.6K $20.40/SF
− Vacancy
−$3.4K −$1.12/SF
EGI
$59.2K $19.28/SF
− OpEx
−$17.7K −$5.78/SF
NOI
$41.4K $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%
$828,300
Cap Rate 7%
$591,643
Cap Rate 9%
$460,167
Alternative Uses
Best Use
Multifamily LT 5
$591.6K
$517.7K – $690.3K
NOI $41,415 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$550.9K
$482.1K – $642.8K
NOI $38,566 @ 7.0% cap · market cap 5.59%
Theoretical Best
Specialty Retail
$753.7K
$659.5K – $879.3K
NOI $52,756 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property includes a two-way entry duplex plus an attached 2-bedroom accessory dwelling.
Where is this triplex located?
The property is located at 67 Pennacook St Manchester, NH.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Three‑unit multi‑family in Manchester’s North End: two‑way entry duplex plus an attached 2‑bedroom ADU/in‑law unit.; Duplex layout includes two units, each with 2 bedrooms and 1 full bath, plus wide, functional kitchens.; Attached ADU offers 2 bedrooms and 1.5 baths for extended family use or additional rental income.
