Renovation-Ready Duplex with Detached
New
For Sale
$475,000
735 Belmont Street, Manchester, NH 03104
Two-unit property with one established residence and a vacant upper unit under renovation.
Property Size2,396 SF
Price / SF$198.25
Days on Market5
Property Features for 735 Belmont Street
General Information
Standard status
Active
Size
2,396 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
mid-renovation
Additional Details
Multifamily Units
2
Amenities
detached garage
backyard
separate porch areas
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Jason Lepine · License #287735
(603) 801-6789
Source:
Welcomeaboderealty
Added: Sep 4
Last Checked: Sep 8 at 3:57AM
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.
Built in 1910, this duplex includes a first-floor residence with 2 bedrooms and an upper residence arranged across the second and third floors. The upper unit is vacant and mid-renovation, with work already underway and additional areas remaining to be completed. Its planned layout includes 2 bedrooms and 2 bathrooms, with a possible third bedroom subject to City approval.
The property at 735-737 Belmont Street in Manchester also includes a detached garage, backyard, and separate porch areas serving each unit. Walk Score is 83, rated Very Walkable, while Bike Score is 62, rated Bikeable. The existing first-floor unit and unfinished upper residence create a duplex configuration with renovation work still in progress.
The property at 735-737 Belmont Street in Manchester also includes a detached garage, backyard, and separate porch areas serving each unit. Walk Score is 83, rated Very Walkable, while Bike Score is 62, rated Bikeable. The existing first-floor unit and unfinished upper residence create a duplex configuration with renovation work still in progress.
Key Highlights
- Duplex with a 2‑bedroom first‑floor unit
- Upper residence spans the second and third floors
- Vacant upper unit is mid‑renovation
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
$32,333
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
6.81%
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%
$646,660
$646.7K
Cap Rate 7%
$461,900
$461.9K
Cap Rate 9%
$359,256
$359.3K
Market Conditions
NOI Build-Up for 2,396 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
$48.9K $20.40/SF
− Vacancy
−$2.7K −$1.12/SF
EGI
$46.2K $19.28/SF
− OpEx
−$13.9K −$5.78/SF
NOI
$32.3K $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%
$646,660
Cap Rate 7%
$461,900
Cap Rate 9%
$359,256
Alternative Uses
Best Use
Multifamily LT 5
$461.9K
$404.2K – $538.9K
NOI $32,333 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$430.1K
$376.4K – $501.8K
NOI $30,109 @ 7.0% cap · market cap 6.34%
Theoretical Best
Specialty Retail
$588.4K
$514.8K – $686.5K
NOI $41,187 @ 7.0% cap · market cap 8.67%
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
464
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 - Two-unit property with one established residence and a vacant upper unit under renovation.
Where is this duplex located?
The property is located at 735 Belmont Street Manchester, NH.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex with a 2‑bedroom first‑floor unit; Upper residence spans the second and third floors; Vacant upper unit is mid‑renovation
