Duplex with Slate
New
For Sale
$477,900
90 Appleton Street, Manchester, NH 03104
Multi-Family, Manchester, NH
Property Size2,118 SF
Lot Size0.17 Acres
Price / SF$225.64
Days on Market1
Property Features for 90 Appleton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1B
Bedrooms
3
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Basement
Parking features
Garage, Driveway, Off Street
Patio and Porch features
Deck, Porch
Exterior features
Deck, Garden Space, Covered Porch, Enclosed Porch, Storage
Lot features
Corner, Curbing, Sidewalks
Directions
Corner of Appleton and Ray streets, one block north of Webster St, 3 blocks east of Elm St.
Standard status
Active
Size
2,118 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7254
Utilities
Heating system
Other (Heating), Baseboard
Water source
Public
Building Details
Year built
1895
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Vinyl Exterior
Roof type
Slate
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Cynthia Marple, RE Broker
(603) 228-9002
Listed By:
Cynthia Marple
(603) 783-9300
Added: Sep 24
Last Checked: Sep 24 at 11:06PM
MLS# 5111320
Copyright © 2026 PrimeMLS. 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 2,118-square-foot duplex, built in 1895, sits on a 0.17-acre corner lot in Manchester. The building has wood framing, vinyl exterior siding, a slate roof, and original hardwood flooring. A two-car garage and driveway provide parking. The two units have separate utilities; heating includes upstairs radiators and downstairs baseboards, both fueled by natural gas.
A full basement includes a washer and dryer, while the second-floor unit has an unheated storage room and access to a walk-up attic. Exterior features include a deck, garden space, and covered and enclosed porches. The property is habitable but needs updating and repairs, including paint and door work.
A full basement includes a washer and dryer, while the second-floor unit has an unheated storage room and access to a walk-up attic. Exterior features include a deck, garden space, and covered and enclosed porches. The property is habitable but needs updating and repairs, including paint and door work.
Key Highlights
- 2,118 square feet on a 0.17‑acre corner lot
- Two‑car garage plus driveway parking
- Separate utilities; natural gas fuels upstairs radiators and downstairs baseboards
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
$28,582
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
5.98%
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%
$571,640
$571.6K
Cap Rate 7%
$408,314
$408.3K
Cap Rate 9%
$317,578
$317.6K
Market Conditions
NOI Build-Up for 2,118 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
$43.2K $20.40/SF
− Vacancy
−$2.4K −$1.12/SF
EGI
$40.8K $19.28/SF
− OpEx
−$12.2K −$5.78/SF
NOI
$28.6K $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%
$571,640
Cap Rate 7%
$408,314
Cap Rate 9%
$317,578
Alternative Uses
Best Use
Multifamily LT 5
$408.3K
$357.3K – $476.4K
NOI $28,582 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$380.2K
$332.7K – $443.6K
NOI $26,616 @ 7.0% cap · market cap 5.57%
Theoretical Best
Specialty Retail
$520.1K
$455.1K – $606.8K
NOI $36,408 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,076
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
Check the figures for this property
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?
Duplex - Separate utilities serve the two units, and the property includes a full basement and walk-up attic.
Where is this duplex located?
The property is located at 90 Appleton Street Manchester, NH.
What is the asking price?
The asking price for this property is $477,900.
What are key features of this property?
This property features: 2,118 square feet on a 0.17‑acre corner lot; Two‑car garage plus driveway parking; Separate utilities; natural gas fuels upstairs radiators and downstairs baseboards
