Remodeled Restaurant and Barber
For Sale
$799,000
194-196 LAKE Ave 1 & 2, Manchester, NH 03103
Two-unit property with front parking, a remodeled restaurant kitchen, and long-term barber rental income potential.
Property Size3,750 SF
Price / SF$213.07
Days on Market73
Property Features for 194-196 LAKE Ave 1 & 2
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Commercial Hood
Yes
Building Details
Building Size
3,750 SF
Year Built
1958
Units
2
Listing Agency:
Bhhs Verani Londonderry
(603) 845-2258
Listed By:
Joan E Blais · License #NH 005229
(603) 845-2258
Source:
Elliman
Added: Jun 10
Changed: Aug 14
Last Checked: Aug 20 at 10:45AM
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.
This for-sale property includes Unit #1 operating as a restaurant with seating for 45, focused on take-out and delivery. The building and restaurant space have been remodeled, and the restaurant comes with brand new equipment, including a new stainless-steel kitchen and a state-of-the-art exhaust fan. Unit #2 is occupied by a long-term barber, providing rental income. The offering is structured as real estate plus the restaurant business, along with the barber rent associated with the second unit.
The property includes land and a parking area in front. The building is described as 3,750 square feet. The listing notes a mixed-use setup that supports the existing food concept, with a mainly hot chicken restaurant operation and stated suitability for other food uses. WalkScore 83 and BikeScore 62 are provided in the remarks.
Buyers may purchase the entire building, land, and the restaurant business, or alternatively acquire the restaurant business only (including equipment) and lease the building for $3,000 per month with an option to buy the building later. The listing also references MLS #5090721 for the business-only option. For operators seeking a turn-key restaurant setup with in-place equipment and a second tenant, this configuration offers a practical, income-supported platform within a two-unit building.
The property includes land and a parking area in front. The building is described as 3,750 square feet. The listing notes a mixed-use setup that supports the existing food concept, with a mainly hot chicken restaurant operation and stated suitability for other food uses. WalkScore 83 and BikeScore 62 are provided in the remarks.
Buyers may purchase the entire building, land, and the restaurant business, or alternatively acquire the restaurant business only (including equipment) and lease the building for $3,000 per month with an option to buy the building later. The listing also references MLS #5090721 for the business-only option. For operators seeking a turn-key restaurant setup with in-place equipment and a second tenant, this configuration offers a practical, income-supported platform within a two-unit building.
Key Highlights
- Two‑unit building built in 1958 with front parking and mixed‑use setup
- Brand new stainless‑steel restaurant kitchen plus state‑of‑the‑art exhaust fan
- Remodeled restaurant building with 3,750 sq ft (Unit #1) and seating for 45
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
$64,463
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
8.07%
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%
$1,289,260
$1.3M
Cap Rate 7%
$920,900
$920.9K
Cap Rate 9%
$716,256
$716.3K
Market Conditions
NOI Build-Up for 3,750 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
$90.0K $24.00/SF
− Vacancy
−$4.1K −$1.08/SF
EGI
$86.0K $22.92/SF
− OpEx
−$21.5K −$5.73/SF
NOI
$64.5K $17.19/SF
Area
Manchester, NH
Vacancy
4.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,289,260
Cap Rate 7%
$920,900
Cap Rate 9%
$716,256
Alternative Uses
Best Use
Specialty Retail
$920.9K
$805.8K – $1.07M
NOI $64,463 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
3,176
Businesses Nearby
121k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 56%
Shops & Services 29%
Hotels & Casinos 12%
Dining 3%
Market Basket
Groceries
56,163 visits/mo
0.4 miles
7-Eleven
Shops & Services
13,129 visits/mo
0.4 miles
Price Rite
Groceries
12,209 visits/mo
0.5 miles
DoubleTree by Hilton Manchester Downtown
Hotels & Casinos
10,484 visits/mo
0.4 miles
Bank of America
Shops & Services
7,448 visits/mo
0.3 miles
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Manchester buffet — Manchester, NH 03104
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two-unit property with front parking, a remodeled restaurant kitchen, and long-term barber rental income potential.
Where is this conventional restaurant located?
The property is located at 194-196 LAKE Ave 1 & 2 Manchester, NH.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑unit building built in 1958 with front parking and mixed‑use setup; Brand new stainless‑steel restaurant kitchen plus state‑of‑the‑art exhaust fan; Remodeled restaurant building with 3,750 sq ft (Unit #1) and seating for 45
