Well-Maintained Two-Unit
New
For Sale
$515,000
463 Lake Ave, Manchester, NH 03103
Vacant two-unit property with separate utilities, off-street parking, and convenient access to Manchester amenities.
Property Size2,028 SF
Price / SF$253.94
Days on Market4
Property Features for 463 Lake Ave
General Information
Standard status
Active
Size
2,028 SF
Property subtype
Multi-Family
Building Details
Year Built
1880
Listing Agency:
Gray Property Group, LLC
Listed By:
Nick Gray
(603) 770-1738
Source:
Teamphinney
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 9 at 9:04PM
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 Gray Property Group, LLC
Investment Insights
Based on property information with market context.
This 2,028-square-foot duplex, built in 1880, includes two 2-bedroom, 1-bathroom units with practical layouts, stainless steel appliances, and vinyl plank flooring. Each unit has washer/dryer hookups, a separate electric water heater, and an independent natural gas boiler. The property is being offered vacant, allowing the next owner to occupy one unit or establish new tenancy arrangements.
Recent and ongoing maintenance includes a 1-year-old roof, vinyl windows, and a clean, dry basement. A paved driveway and side parking area accommodate at least two vehicles, with tandem parking allowing capacity for up to four. The property is less than a mile from Elliot Hospital and provides access to Downtown Manchester, Elm Street, and the South Willow Street commercial district.
Recent and ongoing maintenance includes a 1-year-old roof, vinyl windows, and a clean, dry basement. A paved driveway and side parking area accommodate at least two vehicles, with tandem parking allowing capacity for up to four. The property is less than a mile from Elliot Hospital and provides access to Downtown Manchester, Elm Street, and the South Willow Street commercial district.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units within a 2,028‑square‑foot duplex
- Vacant delivery allows immediate possession and tenant selection
- Each unit includes a natural gas boiler and separate electric water heater
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
$27,367
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
5.31%
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%
$547,340
$547.3K
Cap Rate 7%
$390,957
$391.0K
Cap Rate 9%
$304,078
$304.1K
Market Conditions
NOI Build-Up for 2,028 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
$41.4K $20.40/SF
− Vacancy
−$2.3K −$1.12/SF
EGI
$39.1K $19.28/SF
− OpEx
−$11.7K −$5.78/SF
NOI
$27.4K $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%
$547,340
Cap Rate 7%
$390,957
Cap Rate 9%
$304,078
Alternative Uses
Best Use
Multifamily LT 5
$391.0K
$342.1K – $456.1K
NOI $27,367 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$364.1K
$318.6K – $424.8K
NOI $25,485 @ 7.0% cap · market cap 4.95%
Theoretical Best
Specialty Retail
$498.0K
$435.8K – $581.0K
NOI $34,861 @ 7.0% cap · market cap 6.77%
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
1,595
Businesses Nearby
Explore this area
Business Placement
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
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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 - Vacant two-unit property with separate utilities, off-street parking, and convenient access to Manchester amenities.
Where is this duplex located?
The property is located at 463 Lake Ave Manchester, NH.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units within a 2,028‑square‑foot duplex; Vacant delivery allows immediate possession and tenant selection; Each unit includes a natural gas boiler and separate electric water heater
