Turnkey Restaurant with New
For Sale
$799,000
194-196 Lake Avenue 1 & 2, Manchester, NH 03103
Turnkey restaurant concept with new 2025 equipment and building rehab, designed for dine-in seating and strong takeout operations.
Property Size3,750 SF
Price / SF$213.07
Days on Market93
Property Features for 194-196 Lake Avenue 1 & 2
General Information
Standard status
Active
Size
3,750 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1958
Year Renovated
2025
Listing Agency:
BHHS Verani Londonderry
Listed By:
Joan E Blais · License #NH 005229
(603) 540-5104
Source:
Lawanaandcompany
Added: Jun 4
Changed: Sep 3
Last Checked: Aug 30 at 1:45PM
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 turnkey restaurant offering includes the business and all new equipment installed in 2025, along with a 2025 rehab of the building. Permits are included as part of the package, and the space is set up for an operator to step in immediately and run service without rebuilding the core improvements. Seating is configured for 45 guests, with a large takeout focus built into the operating setup.
The property is presented for sale at 194-196 Lake Avenue in Manchester, New Hampshire. The current structure of the offering provides flexibility depending on whether you want to purchase just the restaurant business or acquire the real estate as well, including additional on-site income potential described in the listing.
For a restaurateur, this configuration is a practical fit if you want a complete build-out with recently installed equipment and permitting already addressed. If you are looking to own the premises, the listing also describes an alternative option that includes the restaurant plus a separate tenant income stream to help offset operating costs. Either way, the improvements, equipment, and seating/takeout design support a ready-to-operate restaurant concept.
The property is presented for sale at 194-196 Lake Avenue in Manchester, New Hampshire. The current structure of the offering provides flexibility depending on whether you want to purchase just the restaurant business or acquire the real estate as well, including additional on-site income potential described in the listing.
For a restaurateur, this configuration is a practical fit if you want a complete build-out with recently installed equipment and permitting already addressed. If you are looking to own the premises, the listing also describes an alternative option that includes the restaurant plus a separate tenant income stream to help offset operating costs. Either way, the improvements, equipment, and seating/takeout design support a ready-to-operate restaurant concept.
Key Highlights
- Year built 1958 building with restaurant business offered as turnkey operation
- Includes all new equipment from 2025, plus rehab of the building and permits included
- Sunny's Hot Chicken restaurant concept with 45 seats and strong takeout service
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
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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- Manchester buffet — Manchester, NH 03104
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant concept with new 2025 equipment and building rehab, designed for dine-in seating and strong takeout operations.
Where is this conventional restaurant located?
The property is located at 194-196 Lake Avenue 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: Year built 1958 building with restaurant business offered as turnkey operation; Includes all new equipment from 2025, plus rehab of the building and permits included; Sunny's Hot Chicken restaurant concept with 45 seats and strong takeout service
