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    Two-Unit Residential Income Property Title is generated by Realmo AI

    326 Lake Avenue, Manchester, NH 03103

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    Claim this Listing
    For Sale
    Under Contract
    $400,000

    MULTI_FAMILY - Other - Manchester, NH

    Property size:
    2,179 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $183/SF
    Added:
    Mar 11, 2026
    Days on Market:
    85
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 326 Lake Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-2
    Rooms
    Basement
    Patio and Porch features
    Deck
    Exterior features
    Deck
    Appliances
    Natural Gas Water Heater, Separate Water Heater
    Standard status
    Active Under Contract
    Size
    2,179 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6998

    Utilities

    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1895
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Vinyl, Hardwood
    Building materials
    Wood Frame, Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Mary-Ellen Berg

    Listing agent Mary-Ellen Berg

    Listing office Keller Williams Realty-Metropolitan 168 South River Rd., Bedford, NH

    Listing date Mar 11, 2026

    MLS# 5079019 Listing URL

    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.

    HighLights

    • Two‑family home on a 0.70‑acre lot built in 1895
    • Two spacious 2‑bedroom units, each with an eat‑in kitchen and washer/dryer hookups
    • Each unit has separate utilities plus economical natural gas heat and hot water
    • Two new bathrooms per unit and ample in‑unit storage
    • Flooring includes vinyl and hardwood; first floor features rooms with tin ceilings
    • Includes a 3‑car garage with Litchfield Lane access and a barn

    Overview

    This two-family home offers two spacious 2-bedroom units designed for comfortable day-to-day living. The first-floor layout includes two rooms with beautiful tin ceilings, while the second floor is reached via a graceful curved staircase from the front foyer. Both units include an eat-in kitchen, new bathrooms, washer/dryer hookup availability, separate utilities, economical natural gas heat and hot water, and ample storage.

    Set on a residential lot at 326 Lake Avenue in Manchester, NH 03103, the property is zoned R-2. Parking and storage are supported by a 3-car garage with access referenced from Litchfield Lane, along with a barn included with the offering.

    For owner-occupants or investors, the configuration supports living in one unit while renting the other, with each unit served by separate utilities. The natural gas heating and hot water setup, along with in-unit bathroom updates and practical storage, provide a solid foundation for tenants seeking a straightforward, two-unit rental arrangement.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $44.5k $20.40
    − Vacancy −$2.4k −$1.12
    EGI $42.0k $19.28
    − OpEx −$12.6k −$5.78
    NOI $29.4k $13.49
    2,179 SF · lease $20.40/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $420.1K
    $367.6K – $490.1K (±1% cap)
    NOI $29,405 @ 7.0% cap · market cap 7.35%
    Second Best
    Apartment 5plus
    $391.2K
    $342.3K – $456.4K (±1% cap)
    NOI $27,382 @ 7.0% cap · market cap 6.85%
    Theoretical Best
    Specialty Retail
    $535.1K
    $468.2K – $624.3K (±1% cap)
    NOI $37,457 @ 7.0% cap · market cap 9.36%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Merrimack
    State
    New Hampshire
    Longitude
    -71.4518443
    Latitude
    42.9874636

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    FAQs

    What type of property is this?
    Duplex - Charming two-family home with two 2-bedroom units, separate utilities, and updated bathrooms in a R-2 setting.
    Where is this duplex located?
    The property is located at 326 Lake Avenue Manchester, NH.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Two‑family home on a 0.70‑acre lot built in 1895; Two spacious 2‑bedroom units, each with an eat‑in kitchen and washer/dryer hookups; Each unit has separate utilities plus economical natural gas heat and hot water
    (603) 232-8282
    We can help!
    Listing Contact
    Mary-Ellen Berg
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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