Six-Unit Residential Income
373 LAKE Avenue Manchester, NH 03103
New
For Sale
$835,000
MULTI_FAMILY - Other - Manchester, NH
Property Size3,060 SF
Lot Size0.11 Acres
Price / SF$272.88
Days on Market1
Property Features for 373 LAKE Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RES
- Bedrooms
- 6
- Bathrooms
- 6
- Rooms
- Bedroom 6, Bedroom 4, Bathroom 5, Bedroom 1, Bathroom 6, Bedroom 5, Bedroom 3, Bathroom 2, Basement, Bathroom 4, Bathroom 3, Bedroom 2, Bathroom 1
- Appliances
- Gas Water Heater, Owned Water Heater
- Standard status
- Active
- Size
- 3,060 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 7811
Utilities
- Utilities
- Cable Available
- Heating system
- Natural Gas, Steam
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 3
- Number of units
- 6
- Flooring type
- Carpet, Vinyl, Hardwood, Laminate
- Building materials
- Wood Frame, Asbestos Exterior
- Roof type
- Shingle
- Architectural style
- Other
Listing Agency:
Pierre Peloquin Realty
(603) 668-9923
Listed By:
Pierre Peloquin
(603) 668-9923
Added: Jul 24
Last Checked: Jul 24 at 10:06PM
MLS# 5101529
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 six-unit residential income building offers multiple easily managed 1-bedroom apartments, each rented to single occupants. The property includes a newer natural gas steam heating system, updated circuit breakers, a new 75-gallon gas hot water tank installed July 17, and a new asphalt roof. Exterior improvements include recently painted siding and porches, along with a small side yard and an 8-car rear parking area.
The building is located at 373 Lake Avenue in Manchester, New Hampshire, within RES zoning. The sale will be conveyed with a new COC at closing.
Current gross income is $78,840 with $17,701 operating expenses (includes taxes). Unit #1 is in need of new kitchen, bath, flooring, and paint, and the seller is offering a $20,000 allowance/credit to the buyer for the remodeling.
The building is located at 373 Lake Avenue in Manchester, New Hampshire, within RES zoning. The sale will be conveyed with a new COC at closing.
Current gross income is $78,840 with $17,701 operating expenses (includes taxes). Unit #1 is in need of new kitchen, bath, flooring, and paint, and the seller is offering a $20,000 allowance/credit to the buyer for the remodeling.
Key Highlights
- 6‑family with 5 bedrooms total listed and multiple bathrooms; includes basement
- Year built 1900 with wood‑frame construction and asbestos exterior
- Rooftop improvements: new asphalt roof; shingle roof
Financial Insights For Apartment 5plus
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 | $73.4k | $24.00 |
| − Vacancy | −$3.5k | −$1.15 |
| EGI | $69.9k | $22.85 |
| − OpEx | −$31.5k | −$10.28 |
| NOI | $38.5k | $12.57 |
3,060 SF · lease $24.00/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$549.3K
$480.7K – $640.9K
NOI $38,453 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$751.4K
$657.5K – $876.7K
NOI $52,601 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Six 1-bedroom units with newer heating, updated electrical, rear parking, and a newer asphalt roof.
Where is this apartment building located?
The property is located at 373 LAKE Avenue Manchester, NH.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 6‑family with 5 bedrooms total listed and multiple bathrooms; includes basement; Year built 1900 with wood‑frame construction and asbestos exterior; Rooftop improvements: new asphalt roof; shingle roof
