Triplex with Updated First-Floor
New
For Sale
$685,000
422 Lake Avenue, Manchester, NH 03103
The fully occupied property includes separate exterior storage for each unit and a garage rented separately.
Property Size3,913 SF
Price / SF$175.06
Days on Market5
Property Features for 422 Lake Avenue
General Information
Standard status
Active
Size
3,913 SF
Property subtype
Multi Family Home
Zoning
Three Family MDL
Occupancy
100%
Net Operating Income
$52,500
Site & Location
Neighborhood
Hallsville
Public Transit
Yes
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$8,225
Amenities
Partial Fence
Building Details
Building Size
3,913 SF
Year Built
1910
Stories
3
Units
3
Listing Agency:
Keller Williams Realty-Metropolitan
Listed By:
Danielle Bissonnette
(603) 232-8282
Source:
Appleisland
Added: Oct 22
Changed: Oct 25
Last Checked: Oct 25 at 8:01PM
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 Keller Williams Realty-Metropolitan
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Investment Insights
Based on property information with market context.
This three-family property was built in 1910 and is fully occupied. The first floor has an updated kitchen and bathroom, while the third story has been refinished. Each unit has its own exterior storage area, and the property includes a separate garage rental and off-street parking. Three 100 AMP electrical panels serve the building; the heating system is 3 years old. A dry basement provides additional storage space.
The property is minutes from downtown Manchester, hospitals, shopping, restaurants, parks, and public transportation. Its three-family zoning designation is Three Family MDL.
The property is minutes from downtown Manchester, hospitals, shopping, restaurants, parks, and public transportation. Its three-family zoning designation is Three Family MDL.
Key Highlights
- Three‑family property with all units occupied
- First‑floor kitchen and bathroom updated; third story refinished
- Separate exterior storage for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,804
Cap Rate
7.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,056,080
$1.1M
Cap Rate 7%
$754,343
$754.3K
Cap Rate 9%
$586,711
$586.7K
Market Conditions
NOI Build-Up for 3,913 SF
Gross rent
$79.8K $20.40/SF
− Vacancy
−$4.4K −$1.12/SF
EGI
$75.4K $19.28/SF
− OpEx
−$22.6K −$5.78/SF
NOI
$52.8K $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 Rate 5%
$1,056,080
Cap Rate 7%
$754,343
Cap Rate 9%
$586,711
Alternative Uses
Best Use
Multifamily LT 5
$754.3K
$660.1K – $880.1K
NOI $52,804 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$702.5K
$614.7K – $819.5K
NOI $49,172 @ 7.0% cap · market cap 7.18%
Theoretical Best
Specialty Retail
$960.9K
$840.8K – $1.12M
NOI $67,264 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,584
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
Frequently Asked Questions
What type of property is this?
Triplex - The fully occupied property includes separate exterior storage for each unit and a garage rented separately.
Where is this triplex located?
The property is located at 422 Lake Avenue Manchester, NH.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Three‑family property with all units occupied; First‑floor kitchen and bathroom updated; third story refinished; Separate exterior storage for each unit
