Well-Maintained Two-Unit
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 Market50
Property Features for 463 Lake Ave
General Information
Standard status
Active
Size
2,028 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Hallsville
Building Details
Year Built
1880
Listing Agency:
Gray Property Group, LLC
Listed By:
Nick Gray
(603) 637-4812
Source:
Teamphinney
Added: Sep 7
Changed: Oct 10
Last Checked: Oct 7 at 1:06PM
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
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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 / Yr
$27,367
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,595
Businesses Nearby
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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?
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
