346 Lake Ave Manchester, NH 03103
- Commercial real estate
- 0.15 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 346 Lake Ave
- Year built
- 1910
- Lot size
- 0.15 lot acres
- Property type
- Commercial real estate
Description
Exceptional investment opportunity in Manchester, NH, presents a well-maintained four-unit apartment building at 346 Lake Ave, situated on a 0.15-acre corner lot in Hillsborough County (zip code 03103). This Class C property, built in 1910, boasts a strong rental history and offers significant upside potential. The building comprises two three-bedroom units and two two-bedroom units, with some long-term tenants in place. Three units are spacious, each approximately 1,500 square feet. A first-floor two-bedroom unit offers the possibility of conversion back to a three-bedroom layout, increasing rental income further. An attached two-story, two-bedroom cottage with 1.5 bathrooms provides additional rental income and features private entrances and separate parking spaces. Ample off-street parking is available for seven vehicles, supplemented by convenient on-street parking. All units include washer/dryer hookups, and tenants pay their own utilities. The current annual rental income is $70,000, leaving room for future rent increases. The property offers a 6.20% cap rate and a net operating income (NOI) of $52,000, with an asking price of $839,000. Serious inquiries only; proof of funds/qualifications required for showings. Please do not disturb tenants.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Manchester
- County
- Hillsborough
- State
- New Hampshire
- Longitude
- -71.4509471
- Latitude
- 42.987471
