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389 Lake Avenue

Manchester, NH

MLS# 4942116




Looking to add a mid-sized multi to your portfolio? Longer-term tenants mean the rents are pretty conservative at current levels (see below), and the current owner pays natural gas heat and hot water as well as electricity, so you can keep that in place for simpler maintenance, or possibly look into splitting some utilities off to reduce expenses.

Building is comprised of four large studio/1br units, six 1br units, and a 2bed/2bath "cottage" at the rear. Off street parking for two vehicles, but the flat yard provides extra space. Coin-op laundry provides some additional income, and there's a shed that you can keep for your own use or rent that out as well.  The COC is good through November 2025.

View from the rear alley:

East side of the building showing the rear entrance to the "cottage" unit:

The main building includes a small laundry room on the first floor with coin-op machines.

The boiler, hot water heater, and electrical have all been updated, so capital expenses should be minimal, for a while at least.

The tenants have all been in place at least three years, and consequently the rents are fairly low; but even at current rents and with the owner paying most of the utilities, the cash flow is pretty strong.

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