297 Central St, Manchester, NH 03103

Description

At the $835,000 list price, this building runs a 7.5% cap rate on current rents and 2025 operating expenses, 7.8% once Unit 1 is leased at its $2,400 target, and 8.2% pro forma at market rents with a 5% vacancy allowance.

The expensive work on this four-unit building is done. Since 2023 the owner has replaced the roof, installed a high-efficiency gas boiler, repaired the fieldstone foundation, updated the electric panels and swapped every horizontal sewer line for PVC. The next owner inherits a building with no major capital projects ahead.

The unit mix is a 4 bed, 2 bath first-floor apartment, a 2 bed and two 1 beds. Unit 1 was just renovated, with new first-floor windows and direct access to a fenced yard. It is vacant now and being leased with a target rent of $2,400 a month, so a buyer can either step into a fresh lease or take the unit for themselves. Every unit has a dishwasher, two have in-unit laundry, and there is shared laundry in the basement.

The boiler serves all four units. Each unit has a digital thermostat that the landlord can monitor and override remotely, so heat and hot water costs stay under the owner's control. Tenants pay their own electric.

The site is where this property separates itself. There are 10 or more parking spaces along the side of the house, and the two spaces out front are rented to non-tenants for extra monthly income. The detached two-car garage has power, and tenants have no access to it. A new owner can keep it as private storage or a workshop, or rent it out as another income stream.

Security cameras with no subscription fee are already in place. A rent roll and 2025 operating expenses are available on request.