305-309 Cedar St, Manchester, NH 03103

Description

Excellent 9-unit multifamily investment opportunity in Manchester consisting entirely of spacious 2- and 3-bedroom apartments. The property generates strong rental income, with current rents averaging approximately $1,900/month for 2-bedroom units and $2,500/month for 3-bedroom units. Several units have recently been turned with modest updates, providing a clean, attractive product while maintaining an opportunity for a new owner to continue improving the property and increasing rents over time. The landlord pays for natural gas heat, hot water, and water/sewer. The property is heated by a natural gas boiler, which also provides hot water to three units, while the remaining six units are served by three electric water heaters. Tenants are responsible for their own electricity. The property offers approximately five off-street parking spaces, with additional street parking available in the surrounding neighborhood. Pro forma rents are approximately $229K/year, with pro forma NOI of approximately $149K/year, representing an 8.3% cap rate at the asking price. This is a strong opportunity to acquire a well-located, income-producing multifamily property with a solid unit mix, strong rental income, and additional long-term upside.