51 Ash Street,Manchester, NH 03104
Manchester, NH 03104
Description
51 Ash Street consists of nine (9) one-bedroom apartments, including six (6) spacious four-room units and three (3) three-room one-bedroom units. The generous footprint of the four-room apartments creates meaningful flexibility for ownership: these units can be repositioned as two-bedroom apartments to capture additional rental income or maintained as oversized one-bedroom homes that stand apart from competing product in the submarket. Recent improvements include new vinyl siding, new windows, new electrical panels and new decks and porches, reducing near-term capital exposure for a new owner. The property is currently served by a central oil-fired forced hot water heating system and can be converted to natural gasoffering a clear path to significant heating cost savings and improved net operating income. Additional upside exists in the open area at the rear of the building, which presents the possibility of adding on-site parking, a premiumamenity in this walkable, parking-constrained neighborhood. The asset is offered at an asking price of $1,440,000 ($160,000/unit), which equates to a going-in Cap Rate of 6.5% and a pro-forma cap of 8.10%. The combination of an irreplaceable location, multiple value-add levers, and Manchester’s strong rental fundamentals makes 51 Ash Street a compelling acquisition for investors seeking in place income with significant future upside.
Details
| MLS # | 5100705 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | (10) Active - Active |
| Year | 1890 |
| Days On Site | 64 |
| Listing Provided By | Clements Realty Group Inc. | Benjamin Davis |
Features
| Basement | Y |
|---|---|
| Story(s) | 3 |
| Units | 9 |
| Zoning | MX-2 Mixed Use General |
| Acreage | 0.12 |
Interior
| Rooms Total | 0 |
|---|---|
| Cooling | None |
| Heating | Oil, Boiler |
Exterior
| Roof | Tar/Gravel |
|---|---|
| Construction Materials | Wood Frame |
| Foundation Details | Granite |
| Lot Features | City Lot |
Parking
| Garage Yes / No | No |
|---|
Utilities
| Utilities | None |
|---|---|
| Electric | On-Site |
| Sewer | Public Sewer On-Site |
Taxes
| Tax Block | 000 |
|---|---|
| Tax Lot | 0028 |
Area Information
| State | NH |
|---|---|
| County | Hillsborough |
| City | Manchester |
| Zip Code | 03104 |
| Area | NH Hillsborough |
| Listing VS Median (in 03104) | |
Price: $1,440,000 low | high Med: $0 On site: 64 low | high Med: | |
Market Activity 03104
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Learn More About This Property
| State | NH |
|---|---|
| County | Hillsborough |
| City | Manchester |
| Zip Code | 03104 |
| Area | NH Hillsborough |
| Listing VS Median (in 03104) | |
Price: $1,440,000 low | high Med: $0 On site: 64 low | high Med: | |
