13
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Listed by Benjamin Davis • Clements Realty Group Inc.
$1,440,000
Est. payment /mo
8,786 SqFt
New
51 Ash ST Manchester, NH 03104
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,786 sqft
Price per Sqft $163
MLS Listing ID 5100705
Construction Status Existing
Year Built 1890
Lot Size 5,227 Sqft
Acres 0.12
Property 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 gas—offering 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 premium amenity 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.
Location
State NH
County Nh-hillsborough
Area Nh-Hillsborough
Zoning MX-2 Mixed Use General
Rooms
Basement Entrance Interior
Basement Bulkhead, Basement Stairs
Interior
Cooling None
Exterior
Utilities Available None
Roof Type Tar and Gravel
Building
Story 3
Sewer Public Sewer On-Site
Architectural Style Multi-Family
Construction Status Existing
NEARBY SCHOOL & BUSINESS
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