INVESTMENT HIGHLIGHTS
THE ASSET: 144 Lake Avenue in Manchester, New Hampshire (the “Property”). The Property includes a three-story apartment building containing twenty-one (21) rental units on a 0.23-acre lot. The unit matrix includes three (3), 1-Bedroom/1-Bathroom units and eighteen (18), 2-Bedroom/1-Bathroom units with 17,244 square feet of living area in 22,992 gross square feet. 144 Lake Avenue features desirable unit layouts, upgraded, separately metered electricity, which the tenants pay directly, upgraded boilers, on-site laundry, and off-street parking.
DOWNTOWN LOCATION: The Property benefits from an excellent location in Downtown Manchester, New Hampshire’s largest city, that provides many walkable amenities, and convenient highway access to Interstates 93 and 293.The Property is less than ½-mile from both Southern New Hampshire University and University of New Hampshire at Manchester and is one-block away from the SNHU Arena. The Property is within walking distance of a multitude of national and local retailers, restaurants, offices, and entertainment venues.
VALUE-ADD POTENTIAL: The opportunity exists to upgrade the remaining unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market.
