51 ASH ST MANCHESTER NH 03104
Value-Add Opportunity | 9 Unit Multifamily | Manchester | NH
Marketing description
51 Ash Street located in Manchester, NH 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. Qualified investors will receive a comprehensive Offering Memorandum containing detailed financial and operational information. Ownership intends to conduct a formal Call for Offers following tours and review of materials.
Investment highlights
Rare Value-Add Offering
51 Ash Street offers a rare opportunity to acquire a nine-unit multifamily property in Manchester’s historic Corey Square, just steps from downtown. The oversized railroad-style units provide flexibility to convert select apartments into two-bedroom layouts for increased income or maintain them as spacious one-bedroom homes. With strong value-add potential in a high-demand urban location, the property is well-positioned for future growth.
Operational Upside & Energy Savings
The property is heated by a central oil-fired hot water system with the ability to convert to natural gas, offering meaningful operating cost savings and increased NOI. Recent upgrades, including new vinyl siding, windows, decks, and porches, minimize near-term capital needs, allowing investors to focus on value-add improvements such as unit renovations and potential railroad-style unit conversions.
Strong Demographics
Manchester is New Hampshire’s largest city and economic hub, with more than 110,000 residents within a three-mile radius and average household incomes exceeding $80,000. As a dense, urban submarket with limited new supply and historically low vacancy, Corey Square benefits from steady renter demand, supporting durable occupancy and long-term rent growth.
Added Parking Potential
The rear of the property offers the potential to add valuable on-site parking, an increasingly scarce amenity in Manchester’s dense urban core. With limited parking available in the surrounding neighborhood, dedicated spaces could command additional rental income, enhance tenant retention, and further increase the property's overall value and competitiveness.
Transit Oriented
Located just east of Downtown Manchester, the property offers a highly transit-oriented location with walkable access to the city's employment, retail, dining, and transportation hubs. Residents benefit from proximity to the Manchester Transit Authority's downtown bus center, easy access to I-93 and I-293/F.E. Everett Turnpike, and a direct connection to the Greater Boston region, approximately 54 miles south. Combined with Manchester's strong rental fundamentals and limited housing supply, the property presents a compelling value-add opportunity with multiple avenues for income growth, durable cash flow, and long-term appreciation.
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