Updated and fully occupied four family home in a historic area of Manchester. This 2500+ square foot four family home includes (2) two bedroom units and (2) one bedroom units. The property borders a gas station, church and a parking lot for a commercial printing company located across the street. There is also a large backyard and side yard that is utilized by the tenants. The property is on the bus line and has ample paved off-street parking for up to eight vehicles. Two of the tenants have been there for 15+ years and the other two are four years and two years respectively. This is a great investment property with character, renovated units, and easygoing tenants.
The house boasts original hardwood floors, new storm windows, new doors and spacious units. The oil furnace was replaced in 2012, a new porch was built in 2018, a new natural gas hot water heater was installed in 2019, and new asphalt driveway by Central Paving was done in 2018. There is also a retaining wall that was built in 2018 that runs the entire length of the driveway. The property has city water, city sewer and forced hot air for heat. The tenants have their own window air conditioners which they pay the electricity for. The natural gas lines were all updated and relocated by CNG in 2017 and there is a spot to add a natural gas furnace. There is a large basement that is used for storage and one of the tenants framed part of it for a workshop. The two units with recent tenants have been fully renovated and the other two are in great condition with updates to both units that include sinks, toilets, and lighting. There is over 1000 square feet of unfinished attic space that could be used for additions to the top two one bedroom units.
The two bedroom units are rented at $900 and $740 and the one bedroom units are rented at $800 and $730. They are standard year leases with security deposits ranging from 1-4x monthly rent. The average rent for an apartment in Manchester is $1300+ a month. This home has the potential to bring in $5,200 a month or $62,000 a year, a 40% increase from the $3200 a month or $38,000 a year it currently brings in. This is an immediate money maker that requires very low maintenance and immediate returns on your investment.
For sale by owner, asking $299,000. Reason for the sale is a relocation out of state. For any questions or to setup a showing please call or text Jordan at 860-970-6452. Thank you.
