59 Old Hackett Hill Rd
Manchester, NH 03102
REGENCY HEIGHTS · Multifamily Property For Sale · 48 Units

Regency Heights was originally built in 2003 and is comprised of one, three-story residential building with 1:1 attic storage, over 1:1 garage parking and amenity spaces on each floor. The community is made up of 83% two-bedroom homes, with the balance made up of large one-bedroom homes with 1.5 bathrooms. While the community has been well maintained, a new owner could find opportunities to improve apartment homes, as well as both common areas and amenity spaces. A new owner could look to implement a light renovation program, which would allow for further rent premiums. Unit upgrades could include stainless appliances and plank flooring throughout apartments. Currently the community is pet-free, while storage and garage parking are free of charge. A new owner could also look to grow revenues further through additional charges similar to market comps. Additionally, a new owner could conduct an energy audit for evident utility savings as well as implement RUBS for heat, hot water and water/sewer. The Manchester rental market has historically maintained high occupancy levels and has seen steady rent growth over the past few years. In fact, over the last 10 years the Southern New Hampshire market has averaged a 3.8% vacancy while growing rents an average of 3.2% per year. With below market turnover and occupancy levels which are outperforming the marketplace, a new owner has potential to experience strong continued rent growth.