Bought with Brenda Litchfield, CCIM • Concord Commercial Real Estate
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879 -881 Main ST #879 - 881 Hopkinton, NH 03229
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Key Details
Sold Price $454,000
Property Type Commercial
Sub Type Investment,Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 5,003 sqft
Price per Sqft $90
MLS Listing ID 4625536
Sold Date 08/29/17
Year Built 1890
Annual Tax Amount $15,440
Tax Year 2016
Lot Size 0.640 Acres
Acres 0.64
Property Description
Well maintained multi-family with 8 apartments. Located in the center of Contoocook village. This desirable area has a low inventory of rentals and the property has generally enjoyed strong occupancy with ease of replacing tenants. Tenants pay own electricity and boilers are individually metered so each tenant can be assessed their respective oil cost. 7/5%+ Cap rate based on current occupancy/expenses ($43,000 NOI) with potential for 8.5%+ with market rents. 10 yr IRR is 19%+ The property, known as The Davis Buildings, has been lovingly maintained for 22+ years by the owners who previously ran their insurance business from the property. Located in the heart of the Contoocook District portion of Hopkinton’s growing downtown, referred to as the ‘Fountain Square area’ which is a vibrant mixed use live/work/play area. Amenities and unique features include intricate woodwork, extensive furniture-quality paneled wainscoting, hand carved railings, marble fireplaces, high ceilings, slate roof, paved, off site parking, and laundry. The property was a treasured asset and the tenants treated as friends, offering below market rents ranging from $625 - $955/month with few rent increases. Median rents for Merrimack county per NHHFA 2016 'rent survey' are $921/month for 1 bedroom and $1120 for 2 bedroom. (1) Hopkinton has a limited supply of rental units.
Location
State NH
County Nh-merrimack
Area Nh-Merrimack
Zoning VB-1
Rooms
Basement Entrance Walkout
Basement Full, Stairs - Exterior, Stairs - Interior, Storage Space
Interior
Heating Oil
Equipment Window AC
Exterior
Exterior Feature Asbestos, Shingle
Garage Driveway, On-Site, Parking Spaces 11 - 20, Paved
Garage Description Driveway, On-Site, Parking Spaces 11 - 20, Paved
Roof Type Slate
Building
Lot Description Level
Foundation Brick, Granite
Sewer Public
Water Public
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