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Additional details
Listed by Nick Gray • Gray Property Group, LLC
$1,875,000
Est. payment /mo
7,223 SqFt
UPDATED:
12/16/2024 10:34 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,223 sqft
Price per Sqft $259
MLS Listing ID 5023203
Construction Status Existing
Year Built 1900
Lot Size 0.260 Acres
Acres 0.26
Property Description
Well-maintained 11-unit multifamily property consisting of a 10-unit apartment building adjacent to a single family house, totaling seven 2-bedroom apartments and four 1-bedroom apartments. This property has been significantly improved by the current owner and most units include vinyl plank flooring, fresh paint, and stainless steel appliances. Income is terrific with an average rent of $1,757/unit/month and ~$237K/year in total gross revenue, and further upside income potential exists for a new owner willing to renovate. The Landlord pays for heat, hot water, and cold water / sewer, and the tenants pay for electricity. The property's ~$162K/year in NOI makes this listing a 8.6% cap at the asking price. The buildings' shared parking lot accommodates 12-14 vehicles and additional street parking is available in the immediate vicinity. The property is only a couple minute walk to Farmington's downtown and is a commutable distance to Portsmouth (25 miles), Concord (33 miles), and Manchester (43 miles). Owner is a real estate licensee.
Location
State NH
County Nh-strafford
Area Nh-Strafford
Zoning UR
Rooms
Basement Entrance Interior
Basement Dirt, Dirt Floor
Interior
Cooling None
Exterior
Utilities Available Cable
Roof Type Metal
Building
Story 3
Foundation Brick, Fieldstone
Sewer Public
Construction Status Existing
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