Imperial Properties
Listed by Imperial Properties
$1,130,000
261 Union Avenue
Details
Property Type Multifamily, Mixed Use
Square Footage 5,338
Units 6
Occupancy 89%
Tenancy Multi
Pro-Forma Cap Rate 9.30%
Pro-Forma NOI $105,836
Price per SqFt $212
Class C
Year Built 1885
Buildings 1
Stories 2
Acreage 0.080
Zoning UC
Parking Spaces 6 spaces
Parking Per SqFt 1.12
Investment Type Value Add
Ground Lease No
Sale Condition N/A
9-Unit Mixed Use Property
Marketing description
9-unit mixed use property in central Laconia consisting of eight 1-bedroom apartments and a 928 SF commercial space. The building has been improved through updates to several apartments and the common areas, and the roof was replaced in 2021. There are 6 off-street parking spaces and ample street parking in the immediate vicinity. Owner is a real estate licensee.
Investment highlights
- All 8 apartments are occupied and rents are terrific with an average residential rent of $1,432/unit/month, and opportunity exists for the next owner to add revenue by leasing the commercial space.
- In total, the property generates ~$155K in pro forma gross revenue and ~$105K per year in NOI, corresponding to a 9.3% cap rate at the asking price.
- Landlord pays for heat, hot water, cold water, and electricity.
Listing Contacts
Imperial Properties
Listed by Imperial Properties
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