1 Merrill Street, Plymouth, NH 03264 For Sale

The Portfolio is a 27-property, 104-unit, 375-bed off-campus student housing platform serving Plymouth State University (PSU) in Plymouth, New Hampshire. The Portfolio represents the dominant off-campus housing option within the submarket, a position reinforced by its proximity to campus, established operational infrastructure, and a structural housing supply deficit that shows no signs of near-term resolution. The Portfolio is offered at $13,500,000, reflecting an 8.22% Pro Forma CAP Rate (Year 1) on projected net operating income of $1,109,451.

Highly Rated and Top-Performing Community

The Student Housing Portfolio has earned a 4.5-star rating on Google - a meaningful signal in a market where student renters are increasingly sophisticated consumers who rely on online reviews when making housing decisions. Residents consistently praise the quality of on-site staff and the responsiveness of the management team. The submarket's competitive set reinforces this demand picture. Inter-Lakes Properties, the only other institutional-quality off-campus offering near PSU, has run at or near full occupancy for multiple consecutive years, demonstrating consistent market-wide demand for purpose-built student housing.

100% Leased Ground-Floor Retail

Four street-level retail spaces totaling 3,888 SF are fully occupied by local tenants, and generate $42,925 in annual income at an average rate of $11.72 PSF. The retail component provides an income layer that is entirely separate from the residential rent roll - diversifying cash flow, strengthening the portfolio's relationship with the surrounding neighborhood, and contributing a dependable income stream with limited management overhead.

Below-Market Acquisition Cost

The current median listing price for a single-family home in New Hampshire exceeds $549,000, with average pricing of approximately $258 PSF across active listings. The Portfolio can be acquired at $171 PSF - a meaningful discount to that market benchmark, despite representing a cash-flowing, income-producing asset with an established platform. This discounted basis creates a meaningful margin of safety for incoming ownership and positions the portfolio to benefit from continued appreciation in New Hampshire residential real estate values, which have trended strongly upward over the past decade.

Recession-Resistant Income Profile

Student housing has repeatedly demonstrated resilience across economic cycles. Unlike conventional apartments, where demand tracks employment and household formation, student housing demand is driven by educational objectives, career aspirations, and financial aid, factors that are largely independent of, and in some cases inversely correlated with, broader macroeconomic conditions. When job markets tighten, enrollment at regional universities often rises as workers return to school to retool or advance their credentials. Plymouth State University, as a member of the University System of New Hampshire, carries the institutional stability that supports sustained enrollment through economic cycles - providing a durable resident base for the portfolio across the hold period.

Pedestrian Location

All 27 properties are physically embedded in the residential fabric surrounding Plymouth State University - every asset sits within a quarter mile of campus. This proximity is a genuine competitive differentiator: residents reach classrooms, the library, athletics facilities, and dining without a car or shuttle. Plymouth is a quintessential New England college town - compact, walkable, and centered on the university. The downtown corridor is within easy reach of the portfolio, adding restaurants, coffee shops, and social venues to the location's appeal without requiring residents to venture far from home. Supply-side barriers reinforce the location's long-term value. The residential neighborhoods adjacent to campus are largely built out, leaving little developable land for competing projects. Zoning constraints and local opposition to density further limit the prospect of meaningful new off-campus supply entering the market.

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LISTING BROKER: Jennifer Stein Real Estate, Inc. (NH License: 77730); Jennifer D. Stein, Broker (NH License: 71951; T: 213-446-5366; E: [email protected])

OUT OF STATE COOPERATING BROKER: Rittenhouse Realty Advisors dba GREA (PA License: RB067751)